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Global Water Resources, Inc.

For the period ended Dec 31, 2025. Filed Mar 4, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 4, 2026

GWRS$7.01-3.7%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Exhibit Index

ExhibitNumberDescription of ExhibitMethod of Filing
2.1.1Arrangement AgreementIncorporated by reference to Exhibit 2.1 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
2.1.2Plan of ArrangementIncorporated by reference to Exhibit 2.1.2 of Amendment No. 2 to the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on April 13, 2016
3.1Second Amended and Restated Certificate of Incorporation of Global Water Resources, Inc.Incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the SEC on May 4, 2016
3.2Amended and Restated Bylaws of Global Water Resources, Inc.Incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed with the SEC on May 4, 2016
4.1Form of Common Stock CertificateIncorporated by reference to Exhibit 4.1 of Amendment No. 4 to the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on April 26, 2016
4.2Form of 4.38% Senior Secured Notes, Series A due on June 15, 2028Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 28, 2016
4.3Form of 4.58% Senior Secured Notes, Series B due on December 15, 2036Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC on June 28, 2016
4.4Form of 6.91% Senior Secured Notes due on January 3, 2034Incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2024.
4.5Description of Company’s securitiesIncorporated by reference to Exhibit 4.4 to the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2020.
10.1Settlement Agreement for Stipulated Condemnation with the City of Buckeye, Arizona, dated March 19, 2015Incorporated by reference to Exhibit 10.1 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.2License Agreement with City of Maricopa, Arizona, dated November 9, 2006Incorporated by reference to Exhibit 10.2 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.3Employment Agreement with Ron Fleming, dated December 20, 2024*Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on December 26, 2024
10.4Employment Agreement with Michael J. Liebman, dated December 20, 2024*Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the SEC on December 26, 2024
10.5Employment Agreement with Christopher D. Krygier, dated December 20, 2024*Incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the SEC on December 26, 2024
10.6Infrastructure Coordination Agreement with Pecan Valley Investments, LLC, dated January 28, 2004Incorporated by reference to Exhibit 10.5 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.7Infrastructure Coordination Agreement with JNAN, LLC, dated July 1, 2004Incorporated by reference to Exhibit 10.6 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.8Infrastructure Coordination and Finance Agreement with Dana B. Byron and Jamie Maccallum, dated July 21, 2006Incorporated by reference to Exhibit 10.7 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.9Infrastructure Coordination and Finance Agreement with The Orchard at Picacho, LLC, dated January 8, 2008Incorporated by reference to Exhibit 10.8 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.10Infrastructure Coordination, Finance and Option Agreement with Sierra Negra Ranch, LLC, dated July 10, 2006Incorporated by reference to Exhibit 10.9 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.11Infrastructure Coordination and Finance Agreement, dated December 20, 2007Incorporated by reference to Exhibit 10.10 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.12.1GWR Global Water Resources Corp. Stock Option Plan*Incorporated by reference to Exhibit 10.17.1 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.12.2First Amendment to GWR Global Water Resources Corp. Stock Option Plan, dated September 12, 2012*Incorporated by reference to Exhibit 10.17.2 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.12.3Second Amendment to GWR Global Water Resources Corp. Stock Option Plan*Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on May 4, 2016
10.12.4Third Amended to Global Water Resources, Inc. Stock Option Plan*Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the SEC on March 13, 2018
10.13.1Global Water Resources, Inc. First Amended and Restated Stock Appreciation Rights Plan, dated March 23, 2015*Incorporated by reference to Exhibit 10.18 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.13.2Amendment to Global Water Resources, Inc. First Amended and Restated Stock Appreciation Rights Plan*Incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the SEC on May 4, 2016

