Document:

EX-10.2

 Exhibit 10.2 

LICENSE AGREEMENT 

This License Agreement (“License”) is made this day of 9 Nov 2006, by and between City of Maricopa, an Arizona municipal
corporation (“City”) and Palo Verde Utilities Company, LLC/Global Water-Palo Verde Utilities Company and Santa Cruz Water Company, LLC/Global Water-Santa Cruz Water Company (collectively, “Utility”). This License is entered into
pursuant to and in accordance with the Memorandum of Understanding (“MOU”) entered into between the City and the Utility’s parent company, Global Water Resources, LLC (“GWR”) dated December 6, 2005. 

RECITALS: 

A.        Utility is currently or will be providing water and wastewater services throughout
significant portions of the City, the Subject Territories and Global’s Planning Area (as defined in the MOU). Such area is within the current or expected future area for which Utility holds a Certificate of Convenience and Necessity
(“CC&N”) issued by the Arizona Corporation Commission (“Commission”). Utility has been asked by certain property owners to petition the Commission for an extension of said CC&N to include additional areas within and
outside the City but which are not currently within Utility’s existing certificated area. The areas outside of the City are within the City’s growth and/or planning areas. Utility acknowledges City’s commitment to the health and
welfare of the residents of these areas and, therefore, will continue to use the best available engineering and technology in supplying water, wastewater and reclaimed water services in conformance with applicable regulations of the United States
Environmental Protection Agency, Arizona Department of Environmental Quality, Pinal County Department of Health and Human Services, the Commission, and any other governmental authority having jurisdiction thereof. 

 B.        City acknowledges Utility’s operation in
these areas and recognizes the importance of the wastewater, water and reclaimed water utility services provided by Utility and further acknowledges the extension of Utility’s CC&N and operations to include additional properties outside of
and within the City. 
 C.        City has agreed that Utility should be permitted the use of all
public streets and rights-of-way within the City for utility service during the term of this License. Utility and City agree that City will have the right to review and approve the location of all wastewater and water mains, force mains, lift
stations and other similar facilities that may be placed in public rights-of-way within the City’s jurisdiction. 
 Accordingly, the
parties hereto desire to enter into this License. 
 AGREEMENT: 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby
agree as follows: 
 1.        Definitions. Utility and City agree to the following
definitions as to terms utilized herein: 
 A.        “City Administrator” shall mean
the City Manager for the City of Maricopa, Arizona, who oversees the day-to-day conduct of City business in accordance with the directions of the Mayor and City Council as set forth in the City Code of the City of Maricopa, Arizona. 

B.        “City Facilities” shall mean all public utilities for the provision or
collection of wastewater, water, gas, electric, telephone, railroad, solid waste and transportation including, but not limited to, methods of manufacture, distribution, transmission, storage or supply of such public utilities. 

 C.        “Utility Facilities” shall mean
facilities owned by Utility and used in the provision of water production, treatment and distribution, wastewater collection and treatment and reclaimed water delivery including, but not limited to, methods of manufacture, distribution,
transmission, storage or supply of such wastewater treatment. 
 D.        “Proprietary
Function” shall mean functions that City, in its discretion, may perform when considered to be for the profit or benefit of the City and its residents as opposed to “Governmental Purposes.” 

E.        “Environmental Laws” shall mean all federal, state and local laws, ordinances,
rules, regulations, statutes and judicial decisions now or hereafter in effect, as amended from time to time, in any way relating to or regulating human health or safety, or industrial hygiene or environmental conditions, or protection of the
environment, or prevention or cleanup of pollution or contamination of the air, soil, surface water or ground water. 

F.        “Governmental Purposes” shall include, but not be limited to, the following
functions of City: (1) any and all improvement to City streets, alleys, and avenues; (2) establishing and maintaining storm drains and related facilities; (3) establishing and maintaining municipal parks, parking, parkways, pedestrian
malls, or grass, shrubs, trees, and other vegetation for the purposes of landscaping any street or public property; (4) collection and disposal of garbage; and (5) as defined by statute and case law. 

G.        “Hazardous Substances” means those substances defined as toxic or hazardous
substances, pollutants, or wastes by Environmental Law and the following substances: gasoline, kerosene, or other petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive
materials. 
 2.        Operating Grant. City hereby grants Utility, its
successors and assigns, the license, right and privilege to construct, maintain, and operate upon, over, along, across, and 

 
under the present and future public rights-of-way (including, but not limited to, streets, alleys, ways, highways and bridges) within the City (currently or in the future) and those areas outside
of the City’s jurisdictional limits but within its growth areas (as defined on Exhibit A attached hereto), wastewater collection, water distribution, and reclaimed water distribution systems, together with all necessary or desirable
appurtenances (including, but not limited to, pumping facilities, transmission mains, service lines, meters, force mains, collection mains, valves, cleanouts, manholes, control stations, remote terminal units, telemetry antennae (subject to
applicable regulatory provisions) and equipment for its own use), for the purpose of supplying water together with wastewater collection, treatment and reclaimed water services to City, its successors, the inhabitants thereof, and all individuals
and entities either within or beyond the limits thereof, for all reasonable purposes. This License shall be effective on the date first set forth above, and unless earlier revoked or terminated as provided for herein, the term of this License shall
continue, as provided for in the MOU, until the earlier of (a) being replaced with a franchise agreement as provided for in the MOU or (b) twenty (20) years from the date of this License. 

In the event of conflict between the terms and conditions of this License and the terms and conditions under which the City may grant a
license as set forth in applicable Arizona law or the Maricopa City Code, the following will prevail in the order presented: (i) applicable Arizona law, (ii) Maricopa City Code, and (iii) this License. 

This License as granted is non-exclusive. City specifically reserves the right to grant, at any time, such additional licenses to use the
City’s present and future public rights-of-way to other parties as it deems appropriate. 

3.        Compliance with City Practice; Map Submitted for Approval; City Construction Near
Utility Facilities. 

 A.        Construction Standards. 

All construction of Utility Facilities hereunder shall be performed in accordance with the construction standards, conditions and
administrative procedures (including Global Water Construction Standards, Uniform Standard Specifications for Public Works Construction (MAG)) of City with respect to improvements in the public rights-of-way. Before Utility makes or authorizes any
installations in the public rights-of-way, Utility shall submit for approval a map and site plan showing the location of such proposed installations to City Administrator or his designee. In addition, Utility is aware that City may require any
landowner, developer or new customer entering into facilities extension agreements with Utility within the jurisdiction of City to submit their plans for facility construction for review and that City may charge a reasonable fee for such review.
City shall require that City’s costs for an on-site inspector to review Utility’s compliance within the requirements of right-of-way permits issued pursuant to this License shall be paid by Utility. The inspector may be full time or part
time as determined in the reasonable discretion of City based upon Utility’s construction in the public right-of-way. 
 Utility
shall strictly adhere to all applicable codes, right-of-way permit conditions or regulations of City currently or hereafter in force. Utility shall arrange the Utility Facilities within the area of the License in such a manner as to cause no
unreasonable interference with the use of said public property. In the event of such interference caused by installation by Utility that is not in accordance with plans that have been submitted to the City, City may require the relocation or removal
of Utility’s Facilities from the property within the area of this License in question without cost to City. 

B.        Restoration. 

Whenever Utility disturbs the surface or subsurface of any public right-of-way or adjoining public property or the public improvement
located thereon, therein or thereunder for 

 
any purpose mentioned herein, Utility shall promptly, at its own expense, restore, repair or replace the same to a condition as existed prior to the disturbance to the satisfaction of City
(subject to City’s customary practice of review upon request of Utility). If such restoration, repair or replacement of the surface, subsurface or any structure thereon, therein or thereunder is not completed in a reasonable time or such
restoration, repair or replacement does not meet City’s satisfaction, City may perform the necessary restoration, repair or replacement, either through use of its own forces or through a hired contractor, and the cost thereof, including the
cost of inspection and supervision, shall be paid by Utility within thirty (30) days after receipt of City’s invoice therefor. All excavations made by Utility in the City’s public rights-of-way shall be properly safeguarded for the
prevention of accidents. The work hereby required shall be done in strict compliance with the applicable rules, regulations and ordinances of City as now or hereafter amended. 

