Document:

Exhibit 10.7

 

Foley Trasimene Acquisition Corp.

1701 Village Center Circle

Las Vegas, NV 89134

 

 

April 7, 2020

 

Bilcar FT, LP

1701 Village Center Circle

Las Vegas, NV 89134

 

Trasimene Capital FT, LP

1701 Village Center Circle

Las Vegas, NV 89134

  

RE:       Securities
Subscription Agreement

 

Ladies and Gentlemen:

 

This agreement (this “Agreement”)
is entered into on April 7, 2020 by and among, Bilcar FT, LP, a Delaware limited partnership (“Bilcar”), Trasimene
Capital FT, LP, a Delaware limited partnership (“Trasimene Capital” and, together with Bilcar, the “Subscribers”),
and Foley Trasimene Acquisition Corp., a Delaware corporation (the “Company”). Pursuant to the terms hereof,
the Company hereby accepts the offer each Subscriber has made to subscribe for and purchase 10,781,250 shares (or, in the aggregate,
21,562,500 shares) of Class B common stock, $0.0001 par value per share, of the Company (the “Shares”),
up to 1,406,250 (or, in the aggregate, 2,812,500) of which are subject to complete or partial forfeiture by each Subscriber if
the underwriters of the initial public offering (“IPO”) of units (“Units”) of the Company
do not fully exercise their over-allotment option (the “Over-allotment Option”). The terms on which the Company
is willing to sell the Shares to the Subscribers, and the Company and the Subscribers’ agreements regarding such Shares,
are as follows:

 

		1.	Subscription and Purchase of Shares. Each Subscriber has delivered to the Company the sum of $12,500 (or, in the aggregate,
the sum of $25,000) (the “Purchase Price”), which the Company acknowledges receiving in cash, the Company hereby
sells and issues the Shares to each Subscriber, and each Subscriber hereby subscribes for and purchases the Shares from the Company,
1,406,250 (or, in the aggregate, 2,812,500) of which are subject to forfeiture by each Subscriber, on the terms and subject to
the conditions set forth in this Agreement. Concurrently with each Subscriber’s execution of this Agreement, the Company
shall, at its option, deliver to each Subscriber a certificate registered in such Subscriber’s name representing the Shares
(the “Original Certificate”), or effect such delivery in book-entry form.

 

     

     

    

 

		2.	Representations, Warranties and Agreements.

 

		2.1.	Subscribers’ Representations, Warranties and Agreements. To induce the Company to issue the Shares to each Subscriber,
each Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

		2.1.1.	No Government Recommendation or Approval. Each Subscriber understands that no federal or state agency has passed upon
or made any recommendation or endorsement of the offering of the Shares.

 

		2.1.2.	No Conflicts. The execution, delivery and performance of this Agreement and the consummation by each Subscriber of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing
documents of such Subscriber, (ii) any agreement, indenture or instrument to which such Subscriber is a party or (iii) any
law, statute, rule or regulation to which such Subscriber is subject, or any agreement, order, judgment or decree to which
such Subscriber is subject.

 

		2.1.3.	Organization and Authority. Each Subscriber is a Delaware limited partnership, validly existing and in good standing
under the laws of Delaware and possessing all requisite power and authority necessary to carry out the transactions contemplated
by this Agreement. Upon execution and delivery by each Subscriber, this Agreement will be a legal, valid and binding agreement
of such Subscriber, enforceable against such Subscriber in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in
equity).

 

		2.1.4.	Experience, Financial Capability and Suitability. Each Subscriber is: (i) sophisticated in financial matters and
is able to evaluate the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its
investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities Act
(as defined below) and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such
registration is available. Each Subscriber is capable of evaluating the merits and risks of its investment in the Company and has
the capacity to protect its own interests. Each Subscriber must bear the economic risk of this investment until the Shares are
sold pursuant to: (i) an effective registration statement under the Securities Act or (ii) an exemption from registration
available with respect to such sale. Each Subscriber is able to bear the economic risks of an investment in the Shares and to afford
a complete loss of such Subscriber’s investment in the Shares.