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ExhibitNumberDescription of ExhibitMethod of Filing
10.14.1Global Water Resources, Inc. Deferred Phantom Stock Unit Plan, dated January 1, 2011*Incorporated by reference to Exhibit 10.19 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.14.2Amendment to Global Water Resources, Inc. Deferred Phantom Stock Unit Plan*Incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the SEC on May 4, 2016
10.14.3Second Amendment to Global Water Resources, Inc. Deferred Phantom Stock Unit Plan*Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on August 8, 2017
10.14.4Third Amendment to Global Water Resources, Inc. Deferred Phantom Stock Unit Plan*Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on December 6, 2017
10.14.5Fourth Amendment to Global Water Resources, Inc. Deferred Phantom Stock Unit Plan*Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on March 13, 2018
10.15.1Global Water Resources, Inc. Phantom Stock Unit Plan, dated May 1, 2015*Incorporated by reference to Exhibit 10.20 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.15.2Amendment to Global Water Resources, Inc. Phantom Stock Unit Plan*Incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed with the SEC on May 4, 2016
10.16.1GWR Global Water Resources Corp. Deferred Phantom Stock Unit Plan, dated January 1, 2011*Incorporated by reference to Exhibit 10.21 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
10.16.2Amendment to GWR Global Water Resources Corp. Deferred Phantom Stock Unit Plan*Incorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K filed with the SEC on May 4, 2016
10.17Amended and Restated Service Agreement, dated September 10, 2019, by and among certain wholly-owned subsidiaries of Global Water Resources, Inc. and Global Water Management, LLCIncorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on September 12, 2019
10.18.1Note Purchase Agreement, dated as of May 20, 2016, by and among Global Water Resources, Inc. and certain Initial PurchasersIncorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 26, 2016
10.18.2Amendment No. 1 to Note Purchase Agreement, dated December 19, 2017, by and among Global Water Resources, Inc. and the noteholders party theretoIncorporated by reference to Exhibit 10.1 of the Company’s Current Report Form 8-K filed with the SEC on December 22, 2017
10.18.3Amendment No. 2 to Note Purchase Agreement dated May 20, 2016 and Amendment No. 1 to Security Agreements dated as of June 24, 2016, dated April 18, 2018, by and among Global Water Resources, Inc., Global Water, LLC, West Maricopa Combine, LLC, U.S. Bank, National Association, as collateral agent, and the noteholders party theretoIncorporated by reference to Exhibit 10.7 of the Company’s Current Report on Form 8-K filed with the SEC on April 25, 2018
10.19Guaranty Agreement, dated as of June 24, 2016, by Global Water, LLCIncorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on June 28, 2016
10.20Guaranty Agreement, dated as of June 24, 2016, by West Maricopa Combine, Inc.Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on June 28, 2016
10.21Pledge and Security Agreement, dated as of June 24, 2016, by and between Global Water Resources, Inc. and U.S. Bank National Association, as collateral agentIncorporated by reference to the Exhibit 10.4 to Company’s Current Report on Form 8-K filed with the SEC on June 28, 2016
10.22Pledge and Security Agreement, dated as of June 24, 2016, by and between Global Water, LLC and U.S. Bank National Association, as collateral agentIncorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed with the SEC on June 28, 2016
10.23Pledge and Security Agreement, dated as of June 24, 2016, by and between West Maricopa Combine, Inc. and U.S. Bank National Association, as collateral agentIncorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed with the SEC on June 28, 2016
10.24Standstill Agreement, dated March 19, 2021, by and among Global Water Resources, Inc., Levine Investments Limited Partnerships, William S. Levine, Jonathan L. Levine, and Andrew M. CohnIncorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on March 24, 2021
10.25Global Water Resources, Inc. 2018 Stock Option Plan*Incorporated by reference to Annex A to the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on April 6, 2018
10.26.1Global Water Resources, Inc. 2020 Omnibus Incentive Plan*Incorporated by reference to Exhibit 10.10 of the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 6, 2020
10.26.2First Amendment to the Global Water Resources, Inc. 2020 Omnibus Incentive Plan*Incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on May 15, 2024
10.27.1Loan Agreement, dated April 30, 2020, by and between Global Water Resources, Inc. and The Northern Trust CompanyIncorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on May 6, 2020
10.27.2Modification Agreement dated April 30, 2021, by and between Global Water Resources, Inc. and The Northern Trust CompanyIncorporated by reference to Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 6, 2021
10.27.3Second Modification Agreement, dated July 26, 2022 by and between Global Water Resources, Inc. and The Northern Trust CompanyIncorporated by reference to Exhibit 10.1 of the Company’s Form 8-K filed with the SEC on July 27, 2022
10.27.4Third Modification Agreement, dated June 28, 2023, by and between Global Water Resources, Inc. and The Northern Trust CompanyIncorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on June 30, 2023