C.  Location. 

The Utility Facilities herein provided for, to be constructed, installed, operated and maintained hereunder, shall be so located or
relocated as to interfere as little as possible with traffic or other authorized uses over, under or through the City’s public rights-of-way. Utility shall conduct its activities hereunder within the City’s rights-of-way in such a manner
as to not unreasonably interfere with City’s placement, construction, use and maintenance of its public rights-of-way, street lighting, water pipes, drains, sewers, traffic signal systems, light rail or other City systems that have been, or may
be, installed, maintained, used or authorized by City. Those phases of the activities licensed herein relating to traffic control, backfilling, compaction and Paving, as well as the location or relocation of Utility Facilities herein provided for,
shall be subject to regulation by City. 

 Utility shall keep accurate installation records of the location of all Utility Facilities in
the City’s public rights-of-way and shall cooperate with City to furnish such records in an electronic mapping format compatible with the current City electronic mapping format. At a minimum, such files shall be ESRI Shape Files that contain
the center line route of the water and wastewater lines together with the nominal line size, operating system name, line section name, shape file projection, longitude/latitude coordinates, and NAD_1983 HARN
Stateplane_Arizona_Central_FIPS_0202_Feet_Intl Projection: Transverse_Mercator. Upon completion of changes in the Utility Facilities in the City’s rights-of-way, Utility shall provide City with installation records in an electronic format
compatible with the current City electronic mapping format showing the location of the underground and above ground facilities within thirty (30) calendar days from the completion of the installation. 

Utility shall comply with Arizona Revised Statutes Sections 40-360.21 et seq. by participating as a member of the Arizona Blue Stake
Center with the necessary records and persons to provide location service of Utility Facilities upon receipt of a locate call or as promptly as possible, but in no event later than two (2) working days. A copy of Utility’s agreement or
proof of membership shall be filed with City. 
 If, during the design process for public improvements being constructed for a
Governmental Purpose, City discovers a potential conflict of Utility Facilities with proposed construction, Utility shall either: (1) at its sole cost through its own service locate and, if necessary, expose its facilities in conflict in the
least destructive or intrusive method possible; or (2) reimburse City for the reasonable costs of using a pothole service under contract with City to locate or expose its facilities. City shall make reasonable efforts to design projects
pursuant to this subsection so as to avoid relocation expense to Utility. Utility agrees to furnish the location 

 
information in a timely manner, but in no case longer than fifteen (15) calendar days after City’s written notice of potential conflict. 

Utility agrees not to install, maintain or use any of its Utility Facilities in such a manner as to damage or unreasonably interfere with
any existing facilities of any utility located within the rights-of-way of City. 
 D. Relocation 

City may reasonably require relocation of the Utility Facilities in the City’s public rights-of-way. If City requires such relocation,
the entire cost of such relocation shall be borne by Utility. 
 City will not exercise its rights to require relocation of the Utility
Facilities in an unreasonable or arbitrary manner, or to avoid its obligation under the License. City agrees to notify Utility during the planning and design of City’s projects in rights-of-way that may require relocation of the Utility
Facilities and to coordinate its construction plans and schedules with Utility to determine the most cost-effective design to mitigate Utility’s cost to relocate the Utility Facilities. 

City will make reasonable efforts not to require Utility to relocate the Utility Facilities within the public rights-of-way without
providing Utility adequate space within the rights-of-way to relocate the Utility Facilities that must be moved. 
 Subject to the
provisions of this Section, if, during the course of a project undertaken by or on behalf of City, City determines that the Utility Facilities are in conflict, the following procedures shall apply: (i) Prior to issuing notice to proceed to
City’s contractor, Utility shall, within a reasonable time, but in no event exceeding six (6) months, remove or relocate the conflicting facility to the alternate location provided by City as described in this Section. This time period
shall begin running upon receipt by Utility of written notice from City. However, if 

 
both City and Utility agree, the time frame may be extended based on the requirements of the project; (ii) Subsequent to City’s notice to proceed to its contractor, City and Utility
will immediately begin the coordination necessary to remove or relocate the conflicting facility. Actual construction of such removal or relocation is to begin no later than sixty (60) business days, if practicable, after written notification
from City of the conflict. 
 Utility agrees to obtain a permit as required by this License prior to removing, abandoning, relocating or
reconstructing, if necessary, any portion of the Utility Facilities within the City’s public rights-of-way. Further, Utility shall reimburse City for pavement damage as reasonably determined by the City Code or the City. Reimbursement for
pothole services and pavement damage is separate, and in addition to, any license fees included in this License. Utility, at the time of or prior to submitting construction plans, shall provide City with a description of the type of service to be
provided by Utility in sufficient detail for City to determine compliance with this License. 
 In the event that Utility’s
construction or maintenance activities under this License conflict with existing or planned facilities occupying the City’s public rights-of-way under authority of a City permit or License, and such activities require the relocation of such
existing facilities, Utility shall be responsible for the cost of such relocation. 
 If Utility fails to comply with the terms of this
License in undertaking any relocation of the Utility Facilities that are required under this License, and such failure delays construction of a public project causing City to be liable for delay damages, Utility shall reimburse City for those
damages attributable to the delay created by Utility. Except for charges that it is disputing in good faith, Utility shall pay City for delay damages under this paragraph within thirty (30) calendar days of receipt of an invoice. Except for
charges that Utility is disputing in good faith, a late charge in the amount of one and one-half percent (1.5%) accruing thirty-one (31) days 

 
from the date of the invoice until paid per month shall be assessed for late payment of such damages. 

E. Emergencies 
 In
the event of a public emergency, City may direct Utility to undertake reasonable activities in connection with the Utility Facilities as deemed reasonably necessary by the City Administrator and Public Works Director to address a public emergency. A
public emergency shall be any condition which, in the opinion of any of the officials named, poses an immediate threat to the lives or property of the citizens of City, caused by any natural or man-made disaster, including, but not limited to,
storms, floods, fire, accidents, explosions, major water main breaks, hazardous materials spills, etc. Utility shall conduct any such emergency activities at its cost, but may seek recovery for such costs against any party, except City, that may
have responsibility for causing the emergency. If Utility does not take the action directed by City described above within 24 hours, City reserves the right to cause such action to be undertaken by City or a third party and seek reimbursement from
Utility. 
 F. Permitting 

Prior to construction or alteration of the Utility Facilities in the City, Utility shall in each case file plans with the City’s Public
Works Department and any other department as may be designated by City and, where required, receive written approval in the form of a permit before proceeding with such work. 

A City construction permit to allow installation of the Utility Facilities in the City may include the following, but not limited to,
conditions: (i) Controlling construction hours to nighttime and weekends; (ii) Controlling the length of street segments under construction; (iii) Reserving the right to change the construction schedule to accommodate known and
unforeseen events; (iv) Requiring public information/notification efforts; (v) Requiring construction firms to 

 
utilize contract barricade companies and any other necessary traffic control devices; (vi) Requiring trench plating and restoration of the street segment to accommodate normal traffic needs
each day; (vii) Requiring that substantial design be done up front to minimize unanticipated route changes; (viii) Providing for a requirement controlling the number of pipelines constructed in a street segment; (ix) Other reasonable
conditions relating to construction in the City’s rights-of-way. 
 G. Other 

In the case of emergency repairs, after calling Police and Fire Departments as appropriate, Utility may call the City’s Public Works
Director or City Administrator to locate and obtain verbal approval for the emergency repair from the City. However, in all cases Utility must file plans and obtain all applicable permits within two (2) business days of any such emergency. 

Whenever the construction, operation, use, relocation, reconstruction, repair, maintenance or related activity by Utility causes the release
of a Hazardous Substance, Utility shall take all necessary actions and measures to immediately abate such Hazardous Substance. If Utility cannot contact the City Administrator or Public Works Director immediately, Utility shall proceed to abate the
Hazardous Substance immediately and shall notify the City Administrator or Public Works Director, file plans, obtain a permit and make any required changes within two (2) business days of such abatement. 

If City undertakes either directly or through a contractor any construction project adjacent to or near the Utility Facilities operated
pursuant hereto and such activity does not involve a public improvement for a Governmental Purpose, City shall include in all such construction specifications, bids, and contracts a requirement that, as part of the cost of the project and at no cost
to Utility, the contractor or his designee obtain from Utility approval for the temporary 

 
removal, relocation, barricading or depressurization of any Utility Facilities or equipment, the location of which may create an unsafe condition in view of the equipment to be utilized or the
methods of construction to be followed by the contractor. City shall indemnify and hold Utility harmless from any and all claims, costs, losses, or expenses incurred by Utility as a result of the failure of City to comply with the requirements
hereof. 
 4.        Fees. 