 

		2.1.5.	Access to Information; Independent Investigation. Prior to the execution of this Agreement, each Subscriber has had
the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company,
as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional information
to verify the accuracy of all information so obtained. In determining
whether to make this investment, each Subscriber has relied solely on such Subscriber’s own knowledge and understanding of
the Company and its business based upon such Subscriber’s own due diligence investigation and the information furnished pursuant
to this paragraph. Each Subscriber understands that no person has been authorized to give any information or to make any representations
which were not furnished pursuant to this Section 2 and each Subscriber has not relied on any other representations or information
in making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

  

     

     

    

 

		2.1.6.	Regulation D Offering. Each Subscriber represents that it is an “accredited investor” as such term is defined
in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”),
and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “accredited investors”
within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under federal and
state law.

 

		2.1.7.	Investment Purposes. Each Subscriber is subscribing for and purchasing the Shares solely for investment purposes, for
such Subscriber’s own account and not for the account or benefit of any other person, and not with a view towards the distribution
or dissemination thereof. Each Subscriber did not decide to enter into this Agreement as a result of any general solicitation or
general advertising within the meaning of Rule 502 under the Securities Act.

 

		2.1.8.	Restrictions on Transfer; Shell Company. Each Subscriber understands the Shares are being offered in a transaction not
involving a public offering within the meaning of the Securities Act. Each Subscriber understands the Shares will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, and each Subscriber understands that the
certificates representing the Shares will contain a legend in respect of such restrictions. If in the future either Subscriber
decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred
only pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration. Each Subscriber
agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such
transfer, such Subscriber may be required to deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration
or an exemption, each Subscriber agrees not to resell the Shares. Each Subscriber further acknowledges that because the Company
is a shell company, Rule 144 may not be available to such Subscriber for the resale of the Shares until one year following
consummation of the initial business combination of the Company, despite technical compliance with the requirements of Rule 144
and the release or waiver of any contractual transfer restrictions.

 

     

     

    

 

		2.1.9.	No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary
or appropriate on the part of each Subscriber in connection with the transactions contemplated by this Agreement.

 

		2.2.	Company’s Representations, Warranties and Agreements. To induce each Subscriber to subscribe for and purchase
the Shares, the Company hereby represents and warrants to each Subscriber and agrees with each Subscriber as follows:

 

		2.2.1.	Organization and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every jurisdiction
in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the
transactions contemplated by this Agreement.  Upon execution and delivery by the Company, this Agreement will be a legal,
valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law
or in equity).

 

		2.2.2.	No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the certificate of incorporation (the
 “Charter”) or bylaws of the Company, (ii) any agreement, indenture or instrument to which the Company is
a party or (iii) any law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment
or decree to which the Company is subject.

 

		2.2.3.	Title to Shares. Upon issuance in accordance with, and payment pursuant to, the terms hereof, and the Charter, the Shares
will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms
hereof, and the Charter, each Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and
encumbrances of any kind, other than (a) transfer restrictions hereunder and under the other agreements to which the Shares
may be subject, (b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances
imposed due to the actions of such Subscriber.

 

		2.2.4.	No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated
by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other
relief in connection with any transactions.

 

     

     

    

 

		3.	Forfeiture of Shares.

 

		3.1.	Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the representative(s) of
the underwriters of the Company’s IPO is not exercised in full, each Subscriber acknowledges and agrees that it (or, if applicable,
it and any transferees of Shares) shall forfeit any and all rights to such number of Shares (up to 1,406,250 Shares for each Subscriber
(or, up to an aggregate of 2,812,500 Shares for the Subscribers) and pro rata based upon the percentage of the Over-allotment Option
exercised) such that immediately following such forfeiture, the Subscribers (and any such transferees and all other initial stockholders
prior to the IPO, if any) will own an aggregate number of Shares (not including shares of common stock issuable upon exercise of
any warrants or any shares of common stock subscribed for and purchased by either Subscriber in the Company’s IPO or in the
aftermarket) equal to 20% of the issued and outstanding shares of common stock of the Company immediately following the IPO.