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ExhibitNumberDescription of ExhibitMethod of Filing
10.27.5Fourth Modification Agreement, dated October 26, 2023, by and between Global Water Resources, Inc. and The Northern Trust CompanyIncorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the SEC on November 1, 2023
10.27.6Fifth Modification Agreement, dated July 1, 2024, by and between Global Water Resources, Inc. and The Northern Trust CompanyIncorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on July 3, 2024
10.27.7Sixth Modification Agreement, dated April 14, 2025, by and between Global Water Resources, Inc. and The Northern Trust CompanyIncorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on April 16, 2025
10.28Guaranty Agreement, dated as of April 30, 2020, by Global Water, LLCIncorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the SEC on May 6, 2020
10.29Guaranty Agreement, dated as of April 30, 2020, by West Maricopa Combine, LLCIncorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the SEC on May 6, 2020
10.30Pledge and Security Agreement, dated as of April 30, 2020, by and between Global Water Resources, Inc. and U.S. Bank National Association, as collateral agentIncorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed with the SEC on May 6, 2020
10.31Pledge and Security Agreement, dated as of April 30, 2020, by and between Global Water LLC and U.S. Bank National Association, as collateral agentIncorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K filed with the SEC on May 6, 2020
10.32Pledge and Security Agreement, dated as of April 30, 2020, by and between West Maricopa Combine, LLC and U.S. Bank National Association, as collateral agentIncorporated by reference to Exhibit 10.6 of the Company’s Current Report on Form 8-K filed with the SEC on May 6, 2020
10.33Form of Restricted Stock Agreement*Incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the SEC on May 8, 2020
10.34Form of Restricted Stock Unit Award Agreement (general)Incorporated by reference to Exhibit 10.36 to the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2025
10.35Form of Restricted Stock Unit Award Agreement (executive)Incorporated by reference to Exhibit 10.37 to the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2025
10.36Guaranty Agreement, dated as of April 30, 2021, by Global Water Holdings, Inc.Incorporated by reference to Exhibit 10.6 of the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 6, 2021
10.37Pledge and Security Agreement, dated as of April 30, 2021, by and between Global Water Holdings, Inc. and The Northern Trust CompanyIncorporated by reference to Exhibit 10.7 of the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 6, 2021
10.38Note Purchase Agreement, dated October 26, 2023, by and between Global Water Resources, Inc. and Jackson National Life Insurance CompanyIncorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on November 1, 2023.
10.39Amendment No. 2 to Security Agreements, dated October 26, 2023, between and among Global Water Resources, Inc., Global Water, LLC, West Maricopa Combine, LLC, Global Water Holdings, Inc., and U.S. Bank Trust Company, National Association, in its capacity as collateral agentIncorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the SEC on November 1, 2023.
10.40Guaranty Agreement, dated as of January 3, 2024, by Global Water, LLCIncorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2024.
10.41Guaranty Agreement, dated as of January 3, 2024, by Global Water Holdings, Inc.Incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2024.
10.42Guaranty Agreement, dated as of January 3, 2024, by West Maricopa Combine, LLCIncorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2024.
10.43Pledge and Security Agreement, dated as of January 3, 2024, by and between Global Water Resources, Inc. and U.S. Bank Trust Company, National Association, as collateral agentIncorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2024.
10.44Pledge and Security Agreement, dated as of January 3, 2024, by and between Global Water, LLC and U.S. Bank Trust Company, National Association, as collateral agentIncorporated by reference to Exhibit 10.6 of the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2024.
10.45Pledge and Security Agreement, dated as of January 3, 2024, by and between Global Water Holdings, Inc. And U.S. Bank Trust Company, National Association, as collateral agentIncorporated by reference to Exhibit 10.7 of the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2024.
10.46Pledge and Security Agreement, dated as of January 3, 2024, by and between West Maricopa Combine, LLC and U.S. Bank Trust Company, National Association, as collateral agentIncorporated by reference to Exhibit 10.8 of the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2024.
10.47Securities Purchase Agreement, dated September 30, 2025, by and among Global Water Resources, Inc. and the purchasers party theretoIncorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on October 6, 2025.
10.48Credit Agreement, dated December 10, 2025, by and between Global Water Resources, Inc. and CoBANK, ACBIncorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2025.
10.49Promissory Note, dated December 10, 2025, by and between Global Water Resources, Inc. and CoBANK, ACBIncorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2025
10.50Guaranty Agreement, dated December 10, 2025, by Global Water, LLCIncorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2025

