Form 4 Global Water Resources, For: Mar 31 Filed by: Liebman Michael J

April 2, 2021 7:51 PM EDT

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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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
Liebman Michael J

(Last) (First) (Middle)
C/O GLOBAL WATER RESOURCES, INC.
21410 N 19TH AVENUE #220

(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)
03/31/2021
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 03/31/2021   M   764 A $ 0 (1) 79,134 D  
Common Stock 03/31/2021   M   1,580 A $ 0 (2) 80,714 D  
Common Stock 03/31/2021   D   2,344 D $ 16.67 (3) 78,370 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
Restricted Stock Units (1) 03/31/2021   A   8,550     (4)   (4) Common Stock 8,550.00 $ 0 8,809 (5) (6) D  
Restricted Stock Units (1) 03/31/2021   A   26     (7)   (7) Common Stock 26.00 $ 0 8,835 (5) (6) D  
Restricted Stock Units (1) 03/31/2021   M     764   (8)   (8) Common Stock 764.00 $ 0 8,071 (5) (6) D  
Phantom Stock Unit (2) 03/31/2021   M     1,580   (9)   (9) Common Stock 1,580.00 $ 0 6,990 (5) (6) D  
Explanation of Responses:
1. Each restricted stock unit ("Restricted Stock") is the economic equivalent to one share of common stock of Global Water Resources, Inc. ("the Company").
2. Each phantom stock unit ("PSU") is the economic equivalent of one share of common stock of Global Water Resources, Inc. ("the Company").
3. The exercise price was determined by taking the weighted average closing share price of the Company's common stock of the five day period prior to March 31, 2021.
4. The RSUs vest ratably over 12 quarters from the grant date. The RSUs do not have a set expiration date.
5. Following the effective date of the 2020 Omnibus Incentive Plan, officers receive RSUs instead of PSUs. Accordingly, the reported numbers of RSUs and PSUs have been updated (and corrected from previous filings) to reflect the adoption of the 2020 Omnibus Incentive Plan.
6. The total includes prior grants that have different vesting and expiration dates, as previously reported by the reporting person.
7. The RSUs are fully vested upon grant and immediately exercisable. The RSUs do not have a set expiration date.
8. The RSUs are exercisable at time of vesting and do not have a set expiration date.
9. The PSUs are exercisable at time of vesting and do not have a set expiration date.
/s/ Heather Krupa, attorney-in-fact 04/02/2021
** 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.


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