 

		3.2.	Termination of Rights as Stockholder. If any of the Shares are forfeited by either Subscriber in accordance with this
Section 3, then after such time such Subscriber (or successor in interest), shall no longer have any rights as a holder of
such forfeited Shares, and the Company shall take such action as is appropriate to cancel such forfeited Shares.

 

		3.3.	Share Certificates. In the event an adjustment to the Original Certificates, if any, for either Subscriber is required
pursuant to this Section 3, then such Subscriber shall return such Original Certificates to the Company or its designated agent
as soon as practicable upon its receipt of notice from the Company advising such Subscriber of such adjustment, following which
a new certificate (the “New Certificate”), if any, shall be issued in such amount representing the adjusted
number of Shares held by such Subscriber. The New Certificate, if any, shall be returned to such Subscriber as soon as practicable.
Any such adjustment for any uncertificated securities held by the Subscribers shall be made in book-entry form.

 

		4.	Waiver of Liquidation Distributions; Redemption Rights. In connection with the Shares subscribed for and purchased pursuant
to this Agreement, each Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions
by the Company from the trust account which will be established for the benefit of the Company’s public stockholders and
into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event
of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination. For purposes
of clarity, in the event each Subscriber subscribes for and purchases shares of common stock in the IPO or in the aftermarket,
any additional Shares so subscribed for and purchased shall be eligible to receive any liquidating distributions by the Company.
However, in no event will either Subscriber have the right to redeem any shares of common stock held by such Subscriber into funds
held in the Trust Account upon the successful completion of an initial business combination.

 

     

     

    

 

		5.	Restrictions on Transfer.

 

		5.1.	Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly
known as an “Insider Letter”) to be dated as of the closing of the IPO by and among the Subscribers and the
Company, each Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares
unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities
laws with respect to the Shares proposed to be transferred shall then be effective or (b) the Company has received an opinion
from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt
from registration under the Securities Act and the rules promulgated by the Securities and Exchange Commission thereunder
and with all applicable state securities laws.

 

		5.2.	Restrictive Legends. Any certificates representing the Shares shall have endorsed thereon legends substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN
THE OPINION OF COUNSEL, IS AVAILABLE.”

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

		5.3.	Additional Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration of
an extraordinary dividend payable in a form other than shares of common stock, a spin-off, a share split, an adjustment in conversion
ratio, a recapitalization or a similar transaction affecting the Company’s outstanding shares of common stock without receipt
of consideration, any new, substituted or additional securities or other property which are by reason of such transaction distributed
with respect to any Shares subject to this Section 5 or into which such Shares thereby become convertible shall immediately
be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or
property shall be made to the number and/or class of Shares subject to this Section 5 and Section 3.

 

		5.4.	Registration Rights. Each Subscriber acknowledges that the Shares are being subscribed for and purchased pursuant to
an exemption from the registration requirements of the Securities Act and will become freely tradable only after certain conditions
are met or they are registered pursuant to a registration rights agreement to be entered into with the Company prior to the closing
of the IPO (the “Registration Rights Agreement”).

 

     

     

    

 

		6.	Other Agreements.

 

		6.1.	Further Assurances. Each Subscriber agrees to execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement.

 

		6.2.	Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in
writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or
electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such
party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the
electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing
by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered
personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one
(1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

 

		6.3.	Entire Agreement. This Agreement, together with that certain Insider Letter and the Registration Rights Agreement, each
to be entered into among the Subscribers and the Company and each substantially in the form to be filed as an exhibit to the Registration
Statement on Form S-1 associated with the Company’s IPO, embodies the entire agreement and understanding among the Subscribers
and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings
relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly
set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this
Agreement.

 

		6.4.	Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written
agreement executed by all parties hereto.