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ExhibitNumberDescription of ExhibitMethod of Filing
10.51Guaranty Agreement, dated December 10, 2025, by West Maricopa Combine, LLCIncorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2025
10.52Guaranty Agreement, dated December 10, 2025, by Global Water Holdings, Inc.Incorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2025
10.53Pledge and Security Agreement, dated December 10, 2025, by and between Global Water Resources, Inc. and U.S. Bank Trust Company, National Association, as collateral agentIncorporated by reference to Exhibit 10.6 of the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2025
10.54Pledge and Security Agreement, dated December 10, 2025, by and between Global Water, LLC and U.S. Bank Trust Company, National Association, as collateral agentIncorporated by reference to Exhibit 10.7 of the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2025
10.55Pledge and Security Agreement, dated December 10, 2025, by and between West Maricopa Combine, LLC and U.S. Bank Trust Company, National Association, as collateral agentIncorporated by reference to Exhibit 10.8 of the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2025
10.56Pledge and Security Agreement, dated December 10, 2025, by and between Global Water Holdings, Inc. and U.S. Bank Trust Company, National Association, as collateral agentIncorporated by reference to Exhibit 10.9 of the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2025
14.1Code of EthicsIncorporated by reference to Exhibit 14.1 of the Company’s Current Report on Form 8-K filed with the SEC on May 4, 2016
19Insider Trading PolicyIncorporated by reference to Exhibit 19 to the Company’s Annual Report on Form 10-K filed with the SEC on March 5, 2025
21.1Subsidiaries of Global Water Resources, Inc.Filed herewith
23.1Consent of Deloitte & Touche LLP, Independent Registered Public Accounting FirmFiled herewith
24.1Power of AttorneySee signature page hereto
31.1Rule 13a-14(a)/15d-14(a) Certification of Chief Executive OfficerFiled herewith
31.2Rule 13a-14(a)/15d-14(a) Certification of Chief Financial OfficerFiled herewith
32.1Section 1350 Certification of Chief Executive Officer and Chief Financial OfficerFurnished herewith
97Global Water Resources, Inc. Clawback PolicyIncorporated by reference to Exhibit 97 to the Company’s Annual Report on Form 10-K filed with the SEC on March 7, 2024
99.1Arizona Corporation Commission Decision No. 74364Incorporated by reference to Exhibit 99.1 of the Company’s Registration Statement on Form S-1 (File No. 333-209025) filed with the SEC on January 19, 2016
99.2Arizona Corporation Commission Decision No. 78644Incorporated by reference to Exhibit 99.2 to the Company’s Annual Report on Form 10-K filed with the SEC on March 7, 2024
101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL documentFiled herewith
101.SCHInline XBRL Taxonomy Extension Schema DocumentFiled herewith
101.CALInline XBRL Taxonomy Extension Calculation Linkbase DocumentFiled herewith
101.DEFInline XBRL Taxonomy Extension Definition Linkbase DocumentFiled herewith
101.LABInline XBRL Taxonomy Extension Label Linkbase DocumentFiled herewith
101. PREInline XBRL Taxonomy Extension Presentation Linkbase DocumentFiled herewith
104Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101)Filed herewith
*Management contract or compensatory plan or arrangement.
ContentsView on SEC.gov

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