A.      A fee of three percent (3%) of Gross Revenues as it relates to consumptive use of water and
wastewater by residential and commercial customers within the existing incorporated limits of the City, the Subject Territories and in Global’s Planning Area shall be paid by Utility to the City. If the ACC Order (as defined in the MOU) has not
been entered by April 14, 2006, then the fee of three percent (3%) as provided for above shall be reduced to two percent (2%) with respect to the consumptive use of water and wastewater residential and commercial customers located
outside the jurisdictional limits of the City but within GWR’s Planning Area; however, if any property located outside the City’s jurisdictional limits becomes a part of the City’s jurisdictional limits through an annexation, then the
fee shall automatically be increased from two percent (2%) to three percent (3%) for the annexed property on the date the annexation is effective. In the event the Commission declines to enter the ACC Order and at the request of the
Utility or GWR, the City will then proceed with a franchise election (at Utility’s cost) seeking approval of the fees provided for in this Section and to grant Utility or GWR a franchise in connection therewith for a reasonable term as agreed
to by the parties, but in no event less than twenty (20) years. The franchise election shall take place on a date to be set by the City and shall occur no later than the earlier of eighteen (18) months following the Commission declining to
enter the ACC Order or October 15, 2007. Upon a request of Utility or GWR, the City agrees to continue to cause franchise elections to occur (at Utility’s cost) on at 

 
least an annual basis seeking approval of the franchise provided for herein. All of the foregoing payments shall be made on a quarterly basis. Gross Revenues shall include base fees, consumptive
fees, and industrial and commercial reclaimed water sales but shall not include revenues as they arise from hook up fees, service connection fees, termination fees, reconnect or disconnect fees, late fees, NSF fees, account handling fees, or bulk
service rate on the sale of construction water. The parties acknowledge that Utility or GWR will seek the consent of the Commission to allow for inclusion of all fees described within this Section in the monthly consumptive billing of the utilities.
The fees provided for in this Section are flow through fees to Utility and are incremental to the rates currently set in place by the Commission; however, if the Commission does not approve these fees to be added to the monthly consumptive billings
of Utility, Utility shall pay the fees as an operating expense. 
 B.        GWR shall pay City a
special installation fee of Fifty Dollars ($50.00) for each residential home within the jurisdictional limits of City as annexed from time to time connecting to the water or wastewater system described herein during the term of this License. Only a
single Fifty Dollar ($50.00) fee will be paid per home, The special installation fee will be adjusted to One Hundred Dollars ($100.00) for each residential home within GWR’s Planning Area (exclusive of the Ak-Chin Indian Reservation and also
excluding homes within the jurisdictional limits of the City) connecting to the Utility’s water and wastewater system described herein during the terms of this License. All such fees will be paid retroactively on a quarterly basis. 

C.        Payments due City under this License shall be made payable to the “City of
Maricopa” and directed to: The City of Maricopa, P.O. Box 610, Maricopa, Arizona 85239. All forms and remittances received within the cashiering office on or before the last business day of the month following the end of each calendar quarter
when due shall be regarded 

 
as timely filed. The start of business of the first business day following the second month following the end of each calendar quarter when due shall be the delinquency date. Mailing the form of
remittance on or before the due date or delinquency date does not relieve Utility of the responsibility of causing its form or remittance to be received by the last business day of the quarter when due. If such payment is not received by the
delinquency date, City shall impose interest at a rate of one and one-half percent (1.5%) per month commencing from the delinquency date and continuing until the payment is made. Fractions of a month shall be considered to constitute a full
month for the purpose of computing interest. Each payment shall be accompanied by a brief report showing the basis for the computation and such other relevant facts as may be required by the City. 

D.        The fees contemplated by this Section are the same fees contemplated by the Sections 5
and 12 of the MOU. The MOU shall not be construed as containing an additional obligation for the Utility or GWR to pay fees. 

5.        Nature of License. This License is not exclusive, and nothing herein
contained shall be construed to prevent City from granting other like or similar grants or privileges to any other person, firm or corporation. Utility may not assign this License to any other person, firm or corporation without the prior written
consent of City, which shall be expressed by a Resolution from the City Council. Any transfer of this License, whether voluntary or involuntary, without approval of the City shall be deemed void and of no effect. 

6.        Revocation. 

6.1      Revocation for Cause. Subject to Section 6.2 below, this License issued hereunder may,
after public hearing, be revoked, altered, or suspended by City as it deems necessary on any of the following grounds: (i) For failure to pay license fees as required under this License; (ii) For failure to comply with the law regarding
the operation of the Utility 

 
Facilities, this License or the appropriate regulatory authority; (iii) For violation of material terms of this License; (iv) Any fraud by Utility in its conduct or relations under the
material terms of this License; (v) Willful or grossly negligent repeated violations of this License; (vi) Failure to comply with any federal, state, local or administrative order, law, permit regulation or consent decree as such may apply
to the activities of Utility, as contemplated in this License; and (vii) Permanent or temporary suspension for a period greater than ninety (90) calendar days by the United States or the State of Arizona for any authorizations for Utility
to own, operate, maintain, or construct the Utility Facilities. 
 6.2      Cure Period. If any of
the foregoing events shall occur, Utility shall be given a period of thirty (30) days after receipt of a written notice of default from City to cure said default prior to the conduct of the hearing described in Section 6.3. If Utility
shall fail to cure the event of default within said thirty (30) day period or, in the event of a default that is unable to be cured within such thirty (30) day period, Utility shall fail to commence the cure of the event of default and
continue to diligently pursue such cure, the provisions of Section 6.3 shall then apply. 

6.3      City Determination; Public Hearing. If Utility shall fail to remedy its default as provided
for in Section 6.2, City shall notify Utility of that determination and shall state the major causes and reasons supporting the determination. Utility shall be granted ten (10) days to respond to the determination. City shall consider the
response of Utility, if any, and may terminate, postpone for a period, or proceed with the revocation, alteration, or suspension process. If City proceeds with the revocation, alteration or suspension process, or reactivates postponed proceedings, a
written statement of revocation, alteration or suspension shall be served upon Utility stating the principal reasons for such action and a copy of the statement shall be sent by certified U.S. Mail, return receipt requested, to Utility. This
statement and a Notice of Public Hearing shall be published in a newspaper of general circulation and a public hearing 

 
shall be scheduled thirty (30) days after publication. The City Council shall take final action on the revocation, alteration or suspension of the License after completion of the public
hearing. 
 7        Abandonment 

7.1      Abandonment; Removal of Facilities. In the event that the use of a substantial part of any of
the Utility Facilities in the City is commenced in connection with the providing of regular services and then discontinued for any reason for a continuous period of two (2) years for reasons other than Force Majeure, or in the event such
Utilities Facilities have been installed in any City public right-of-way without complying with the requirements of this License, or this License has terminated or been revoked, Utility shall promptly, upon being given thirty (30) days’
notice from City, begin removal of such Facilities in the City and related appurtenances from the City’s public rights-of-way other than such underground facilities which City may permit to be abandoned in place. In the event of such removal,
Utility shall promptly restore the street or other area from which such property has been removed to a condition satisfactory to City subject to City’s customary practice to review upon request of Utility. As a minimum, Utility shall restore
the City’s public rights-of-way to a condition as existed prior to the removal of the structure or property. 

7.2      Permanent Abandonment. Utility Facilities and any other property of Utility remaining in the
City’s public rights-of-way without the consent of City one hundred and eighty (180) days after the revocation of the License shall be at the option of City considered permanently abandoned. Any Utility property permitted to be abandoned
in place shall be abandoned consistent with applicable law. 
 8.        Indemnification and
Insurance 
 8.1      General Indemnification. Utility shall fully indemnify, defend and hold
harmless City, its officers, boards, commissions, elected officials, agents, attorneys, representatives and 

 
employees (the “Indemnitees”) against any and all costs, damages, expenses, claims, suits, actions, liabilities and judgments for damages, including but not limited to, reasonable
expense for legal fees, whether suit be brought or not, and disbursements and liabilities incurred or assumed by City (collectively “Losses”) in connection with: (i) Personal injury or death and damage to any form of property tangible
or intangible, in any way arising out of or through the acts or omissions of Utility, its officials, agents, attorneys, representatives or employees; (ii) Requests for relief to the extent arising out of any Utility action or inaction which
results in (a) a claim for invasion of the right of privacy; (b) defamation of any person, firm or corporation; (c) trespass or any claim of compensable taking or compensable diminution of use or value of property; (d) violation
or infringement of any copyright, trademark, trade name, service mark or patent; (iii) Any and all claims arising out of Utility’s failure to comply with the provisions of this License or any federal, state or local law or regulation
applicable to Utility; or (iv) Any and all disputes arising out of a claim by any party other than City or Utility wherein damages or other relief is sought to the extent caused by an action or omission of Utility. However, such duty to
indemnify, defend and hold harmless shall not apply to Losses arising from the negligence or willful misconduct of City, its employers, agents, representatives and invitees for which City shall indemnify Utility. 

