GLOBAL WATER RESOURCES, INC. (NASDAQ:GWRS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective August 10, 2017, the Board of Directors of Global Water Resources, Inc. (the “Company”) approved stock option grants to the Company’s Stock Option Plan to certain of the Company’s executive officers in order to reward them for their service to the Company and to provide an incentive for them to continue their employment with the Company. The stock option grants to executive officers were as follows:
|
Corporate Officer |
Number of SharesUnderlying Options |
Exercise Price |
|
Ron L. Fleming President & Chief Executive Officer |
125,000 |
$9.40 |
|
Michael J. Liebman Chief Financial Officer |
100,000 |
$9.40 |
|
Jonathan C. Corwin Vice President |
50,000 |
$9.40 |
|
Joanne Ellsworth Vice President |
50,000 |
$9.40 |
|
Jeffrey E. Risenmay Vice President and Controller |
50,000 |
$9.40 |
|
Jason Thuneman Vice President |
50,000 |
$9.40 |
|
1. |
The closing price of the Company’s common stock on the date of grant, which was $9.40 per share. |
All of the stock option grants have a 10-year term, subject to earlier expiration upon the occurrence of certain events. The options vest in four equal annual installments on August 10, 2018, August 10, 2019, August 10, 2020, and August 10, 2021.
About GLOBAL WATER RESOURCES, INC. (NASDAQ:GWRS)
Global Water Resources, Inc. is a water resource management company. The Company owns, operates and manages water, wastewater and recycled water utilities in strategically located communities, principally in metropolitan Phoenix, Arizona. The Company focuses on the issues of water supply and scarcity, and applies principles of water conservation through water reclamation and reuse. As of April 28, 2016, the Company owned nine water and wastewater utilities in communities principally in metropolitan Phoenix. As of April 28, 2016, the Company served over 50,000 people in approximately 20,000 homes within its 332 square miles of certificated service areas. The Company is creating renewable water systems where wastewater from homes is treated and used again for various outdoor applications.