Global Water CFO files late Form 4 for RSU-related share withholding

Rhea-AI Filing Summary

Form 4 filing summary (GWRS): On 20 Jun 2025, Global Water Resources, Inc. disclosed three previously unreported insider transactions by CFO & Corporate Secretary Michael J. Liebman associated with cash-settled RSU vesting.

• Dispositions: 2,050 shares on 28 Jun 2024 at $12.09, 2,036 shares on 30 Sep 2024 at $12.59, and 2,026 shares on 30 Dec 2024 at $11.50, totalling 6,112 shares.
• Purpose: Shares were surrendered to the issuer to cover cash-settlement obligations of previously vested RSUs—not open-market sales.
• Remaining ownership: Liebman continues to hold 83,666 common shares directly.

The filing corrects an earlier omission and brings Section 16 reporting current. Because the shares were withheld for administrative settlement, the transactions are largely bookkeeping in nature, with minimal signal regarding the executive’s confidence or company fundamentals.

Positive

• Executive retains 83,666 shares, indicating continued alignment with shareholder interests and confidence in GWRS.

Negative

• 6,112 shares disposed by CFO—although administrative, any insider selling can be perceived negatively by some investors.

Insights

Financial Analyst

TL;DR: Neutral—administrative share withholding; no open-market selling signal.

The 6,112-share disposition represents roughly 7% of Liebman’s stake and was executed solely to satisfy cash-settled RSU obligations. Such transactions are routine and do not indicate a shift in insider sentiment. The executive retains 83,666 shares, maintaining meaningful exposure to Global Water’s performance. Market impact should be negligible, and no valuation adjustment is warranted.

Corporate Governance Expert

TL;DR: Compliance correction; no governance red flags detected.

The late Form 4 acknowledges an earlier reporting lapse. While timely disclosure is preferable, filing the amendment demonstrates remediation and transparency. Because the oversight involved routine RSU settlement rather than discretionary trading, the governance risk is low. Continuous monitoring of reporting timeliness is recommended, but this event alone is not materially adverse.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Liebman Michael J

(Last) (First) (Middle)

C/O GLOBAL WATER RESOURCES, INC.

21410 N 19TH AVENUE #205

(Street)

PHOENIX AZ 85027

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Global Water Resources, Inc. [ GWRS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO and Corporate Secretary

3. Date of Earliest Transaction (Month/Day/Year)
06/28/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/28/2024		D		2,050(1)	D	$12.09	87,728(1)	D
Common Stock	09/30/2024		D		2,036(1)	D	$12.59	85,692(1)	D
Common Stock	12/30/2024		D		2,026(1)	D	$11.5	83,666(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This Form 4 is being filed to report the dispositions of common stock to the issuer in connection with the cash-settlement of previously reported vesting of restricted share units ("RSUs") on each of June 28, 2024, September 30, 2024, and December 30, 2024, which the reporting person inadvertently failed to report on Form 4. The number of shares of common stock reported in Table I, Column 5 is the number of shares beneficially owned as of the date of this filing and takes into account transactions reported on Form 4 since the date of the transactions reported herein.

Remarks:

	/s/ Suzette Prante, attorney-in-fact	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many GWRS shares did CFO Michael Liebman dispose of in the Form 4?

He surrendered 6,112 common shares across three dates to settle RSU obligations.

What was Michael Liebman's remaining GWRS share ownership after the transactions?

Following the dispositions, he directly owns 83,666 shares of Global Water Resources.

Were the GWRS shares sold on the open market?

No. The shares were returned to the issuer to cover cash-settled RSU vesting, not sold publicly.

Why was the Form 4 filed on 20 Jun 2025 for 2024 transactions?

The filing corrects an earlier omission; the transactions had been inadvertently left unreported.

Does this Form 4 indicate any change in the company's fundamentals?

The filing is administrative and does not reflect operational or financial changes at Global Water Resources.