8.2      Waiver. The provisions of this Section shall not be read to impose any liabilities on City not
imposed by other law, or to waive any immunities City may have under federal or state law. Utility shall make no settlement in any matter identified above without City’s written consent, which shall not be unreasonably withheld or delayed.
Failure to inform City of settlement shall constitute a breach of the License and City may seek any redress available to it against Utility whether set forth in this License or under any other municipal, state or federal laws. City’s exercise
of or failure to exercise all rights pursuant to any section of this License 

 
shall not affect in any way the right of City to subsequently exercise any such rights or any other right of City under this License or any other rule, regulation or law. 

8.3      All Rights Reserved. All rights of City, pursuant to indemnification and insurance as provided
for by this License are in addition to all other rights City may have under this License and any other rule, regulation or law. 

8.4      Survival. The provisions of this Section shall not be dependent or conditioned upon the
validity of this License or the validity of any of the procedures or agreements involved in the award of a license, but shall be and remain a binding right and obligation of City and Utility even if part or all of this License is declared null and
void in a legal or administrative proceeding. It is the intent of Utility and City, upon the Effective Date of the License, that the provisions of this subsection survive any such declaration and shall be a binding obligation of and inure to the
benefit of Utility and City and their respective successors and assigns, if any. 

8.5      Environmental Indemnification. Utility (as “Indemnitor”) agrees to indemnify,
defend, save and hold harmless City and its officers, officials, agents and employees as (“Indemnitee”) from and against any and all demands, claims, complaints, losses, damages, actions or causes of action, assessments, liabilities, costs
or expenses including, without limitation, interest, penalties and reasonable attorneys’ fees and reasonable expenses of investigation and remedial work (including investigations and remediation by engineers, environmental consultants and
similar technical personnel) asserted against or imposed upon or incurred by Indemnitee arising in connection with, or resulting from, any Environmental Law, including but not limited to, any use, generation, storage, spill, release, discharge or
disposal of any Hazardous Substance that comes to be located on, at, about or under the City’s rights-of-way because of, or in connection with, the violation of any Environmental Law (hereinafter collectively referred to as “Claims”)
to the extent that such Claims are caused by the Fault of the 

 
Indemnitor, its officers, officials, agents, employees, contractors, volunteers, tenants, subtenants, invitees or licensees. As used in this Section, “Fault” means those nonculpable
acts or omissions giving rise to strict liability under any Environmental Law pertaining to Hazardous Substances, as well as culpable conduct (negligence or willful misconduct) provided however, “Fault” does not include claims caused by
the negligence or willful misconduct of City, its employees, agents, representatives or invitees. 

8.6      Liability Insurance. Beginning upon the Effective Date and continuing throughout the term of
this License, Utility shall maintain insurance in the amounts and under the terms and conditions set forth in Exhibit B. Within thirty (30) days of the Effective Date, Utility shall file with City and maintain on file throughout the term of
this License certificates of insurance that demonstrate that Utility complies with the requirements set forth in Exhibit B. Utility shall also provide City certificates evidencing its compliance within ten (10) business days from any subsequent
request from City. 
 8.7      Changes to Insurance. Utility shall have six (6) months
from the date of notification from the City Administrator of reasonable changes to the insurance requirements to comply with such changes. City may, no more frequently than each year on the anniversary date of this License, change such insurance
requirements to be consistent with insurance requirements consistent with prudent water, wastewater, and reclaimed water utility practices. 

9.        General Provisions 

9.1      License Administrator and Enforcement. In all matters of License administration, the City
Administrator shall have authority to determine Utility’s compliance with the terms and provisions of this License, and in the event of non-compliance to exercise any or all of the remedies included in this License, except that License
revocation may be accomplished as indicated in this License. Should Utility become dissatisfied with any material decision or ruling 

 
of the City Administrator, Utility may appeal the decision of the City Administrator on issues of significance, to the City Council. The City Council may refuse to reconsider, accept, reject or
modify the decision of the City Administrator. Notwithstanding the above, this provision shall in no way be deemed to restrict Utility from seeking relief in any court of competent jurisdiction. 

9.2      Right of Inspection of Construction. City shall have the right to inspect all construction or
installation work performed subject to the provisions of this License and to make such tests as it shall find necessary to ensure compliance with the terms of this License and other pertinent provisions of law. 

9.3      Right of Intervention. City shall have the right of intervention in any suit or proceeding
related to or arising out of this License to which Utility is party, and Utility shall not oppose such intervention by City but shall in no way be deemed to have waived its rights to oppose the merits of the City’s position following such
intervention. 
 9.4      Right of Inspection of Records. Upon five (5) business days’
prior written notice, City shall have the right to inspect all books, records, maps, plans, and other like material of Utility which is limited to and relates to this License, at any time during normal business hours at a location within the
jurisdictional limits of the City. 
 9.5      Proprietary Information. If Utility determines
that in order to respond to City’s request for documentation and inspection that it must reasonably provide proprietary information, Utility shall so designate such claim to proprietary treatment on documents provided to City. Proprietary
information disclosed by Utility for the purposes hereunder shall mean any document or material clearly identified as confidential (hereinafter “Proprietary Information”). Proprietary Information shall not, however, include information
provided by City to calculate the license fee or permits issued by City. Proprietary Information disclosed by Utility hereunder to City or its constituent departments shall be regarded as proprietary as to

 
third parties, and City shall take such steps as are reasonably necessary to keep such information confidential. The foregoing shall not apply to any information which is already in the public
domain; however, if public domain information is included with proprietary information on the same document, City shall only disclose those portions within the public domain. If a third party ever challenges Utility’s designation of information
as Proprietary Information and Utility does not want the information disclosed, Utility will reimburse the City for any expenses incurred in responding to such challenge by the third party. 

9.6      Public Records Acknowledgment. Notwithstanding any provision in this License, Utility
acknowledges and understands that City is a political subdivision of the State of Arizona and is subject to the disclosure requirements of Arizona’s Public Records Law (Ariz. Rev. Stat. Ann. §§ 39-121, et seq.). 

9.7      Permission of Property Owner Required. A License granted hereunder shall not convey the right
to install any Utility Facilities or other piece of equipment by Utility on private property. 

9.8.      Compliance with Laws. Utility shall comply with all Federal and State of Arizona laws, as
well as all City ordinances, resolutions, rules and regulations heretofore or hereafter adopted or established as they pertain to the exercise of the rights and duties granted Utility under this License. 

9.9      Non-Performance by City. Utility shall not be relieved of its obligation to comply with any of
the provisions of this License by reason of any failure of the City, upon any one or more occasions, to insist upon or to seek compliance with any such terms and conditions. 

9.10    Right to Secure Public Welfare. There is hereby reserved to City every right and power which is required
to be herein reserved or provided by any ordinance or the City Code and Utility by its acceptance of this License, agrees to be bound thereby and to comply with any 

 
action or requirements of City in its exercise of such rights or power, heretofore or hereafter enacted or established. Neither the granting of this License nor any provision hereof shall
constitute a waiver or bar to the exercise of any governmental right or power of City. No privilege or exemption shall be granted under this License except those specifically prescribed herein. 

9.11    The License Document—Issuance and Acceptances. The License granted shall not become effective until
all provisions required in this subsection are completed, all of such provisions being hereby declared to be conditions precedent to the effectiveness of any such License granted hereunder. In the event any of such provisions are not completed in
the time and manner required, the License shall be null and void. Within thirty (30) days of the Effective Date of this License or within such extended period of time as the City Council in its discretion may authorize, Utility shall submit to
City its written acceptance of the License, together with the insurance certificates required by the License, and its acknowledgment that it will be bound by and comply with everything which is required of Utility by the provisions of the License.
Such acceptance shall be acknowledged by Utility. 
 9.12.    Survival of Warranties. Utility’s
representations and warranties made under this License or any permit issued hereunder shall survive termination or revocation. 