 

		6.5.	Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver
or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this
Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose
for which it was given, and shall not constitute a continuing waiver or consent.

 

		6.6.	Assignment. Except with respect to transfers of the Shares to a controlled affiliate of either Subscriber, the rights
and obligations under this Agreement may not be assigned by either party hereto without the prior written consent of the other
party.

 

     

     

    

 

		6.7.	Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on
the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing
in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity
shall be regarded as a third-party beneficiary of this Agreement.

 

		6.8.	Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of Delaware applicable to contracts wholly performed within the borders of such state, without giving
effect to the conflict of law principles thereof.

 

		6.9.	Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion
thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed
limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.
In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions
of this Agreement shall nevertheless remain in full force and effect.

 

		6.10.	No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy
under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or
remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any
abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or
further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto
shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party
not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice
or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any
other or further action in any circumstances without such notice or demand.

 

		6.11.	Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement
or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery
hereof and any investigations made by or on behalf of the parties.

 

		6.12.	No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or
                                                                  other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby
                                                                  in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other
                                                                  harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar
                                                                  agent claiming to have been employed by or on behalf of
such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

     

     

    

  

		6.13.	Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of
reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

		6.14.	Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were
an original thereof.

 

		6.15.	Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an
ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties
hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any
provision of this Agreement. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will
be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
 “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or
covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the
same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract
from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.

 

		6.16.	Mutual Drafting. This Agreement is the joint product of the Subscribers and the Company and each provision hereof has
been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any
party hereto.

 

		7.	Voting and Tender of Shares. Each Subscriber agrees with the Company to vote the Shares in favor of an initial business
combination that the Company negotiates and submits for approval to the Company’s stockholders and shall not seek redemption
with respect to such Shares. Additionally, each Subscriber agrees not to tender any Shares in connection with a tender offer presented
to the Company’s stockholders in connection with an initial business combination negotiated by the Company.

 

     

     

    

 

If the foregoing accurately sets forth our understanding and
agreement, please sign the enclosed copy of this Agreement and return it to us.

  

	 	Very truly yours,
	 	 
	 	FOLEY TRASIMENE ACQUISITION CORP.
	 	 
	 	By:	/s/ Richard L. Cox
	 	 	Name:	Richard L. Cox
	 	 	Title:	Chief Financial Officer

   

[Signature page to the Subscription Agreement]

 

     

     

    

 

Accepted and agreed as of the date first written above.

 

BILCAR FT, LP

 

By: BILCAR FT, LLC, as general partner

 

	By:	/s/ Michael L. Gravelle	 
	 	Name:	Michael L. Gravelle  	 
	 	Title:	General Counsel and Corporate Secretary	 

 

TRASIMENE CAPITAL FT, LP

 

By: TRASIMENE CAPITAL FT, LLC, as general partner

 

	By:	/s/ Michael L. Gravelle	 
	 	Name:	Michael L. Gravelle  	 
	 	Title:	General Counsel and Corporate Secretary	 

 

[Signature page to the Subscription Agreement]Document

EXHIBIT 10.1

RESTRICTED STOCK AGREEMENT
UNDER THE
GLOBAL WATER RESOURCES, INC. 2020 OMNIBUS INCENTIVE PLAN

Name of Grantee:     Ron Fleming (the “Grantee”)

Number of Shares:   81,120 Shares of Stock (the “Restricted Stock”)
Grant Date:               May 8, 2020 (the “Grant Date”)
THIS RESTRICTED STOCK AGREEMENT (the “Agreement”) is entered into by and between Global Water Resources, Inc., a Delaware corporation (the “Company”), and the Grantee, as of the Grant Date noted above, pursuant to the Global Water Resources, Inc. 2020 Omnibus Incentive Plan (the “Plan”).

WHEREAS, the Company recognizes that the Grantee’s services are uniquely valuable to the Company and wishes to grant and issue to the Grantee the Restricted Stock to provide the Grantee with an ownership interest in the Company.

NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Grantee agree as follows:

AGREEMENT
1.         DEFINITIONS.  To the extent not specifically defined in this Agreement, all capitalized terms used in this Agreement shall have the meaning set forth in the Plan.

2.         GRANT OF RESTRICTED STOCK.  As of the Grant Date, the Company hereby awards to the Grantee the number of shares of Restricted Stock set forth above.  The Company and the Grantee acknowledge and agree that this Agreement has been executed and delivered, and the Restricted Stock has been issued, in connection with and as a part of the compensation and incentive arrangements between the Company and the Grantee.

3.         VESTING OF RESTRICTED STOCK.  Subject to the other provisions of this Agreement and the terms of the Plan, if the Grantee remains a service provider to the Company, the Grantee’s title to the Restricted Stock will vest in accordance with the schedule attached as Exhibit A.

4.         TERMINATION OF EMPLOYMENT.  Notwithstanding the vesting schedule attached as Exhibit A and subject to the terms and conditions of Grantee’s employment agreement, if the Grantee’s becomes Disabled, dies or if Grantee’s employment is terminated by the Company without Cause or by Grantee for Good Reason (as such terms are defined in Grantee’s employment agreement), 100% of the unvested Restricted Stock shall vest as of the date of such termination or Disability.

5.         CHANGE IN CONTROL. Notwithstanding the vesting schedule attached as Exhibit A, upon the occurrence of a Change in Control (as defined in Grantee’s employment agreement), 100% of the unvested Restricted Stock shall vest as of the date of the Change in Control.

6.         STOCK CERTIFICATES.  Until the Restricted Stock becomes vested, all certificates evidencing the Restricted Stock shall be held by the Company for the benefit of the Grantee.  The Company shall hold such certificates in trust for the benefit of the Grantee and in no event shall the holding of such certificates be deemed to vest in the Company any ownership interest in the Restricted Stock represented by such certificates.  Unless otherwise requested by the Grantee, when the Restricted Stock becomes vested, the Company will continue to hold the certificates representing the Grantee’s vested Restricted Stock for the benefit of the Grantee.

7.         RECORD OWNER; VOTING RIGHTS; DIVIDEND RIGHTS.  The Grantee shall be considered the record owner of the Restricted Stock except that, until the Restricted Stock becomes vested, the Grantee shall not be entitled to vote the Restricted Stock, receive any dividends or any other distributions declared and paid by the Company, if any.  The Grantee acknowledges that even after the Restricted Stock becomes vested, the Company is under no duty to declare any dividends or to make any distributions with respect to the Stock.

8.         OTHER RIGHTS OF THE GRANTEE.  Neither the Grantee nor any person claiming under or through the Grantee shall have any other rights or privileges of a stockholder with respect to the Restricted Stock, unless and until the Restricted Stock becomes vested.

9.         SECURITIES ACT.  The Company shall not be required to deliver any Restricted Stock issuable hereunder if, in the opinion of counsel for the Company, the issuance would violate the Securities Act or any other applicable federal or state securities laws or regulations.  The Company may require the Grantee, prior to or after the issuance of any Restricted Stock hereunder, to sign and deliver to the Company a written statement, in a form acceptable to the Company in its sole discretion, that the Grantee (i) shall not sell any of such Restricted Stock or any other Stock that the Grantee may then own or hereafter acquire except with the prior written approval of the Company and (ii) shall comply with the Securities Act, the Exchange Act, and all other applicable federal and state securities laws and regulations.  A legend may be placed on any certificates or other documents delivered to the Grantee indicating restrictions on the transferability of the shares of Restricted Stock pursuant to this Agreement or any other restrictions deemed advisable under the Securities Act or any other applicable federal or state securities laws or regulations or the standards of any exchange on which the Stock is then listed.

10.       CONTINUED SERVICE.  This Agreement shall not be construed to confer upon the Grantee any right to continued employment or service with the Company or any Affiliate and shall not limit the right of the Company or any Affiliate, as the case may be, in its sole and absolute discretion, to terminate the Grantee’s employment or service at any time.

