Liebman Michael J 4

What Happened

• Michael J. Liebman, CFO and Corporate Secretary of Global Water Resources, Inc. (GWRS), received an award of 13,378 restricted stock units (RSUs) on March 20, 2026. The reported acquisition price is $0.00 (a grant), so no cash changed hands at grant; the economic value will depend on GWRS’s stock price when the RSUs vest or are settled. This filing reports the RSU grant as a derivative award.

Key Details

• Transaction date and type: 2026-03-20 — Award/Grant of RSUs (code A). Report filed 2026-03-24.
• Shares/units granted: 13,378 RSUs; acquisition price reported as $0.00.
• Shares owned after transaction: Not specified in the provided filing.
• Vesting/expiration notes: RSUs vest ratably over 12 quarters from the grant date and are exercisable at vesting; they do not have a set expiration date (footnotes F1–F2).
• Additional note: The total amount reported may include prior grants with different vesting/expiration schedules, as previously disclosed by the reporting person (footnote F3).
• Timeliness: The Form 4 was filed four days after the transaction date. Form 4s are typically due within two business days of the reportable transaction, so this appears to be a delayed filing.

Context

• RSUs are derivative awards representing the economic equivalent of common shares; they are not an open-market purchase or sale. Grants like this are common in executive compensation and do not by themselves indicate a buy or sell decision by the insider. The economic benefit to the insider will depend on future vesting and the company’s stock price at settlement.