9.13.    Hazardous Substances. Utility shall, at its own cost, be responsible for proper investigation and
management of all Hazardous Substances under its control, including Hazardous Substances in which it uses, generates or disposes of, and shall comply with all Environmental Laws in carrying out its obligations under this License. In the event
Utility releases to the environment Hazardous Substances under its control, to the extent that a governmental agency with jurisdiction requires reporting, investigation, cleanup or remedial measures to be taken, Utility shall, at its sole cost and
expense, promptly undertake such required 

 
actions. If Utility discovers a pre-existing environmental condition, Utility shall immediately notify City in writing. 

9.14.    Right of Cancellation. Utility acknowledges that this License is subject to cancellation by City
pursuant to the provisions of Section 38-511, Arizona Revised Statutes. 
 9.15.    Covenant Against
Contingent Fees. Utility warrants that no person has been employed or retained to solicit or secure this License upon an agreement or understanding for a commission, percentage, brokerage, or contingent fee; and that no member of the City
Council, or any employee of City, has any interest, financially or otherwise, in this License or Utility. For breach or violation of this warranty, City shall have the right to annul this License without liability, or at its discretion to deduct
from the License price or consideration, the full amount of such commission, percentage, brokerage or contingent fee. 

9.16    Equal Opportunity/Affirmative Action. Utility shall comply with the provisions of this License pertaining
to discrimination and accepting applications or hiring employees. Utility shall not discriminate against any worker, employee or applicant, or any member of the public, because of race, color, religion, gender, national origin, sexual orientation,
age or disability nor otherwise commit an unfair employment practice. Utility will take affirmative action to ensure that applicants are employed, and employees are dealt with during employment, without regard to their race, color, religion, gender
or national origin, sexual orientation, age or disability. Such action shall include but not be limited to the following: employment, promotion, demotion or transfer; recruitment or recruitment advertising; layoff or termination; rates of pay or
other forms of compensation; and selection for training, including apprenticeship as well as all other labor organizations furnishing skilled, unskilled and union labor, or who may perform any such labor or services in connection with this License.

 9.17.    Independent Contractor. Any provision in this License that
may appear to give the City the right to direct Utility or Utility the right to direct City as to the details of accomplishing the work or to exercise a measure of control over the work means that the party shall follow the wishes of the other party
as to the results of the work only. These results shall comply with all applicable laws and ordinances. The parties are each independent of each other and nothing in this License shall be construed as creating a joint venture relationship between
the parties. 
 9.18.    Compliance with Federal Laws. Utility understands and acknowledges the applicability
of the Immigration Reform and Control Act of 1986 and the Drug Free Workplace Act of 1989 to this License. Utility agrees to comply with these laws in performing this License and to permit City to verify such compliance. 

9.19    Governing Law; Jurisdiction. It is mutually understood and agreed that this License shall be governed by
the laws of the State of Arizona, both as to interpretation and performance. Any action at law, suit in equity or judicial proceeding for the enforcement of this License or any provision thereof shall be instituted only in the courts located within
Pinal County, Arizona. 
 9.20    Delivery, Procedure of Notices and Communications. All notices, consent or
other communication under this License shall be in writing and either delivered in person, sent by facsimile transmission, deposited in the United States mail, postage prepaid, registered or certified mail, return receipt requested, or deposited
with any commercial air courier or express service and addressed as follows: 
  

			
	To:	  	Global Water Resources, LLC
		  	21410 North 19th Avenue, Suite 201
		  	Phoenix, Arizona 85027
		  	Attn:    Trevor Hill
		  	Fax:  623-580-9659    

			
	To the City:	  	 City of Maricopa
 P.O. Box 610

Maricopa, Arizona 85239
 Attn:    City
Manger
 Fax:  520-568-9120

		
	With a copy to:	  	 Fitzgibbons Law Offices, PLC
 711 East
Cottonwood Lane, Suite E
 Casa Grande, Arizona 85222

Attn:    Denis Fitzgibbons

Fax:  520-426-9355

 Notice shall be deemed received at the time it is personally served or, on the day it is sent by facsimile transmission, on
the second day after its deposit with any commercial air courier or express service or, if mailed, three (3) calendar days after the notice is deposited in the United States mail as above provided. Any time period stated in a notice shall be
computed from the time the notice is deemed received unless noted otherwise. Any party may change its mailing address, fax number or the person to receive notice by notifying the other party as provided in this Section. Notices sent by facsimile
transmission shall also be sent by regular mail to the recipient at the above address. This requirement for duplicate notice is not intended to change the effective date of the notice sent by facsimile transmission. 

9.21    Organization/Employment Disclaimer. This License is not intended to constitute, create, give rise to, or
otherwise recognize a joint venture, agreement, or relationship, partnership, or formal business organization of any kind, and the rights and obligations of the Parties shall be only those expressly set forth therein. Utility agrees that no persons
working for Utility are City employees and that no rights of City Civil Service, Retirement or Personnel rules accrue to such persons. Utility shall have total responsibility for all salaries, wages, bonuses, retirement, withholdings, workmen’s
compensation, unemployment compensation, other benefits, and all taxes and premiums appurtenant thereto concerning such persons, and shall save and hold City harmless with respect thereto. 

 9.22    Entire Agreement; Amendment; Waivers. This License, and the
below listed exhibits which are incorporated herein by this reference and are attached hereto and/or on file at City and available for inspection, constitute the entire agreement between City and Utility with respect to the transactions contemplated
therein and supersede all prior negotiations, communications, discussions and correspondence, whether written or oral, concerning the subject matter hereof. No supplement, modification, or amendment of any term of this License shall be deemed
binding or effective unless executed in writing by the Parties. No waiver of any of the provisions of this License shall be deemed, or shall constitute, a waiver of any other provisions, whether or not similar, nor shall any waiver constitute a
continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver. 
 9.23.    
Right of Parties. Nothing in this License, whether express or implied, is intended to confer any right or remedies under or by reason of this License on any persons other than the Parties to this License and their respective successors and
permitted assigns, nor is anything in this License intended to relieve or discharge any obligation or liability of any person who is not a Party to this License, nor shall any provision hereof give any persons not a Party to this License any right
of subrogation or action over or against any Party to this License. 
 9.24.     Construction. This License is
the result of negotiations between the Parties, none of whom has acted under any duress or compulsion, whether legal, economic or otherwise. Accordingly, the terms and provisions of this License shall be construed in accordance with their usual and
customary meanings. The Parties hereby waive the application of any rule of law that otherwise would be applicable in connection with the construction of this License that ambiguous or conflicting terms or provisions should be construed against the
party who (or whose attorney) prepared the executed License or any earlier draft of the same. Unless the context of this License otherwise clearly requires, references to the plural include the singular 

 and the singular the plural. The words “hereof,” “herein,” “hereunder” and
similar terms in this License refer to this License as a whole and not to any particular provision of this License. All references to “Sections” herein shall refer to the sections and paragraphs of this License unless specifically stated
otherwise. The section and other headings contained in this License are inserted for convenience of reference only, and they neither form a part of this License or are they to be used in the construction or interpretation of this License. 

9.25.    Severability. If any covenant, condition, term or provision of this License is held to be illegal, or if
the application thereof to any person or in any circumstances shall to any extent be judicially determined to be invalid or unenforceable, the remainder of this License or the application of such covenant, condition, term or provision to persons or
in circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby, and each covenant, term and condition of this License shall be valid and enforceable to the fullest extent permitted by law. 

9.26.    Cooperation and Further Documentation. Each of the Parties agree to provide the other with such
additional and other duly executed documents as shall be reasonably requested to fulfill the intent of this License. 

9.27.    Survival of Representations and Warranties. All representations and warranties made in this License
shall survive the execution and delivery of this License. 
 9.28.    Force Majeure. For the purpose of any of
the provisions of this License, neither Utility nor City, as the case may be, shall be considered in breach of or in default of their obligations under this License as a result of the enforced delay in performance of such obligations due to
unforeseeable causes beyond its control and without its fault or negligence, including, but not limited to, acts of God, acts of the public enemy, acts of the Federal Government, acts of Pinal County, acts of the State of Arizona or any of its
departments or 

 
commissions, acts of any railroad, fire, floods, epidemics, strikes, lock outs, freight embargoes and unusually severe weather; it being the purpose and intent of this provision that in the
occurrence of any such enforced delay, the time for performance of Utility’s and City’s obligations, as the case may be, shall be extended for the period of the enforced delay, provided that the party seeking the benefit of this provision
shall have notified the other party thereof in writing of the cause or causes thereof, and requested an extension for the period of the enforced delay. If notice by the party claiming such extension is sent to the other party more than thirty
(30) days after commencement of the cause, the period of delay shall be deemed to commence thirty (30) days prior to the giving of such notice. 