11.       PLAN; ENTIRE AGREEMENT.  This Agreement and all rights of the Grantee under this Agreement are subject to all of the terms and conditions of the Plan, which are incorporated herein by reference.  In the event of a conflict or inconsistency between the terms 
2

and conditions of this Agreement and the Plan, the terms and conditions of the Plan shall govern.  The Grantee agrees to be bound by the terms of the Plan and this Agreement.  The Grantee acknowledges having read and understood the Plan and this Agreement.  This Agreement and the Plan constitute the entire, final, and complete agreement between the parties with respect to the subject matter hereof and supersede all prior agreements, promises, understandings, negotiations, representations, and commitments, both written and oral, between the parties with respect to the subject matter hereof.

12.       TAX WITHHOLDING; TAX ADVICE.  As described in Section 12.2 of the Plan, the Company shall have the right to deduct or withhold from any payments made by Company to the Grantee, or to require that the Grantee remit to Company, up to the maximum amount sufficient to satisfy any federal, state or local taxes of any kind as are required by law to be withheld with respect to the Restricted Stock granted hereunder. The Grantee hereby acknowledges that neither the Company nor any of its representatives has provided to the Grantee any tax-related advice with respect to the matters covered by this Agreement. The Grantee understands and acknowledges that the Grantee is solely responsible for obtaining his or her own tax advice with respect to the matters covered by this Agreement.

13.       SECTION 83(b) ELECTION.  The Grantee may make an election pursuant to Section 83(b) of the Code with respect to the Restricted Stock.  Any such election must be made within 30 days after the Grant Date.  If the Grantee elects to make a Section 83(b) Election, the Grantee shall provide the Company with a copy of an executed version and satisfactory evidence of the filing of the executed Section 83(b) Election with the Internal Revenue Service.  The Grantee agrees to assume sole responsibility for ensuring that the Section 83(b) Election is actually and timely filed with the Internal Revenue Service and for all tax consequences resulting from the Section 83(b) Election.  

14.       ADJUSTMENTS.  The number of Restricted Stock issued to the Grantee pursuant to this Agreement shall be adjusted by the Committee as described in Section 5.3 of the Plan in the event of a change in the Company’s capital structure.

15.       AMENDMENT.  Except as otherwise provided in the Plan, this Agreement may only be amended with the written approval of the Grantee and the Company. The provisions of this Agreement may not be waived or modified unless such waiver or modification is in writing and signed by a representative of the Committee.

16.       SEVERABILITY.  If any provision of this Agreement, or the application of any such provision to any person or circumstance, is held to be unenforceable or invalid by any court of competent jurisdiction or under any applicable law, the parties shall negotiate an equitable adjustment to the provisions of this Agreement with the view to effecting, to the greatest extent possible, the original purpose and intent of this Agreement, and in any event, the validity and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

17.       CLAWBACK.  Pursuant to Section 14.5 of the Plan, every Award issued pursuant to the Plan is subject to potential forfeiture or clawback to the fullest extent called for by Company policy or applicable law.  By accepting this Award, Grantee agrees to be bound by, and comply with, the terms of any such forfeiture or clawback provision.
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18.       COUNTERPARTS.  This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized representative and the Grantee has signed this Agreement, in each case as of the day and year first written above.

GLOBAL WATER RESOURCES, INC.

By:   /s/ Michael Liebman                                                                 
Name:  Michael Liebman 
Its: Senior Vice President, CFO and Secretary 

GRANTEE:

                                                            By:  /s/ Ron Fleming                                                                                        
Name: Ron Fleming 

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EXHIBIT A

Vesting Schedule

The Restricted Stock shall vest in accordance with the following schedule (assuming the Grantee continues to provide services to the Company as of each date listed below):
•1/3 of the Restricted Stock shall vest on the Grant Date.

•1/3 of the Restricted Stock shall vest on the first anniversary of the Grant Date.

•1/3 of the Restricted Stock shall vest on the second anniversary of the Grant Date.
A-1

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