9.29.    Recitals. The Parties represent and warrant that the recitals as stated above are accurate, current and
are incorporated herein by this reference. 
 IN WITNESS WHEREOF, the Parties have caused this License to be executed as of the date first
set forth above. 
  

			
	CITY OF MARICOPA
		
	By	 	

		 	  Its Mayor
	
	Attest:
		
	By	 	

		 	  Its City Clerk

 Approved as to form: 
  

			
	By	 	

		 	  City Attorney

 UTILITY 

Palo Verde Utilities Company, LLC/Global Water-Palo Verde Utilities Company 
  

			
	By	 	

		 	  Its President

 Santa Cruz Water Company, LLC/Global Water-Santa Cruz Water Company 

 

			
	By	 	

		 	  Its President

 STATE OF ARIZONA    ) 

                          
                ) ss. 
 County of
Pinal                ) 
 On this 4th day of Dec. 2006, before me, the undersigned officer, personally appeared Kelly Anderson, who acknowledged himself to be the Mayor of the City of Maricopa, an Arizona municipal corporation, and that
he/she, in such capacity, being authorized so to do, executed the foregoing instrument for the purposes therein contained. 
 IN WITNESS
WHERE, I hereunto set my hand and official seal. 
  

	
	/s/ Lupe T. Mendez
	Notary Public

 My Commission Expires: July 7, 2009 
  

 

 STATE OF ARIZONA    ) 

                          
                ) ss. 
 County of
Maricopa          ) 
 On this
10th day of November 2006, before me, the undersigned officer, personally appeared Trevor T. Hill, who acknowledged himself to be the President of Palo Verde Utilities Company, LLC/Global
Water-Palo Verde Utilities Company and that he, in such capacity, being authorized so to do, executed the foregoing instrument for the purposes therein contained. 

IN WITNESS WHERE, I hereunto set my hand and official seal. 

 

			
		 	 /s/ Dolly Higuera

		 	Notary Public

 My Commission Expires: Aug 7, 2010 
  

 
 STATE OF ARIZONA    ) 

                          
                ) ss. 
 County of
Maricopa          ) 
 On this
10th day of November 2006, before me, the undersigned officer, personally appeared Trevor T. Hill, who acknowledged himself to be the President of Santa Cruz Water Company, LLC/Global Water-Santa
Cruz Water Company and that he, in such capacity, being authorized so to do, executed the foregoing instrument for the purposes therein contained. 

IN WITNESS WHERE, I hereunto set my hand and official seal. 

 

			
		 	 /s/ Dolly Higuera

		 	Notary Public

 My Commission Expires: Aug 7, 2010 

 Global Water Resources, Inc. 

Coverage Summary as of 11/09/06 
  

							
	    	 	 	 	 	  	 
	Property	 	Arch Insurance Corporation	 	GWPKG0051600	  	 $3,319,000 Building

$120,000 EDP
 $121,700 Owned, Scheduled, Leased/Rented Equipment

$4,030,000 Business Income/Extra Expense

	 	 	 	 	 	  	 
	Crime	 	Arch Insurance Corporation	 	GWPKG0051600	  	 $100,000 Employee
Dishonesty;
 $100,000 Forgery or Alteration;
 $100,000 Money Securities
Inside/Outside;
 $100,000 Computer Fraud

	 	 	 	 	 	  	 
	General Liability	 	Arch Insurance Corporation	 	GWPKG0051600	  	 $1,000,000 Bl & PD
Per Occurrence, $3,000,000 Aggregate
 $1,000,000 Employee Benefits Liability

$1,000,000 Personal Injury and Advertising Injury Per Occurrence

$1,000,000 Damage to Premises Rented to You-Any One Premises

$    10,000 Medical Expense

$      5,000 Non-Monetary Liability Per Incident

	 	 	 	 	 	  	 
	Professional Liability	 	Arch Insurance Corporation	 	GWPKG0051600	  	 $1,000,000 Each
Claim
 $1,000,000 Aggregate

	 	 	 	 	 	  	 
	Wrongful Acts Liability	 	Arch Insurance Corporation	 	GWPKG0051600	  	 $1,000,000 Each
Claim
 $1,000,000 Aggregate

	 	 	 	 	 	  	 
	Employment Practices Liability	 	Arch Insurance Corporation	 	GWPKG0051600	  	 $1,000,000 per claim

$1,000,000 Aggregate

	 	 	 	 	 	  	 
	Automobile	 	Arch Insurance Corporation	 	GWPKG0051600	  	 $1,000,000 Per
Accident
 $ 5,000 Medical Payments-Per Person
 $1,000,000
Uninsured/Underinsured Motorists Coverage
 $ 50,000 Limit per Vehicle-Physical Damage Hired Vehicles

	 	 	 	 	 	  	 
	Umbrella	 	Arch Insurance Corporation	 	GWUFP0051600	  	 $10,000,000 Per
Occurrence
 $10,000,000 Aggregate

	Umbrella	 	Admiral Insurance	 	EX00000390601	  	$10,000,000 Excess of Arch $10,000,000
	Umbrella	 	St. Paul Fire & Marine Insurance Company	 	QI01201181	  	$20,000,000 Excess of Arch & Admiral $20,000,000
	Umbrella	 	Interstate Indemnity Company	 	HFX1000297	  	$10,000,000 Excess of St Paul $20,000,000EX-10.3

 Exhibit 10.3 

Execution version 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the
13th day of May, 2015, by and between Global Water Resources, Inc., a Delaware corporation (the “Company”), and Ron L. Fleming, a resident of the State of Arizona (the
“Executive”). 
 RECITALS 

WHEREAS, the Company desires to employ the Executive as its President and Chief Executive Officer, as well as President of
Global Water, LLC and all utility subsidiaries, and the Executive desires to accept such employment; and 
 WHEREAS, the
parties desire to enter into this Agreement to set forth the terms and conditions of the Executive’s employment with the Company. 

AGREEMENT 

NOW, THEREFORE, in consideration of the covenants and mutual agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and in reliance upon the representations, covenants and mutual agreements contained herein, the Company and the Executive agree as follows: 

1.        Employment.    Subject to the terms and
conditions of this Agreement, the Company agrees to employ the Executive as its President and Chief Executive Officer, and as President of Global Water, LLC and all regulated utility subsidiaries, and the Executive agrees to diligently perform the
duties associated with such positions, including (without limitation) those duties listed on Exhibit A attached hereto. The Executive shall perform his duties primarily at the Company’s headquarters located in Phoenix, Arizona. The
Executive will report directly to the Company’s board of directors (the “Board”), and shall perform such other duties as the Board may assign from time to time, provided that such additional duties are reasonable and consistent with
the scope of the positions held by the Executive. The Executive will devote substantially all of his business time, attention and energies to the business of the Company and will comply with the policies and guidelines established by the Company
from time to time applicable to its senior management executives. During the term of this Agreement, the Executive shall not, without the Company’s prior written consent, be a director, officer, employee, consultant or advisor of or to any
person, firm, association, syndicate, partnership, trust or corporation engaged in, concerned with or interested in a business substantially similar to the business of the Company. Notwithstanding the foregoing, the Executive may (a) serve on
civic or charitable or not-for-profit industry-related organizations, (b) engage in charitable, civic, educational, professional community and/or industry activities without remuneration therefore, (c) manage personal and family
investments, and (d) purchase securities in any corporation whose securities are regularly traded, provided that such purchase shall not result in the Executive beneficially owning 5% or more of the equity securities of any business in
competition with the Company at any time. 

2.        Term.    The Executive will be employed
under this Agreement from the date of Execution until May 13, 2019, unless the Executive’s employment is terminated earlier pursuant 

 
to Section 7. Thereafter, the Agreement will automatically renew for one or more additional 12-month periods (each a “Renewal Term”), unless on or before
December 31, 2018 (or December 31st during the year of the then current Renewal Term, as applicable), either the Executive or the Company notifies the other party in writing that it
wishes to terminate employment under this Agreement at the end of the term then in effect. 

3.        Base Salary.    The Company will pay the
Executive an annual base salary (“Base Salary”) of $250,000 during the first calendar year of the term of this Agreement. As of January 1, 2016, the annual base salary will increase to $275,000. As of January 1, 2017, the
annual base salary will increase to $300,000. Thereafter, the Board (or its compensation committee) shall review the Base Salary on an annual basis to determine whether any increases are appropriate based on a combination of factors, which shall
include (without limitation) the Executive’s achievement of specified performance objectives and/or the amount of compensation paid to the Executive’s peers at other, similarly situated public companies. The Base Salary may not be reduced
without the Executive’s consent. The Base Salary will be payable in accordance with the payroll practices of the Company in effect from time to time and will be subject to customary withholding for applicable taxes and other deductions. 

4.        Incentive Compensation.    The Executive
may be entitled to annual incentive compensation as determined (a) in the discretion of the Board (or its compensation committee) or (b) pursuant to any incentive compensation program adopted by the Company from time to time. For each
calendar year, the Executive will be eligible to receive up to 50% of his Base Salary as a cash bonus and up to 50% of his Base Salary as incentive compensation in the form of phantom stock units, having a value of up to 50% of his Base Salary, with
the value of the phantom stock units to be determined in accordance with Global Water Resources, Inc. Phantom Stock Unit Plan (the “PSU Plan”). The actual percent of incentive compensation paid to Executive in the form of cash and phantom
stock units will be based on satisfying the performance goals for each calendar year as determined by the Board (or its compensation committee) and calculated in accordance with the bonus payments for all employees. If Executive is entitled to an
award of phantom stock units pursuant to the PSU Plan, such phantom stock units shall be subject to the terms and conditions of the PSU Plan and any award agreement issued pursuant to the PSU Plan. If Executive is entitled to receive a cash bonus,
such bonus shall be paid at such time as cash bonuses are otherwise payable to all employees under the incentive compensation program. 

5.        Reimbursement of Business Expenses.    The
Executive shall be entitled to reimbursement of reasonable and customary business expenses, including for all authorized travel and all out of pocket expenses incurred by the Executive as authorized by the Company in the performance of his duties.
The Executive shall furnish any statements, receipts, invoices and other documentation that the Company may reasonably require in connection with processing such reimbursements. 

6.        Other Benefits.    The Company will
provide to the Executive such fringe and other benefits as are regularly provided by the Company to members of its senior management team, including participation in the Company’s welfare plans (e.g., health, medical, dental, vision,
etc.) and other benefit programs (e.g., profit-sharing, long-term incentive compensation, retirement, investment, life and disability insurance, etc.) in effect from time to time, in ease case to the extent that the Executive is eligible for
participation under the terms of such plans or 

  
 2 

 
programs. The Executive shall be entitled to five (5) weeks of paid vacation per year, which vacation shall be paid at a rate equal to the Executive’s then current Base Salary. The
Executive may take such vacation at such time(s) as the Executive and the Company shall mutually agree to, acting reasonably. 

7.        Termination of Employment. 

A.        Voluntary Resignation by Executive without Good
Reason.    The Executive may voluntarily terminate his employment with the Company at any time by giving two (2) weeks advance written notice to the Company (which notice period the Company may waive in whole or in
part in its sole discretion). If such voluntary termination is without Good Reason (as defined below), then (i) the Company will be obligated to pay the Executive’s then current Base Salary through the Date of Termination (as defined
below) and any incentive compensation earned in previous years but not yet paid; (ii) no incentive compensation shall be payable for the year in which the termination occurs; and (iii) the Company shall not pay or reimburse the Executive
for COBRA (as defined below) premiums for the period that the Company is required to offer COBRA coverage as a matter of law. For the avoidance of doubt, any unvested phantom stock units, stock appreciation rights or other equity-based awards shall
be forfeited. 
 B.        Voluntary Resignation by Executive with Good
Reason; Termination without Cause by the Company.    If the Executive terminates his employment with the Company with Good Reason, or if the Company terminates the Executive’s employment without Cause (as defined
below), including by providing the notice of non-renewal referenced in Section 2, then (i) the Company will be obligated to pay the Executive’s then current Base Salary through the Date of Termination and any incentive
compensation earned in previous years but not yet paid; (ii) no incentive compensation shall be payable for the year in which the termination occurs, except if during the last six (6) months of the Company’s fiscal year, (a) the
Company terminates the Executive’s employment without Cause or (b) the Executive terminates his employment with Good Reason, in which case the Executive will be paid a pro rata bonus based upon the Company’s performance for the fiscal
year payable at such time as incentive compensation is otherwise payable to employees under the incentive compensation program; (iii) if Executive timely and properly elects continuation coverage under COBRA, the Company shall reimburse
Executive for the COBRA premiums for the level of coverage that the Executive had elected prior to the Executive’s Separation from Service until the earliest of (A) 18 months following the date of Executive’s Separation from Service,
(B) the date on which the Executive becomes employed by any other employer that provides health insurance coverage, regardless of whether such coverage is comparable to the coverage provided by the Company or (C) the date the Executive is
no longer eligible to receive COBRA continuation coverage; (iv) notwithstanding the provisions in any equity, phantom stock, or stock appreciation right plan or award agreement to the contrary, any equity or stock price-based awards previously
granted will become fully vested and exercisable and all restrictions on restricted awards will lapse; and (v) the Company will pay the Executive an amount equal to the sum of (A) two (2) times the Executive’s current Base Salary
as of the Date of Termination, and (B) four (4) times the cash bonus that the Executive earned in the year immediately preceding the Date of Termination. Unless otherwise provided in this Agreement, this amount shall be paid in a lump-sum
payment within 60 days following the Executive’s Separation from Service. 

  
 3 

 C.        Termination for Cause by
the Company.    If the Company terminates the Executive’s employment for Cause, then, (i) the Company will be obligated to pay the Executive’s then current Base Salary through the Date of Termination and
any incentive compensation earned in previous years but not yet paid; and (ii) no incentive compensation shall be payable for the year in which the termination occurs. For the avoidance of doubt, any unvested phantom stock units, stock
appreciation rights or other equity-based awards shall be forfeited. Upon a termination for Cause by the Company, the provisions of Section 8 (Non-Solicitation) shall automatically become applicable for the six (6)-month period set forth
therein, without any further payment due to the Executive. The Executive acknowledges and agrees that the compensation herein is adequate consideration for such covenants. 

D.        Death or Disability.    If Executive dies
or becomes Disabled, then the Company will be obligated to pay (i) the Executive’s then current Base Salary through the effective date of Disability and any incentive compensation earned in previous years but not yet paid, (ii) a
pro-rated amount of the Executive’s actual incentive compensation for the year, payable at such time as incentive compensation is otherwise payable to employees under the incentive compensation program, (iii) if Executive or
Executive’s qualified beneficiary timely and properly elects continuation coverage under COBRA, the Company shall reimburse Executive or Executive’s qualified beneficiary for the COBRA premiums for the level of coverage that the Executive
had elected prior to the Executive’s death or Disability until the earliest of (A) 18 months following the date of Executive’s death or Disability, (B) the date on which the Executive becomes employed by any other employer that
provides health insurance coverage, regardless of whether such coverage is comparable to the coverage provided by the Company, or (C) the date the Executive or his qualified beneficiary is no longer eligible to receive COBRA continuation
coverage; and (iv) notwithstanding the provisions in any equity, phantom stock, or stock appreciation right plan or award agreement to the contrary, any equity or stock price-based awards previously granted will become fully vested and
exercisable and all restrictions on restricted awards will lapse and, to the extent permitted under the applicable plan’s governing documents, the Executive (or the Executive’s beneficiary(ies)) shall have a period of one (1) year
from the effective date of Disability to exercise any such options (or if shorter, the expiration date of the option). 

E.        Definitions.    For purposes of this
Agreement: 
 (1)        “Cause” shall occur if
the Executive (a) has engaged in malfeasance, willful or gross misconduct, or willful dishonesty that materially harms the Company or its stockholders, (b) is convicted of a felony that is materially detrimental to the Company or its
stockholders, (c) is convicted of or enters a plea of nolo contendere to a felony that materially damages the Company’s financial condition or reputation or to a crime involving fraud; (d) is in material violation of the
Company’s ethics/policy code, including breach of duty of loyalty in connection with the Company’s business; (e) willfully fails to perform his duties under this Agreement after notice by the Company and a reasonable opportunity to
cure; or (f) impedes, interferes or fails to reasonably cooperate with an investigation authorized by the Company or fails to follow a legal and proper Company directive. 

  
 4 

(2)        “COBRA” means the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended. 

(3)        “Code” means the Internal Revenue Code of
1986, as amended. 
 (4)        “Date of
Termination” shall mean (a) if this Agreement is terminated as a result of the Executive’s death, the date of the Executive’s death, (b) if this Agreement is terminated by the Executive, the last day of his employment
with the Company, (c) if this Agreement is terminated as a result of the Executive’s Disability, the effective date of the Disability, (d) if this Agreement is terminated by the Company for Cause, the date a final determination is
provided to the Executive by the Company, or (e) if this Agreement is terminated by the Company without Cause, the date notice of termination is given to the Executive by the Company. 

(5)        “Disability” shall mean if, by reason of
any medically determinable physical or mental impairment which actually hinders the Executive’s ability to perform his job and which can be expected to result in death or can be expected to last for a continuous period of not less than 12
months, the Executive is receiving income replacement benefits for a period of not less than six (6) months under an accident and health plan established by the Company for its employees. The effective date of Executive’s Disability is the
last day of the sixth month on which the Executive receives the income replacement benefits. 

(6)        “Good Reason” shall mean a Separation
from Service within two (2) years following the occurrence of one or more of the following circumstances without Executive’s express consent: (a) a material diminution in the Executive’s authority, duties or responsibilities,
(b) a material diminution in the authority, duties or responsibilities of the supervisor to whom the Executive is required to report; (c) a material diminution in Executive’s base compensation not consented to as required under
Section 3; (d) a material change in the geographic location of Executive’s principal office; or (e) any other action or inaction that constitutes a material breach by the Company of this Agreement. Executive must provide
written notice to Company of the existence of the Good Reason condition described in clauses (a) – (e) above within ninety (90) days of the initial existence of the condition. Notwithstanding anything to the contrary, an event
described in clauses (a) – (e) above will not constitute Good Reason if, within thirty (30) days after Executive gives Company notice of the occurrence or existence of an event that Executive believes constitutes Good Reason, Company
has fully corrected such event. 
 (7)        “Separation
from Service” shall mean either (a) termination of the Executive’s employment with Company and all affiliates of the Company, or (b) a permanent reduction in the level of bona fide services the Executive provides to the
Company and all affiliates to an amount that is 20% or less of the average level of bona fide services the Executive provided to the Company in the immediately preceding 36 months, with the level of bona fide service calculated in accordance with
Treasury Regulations Section 1.409A-1(h)(1)(ii). Solely for purposes of determining whether the Executive has a Separation from Service, the Executive’s employment relationship is 

  
 5 

 
treated as continuing while the Executive is on military leave, sick leave, or other bona fide leave of absence (if the period of such leave does not exceed six months, or if longer, so long as
the Executive’s right to reemployment with the Company or an affiliate is provided either by statute or contract). If the Executive’s period of leave exceeds six (6) months and the Executive’s right to reemployment is not
provided either by statute or by contract, the employment relationship is deemed to terminate on the first day immediately following the expiration of such six (6)-month period. Whether a termination of employment has occurred will be determined
based on all of the facts and circumstances and in accordance with regulations issued by the United States Treasury Department pursuant to Section 409A of the Code. 

F.        Release Agreement.    Notwithstanding
anything to the contrary herein, no payment shall be made under this Section 7 unless the Executive executes (and does not revoke) a legal release (“Release Agreement”), in the form and substance reasonably requested by
the Company, in which the Executive releases the Company and its affiliates, directors, officers, employees, agents, and others affiliated with the Company, from any and all claims, including claims relating to the Executive’s employment with
the Company and the termination of the Executive’s employment. The Release Agreement shall be provided to the Executive within five (5) days following the Executive’s Separation from Service. The Release Agreement must be executed and
returned to the Company within the 21- or 45-day (as applicable) period described in the Release Agreement and it must not be revoked by the Executive within the seven (7)-day revocation period described in the Release Agreement. Notwithstanding
anything in this Section 7 to the contrary, if the 21-or 45-day consideration period, plus the seven-day revocation period, spans two calendar years, the first payment to which Executive is entitled shall be made to the Executive in the
second calendar year. 
 G.        Compliance with Section 409A of the
Code.    The Company believes that the payments due pursuant to this Agreement qualify for the short-term deferral exception or the separation pay exception to Section 409A as set forth in Treasury Regulation
Section 1.409A-1(b)(4). Notwithstanding anything to the contrary in this Agreement, if the Company determines that neither the short-term deferral exception, separation pay exception nor any other exception to Section 409A applies to the
payments due pursuant to this Agreement, to the extent any payments are due on the Executive’s Separation from Service and if Executive is a “specified employee” (as defined in Treasury Regulation Section 1.409A-l(i)) at the time
of Executive’s Separation from Service, then such payments shall be paid on the first business day following the expiration of the six month period following the Executive’s Separation from Service along with accrued interest at the Bank
of America, Arizona prime rate determined as of the date of the payment. This Agreement shall be operated in compliance with Section 409A or an exception thereto and each provision of this Agreement shall be interpreted, to the extent possible,
to comply with Section 409A or to qualify for an applicable exception. Under no circumstances may the time or schedule of any payment made or benefit provided pursuant to this Agreement be accelerated or subject to a further deferral except as
otherwise permitted or required pursuant to regulations and other guidance issued pursuant to Section 409A of the Code. Executive does not have any right to make any election regarding the time or form of any payment due under this Agreement.
The reimbursement of the COBRA premiums provided for in the Agreement shall be paid to Executive on the fifth day of the monthly immediately follow the month in which 

  
 6 

 
Executive timely remits the premium payment. Executive may not elect to receive cash or any other benefit in lieu of the benefits provided by this Agreement. 

8.        Change of Control Fee. 

A.        Notwithstanding the provisions in any equity, phantom stock or stock
appreciation rights plan or award agreement to the contrary, any equity or stock price based awards (including phantom stock units and stock appreciation rights) previously granted to the Executive will become fully vested and exercisable and all
restrictions on restricted awards will lapse upon any Change of Control (as defined below), regardless of whether Employee remains employed by the Company or its successor following the Change of Control. 

B.        If the Executive terminates his employment with the Company with Good
Reason, or if the Company terminates the Executive’s employment without Cause within 18 months following a Change of Control of the Company, the Executive will be entitled to a lump-sum cash payment equal to the sum of (i) two
(2) times the Executive’s current Base Salary as of the date of the Change of Control, and (ii)) four (4) times the cash bonus that the Executive earned in the year immediately preceding the Change of Control. Such payment shall be
made within 60 days of the date of the Executive’s Separation from Service. To the extent that any disputes arise involving the terms and conditions of this Agreement (or the termination of the Executive’s employment) following a Change of
Control, the Executive shall be entitled to reimbursement by the Company for his reasonable attorneys’ fees and other legal fees and expenses incurred in connection with contesting or disputing any such termination or seeking to obtain or
enforce any right or benefit provided for under this Agreement. Any such fees and expenses shall be reimbursed by the Company as they are incurred. All reimbursements will be made no later than December 31 of the calendar year following the
calendar year in which the expense was incurred. The amounts reimbursed in one taxable year will not affect the amounts eligible for reimbursement by Company in a different taxable year. Executive may not elect to receive cash or any other benefit
in lieu of the reimbursement of legal fees and expenses provided by this Section. If Executive is entitled to a payment pursuant to this Section 8, the Executive shall be ineligible for any payment due pursuant to Section 7.

 C.        For purposes of this Agreement, “Change of Control”
shall mean a “change in the ownership or effective control of a corporation,” or a “change in the ownership of a substantial portion of the assets of a corporation” within the meaning of Code Section 409A (treating the
Company as the relevant corporation) provided, however, that for purposes of determining a “change in the effective control,” “50 percent” shall be used instead of “30 percent” and for purposes of determining a
“substantial portion of the assets of the corporation,” “85 percent” shall be used instead of “40 percent.” Notwithstanding the foregoing, in the event of either (i) a merger, consolidation, reorganization, share
exchange or other transaction as to which the holders of the capital stock of GWR Global Water Resources Corp. (“GWRC”) or the Company, as the case may be, before the transaction continue after the transaction to hold, directly or
indirectly through a holding company or otherwise, shares of capital stock of GWRC or the Company (or other surviving company), as the case may be, representing more than fifty percent (50%) of the value or ordinary voting power to elect
directors of the capital stock of GWRC or the Company (or other surviving company), as the 

  
 7 

 
case may be, or (ii) any increase in ownership of the Company by GWRC, such transaction(s) shall not constitute a Change of Control. 

9.        Non-Solicitation.    The Executive hereby
covenants and agrees that for a period of one (1) year from the Date of Termination, Executive will not directly or indirectly hire or solicit for employment for any other business entity other than the Company (whether as an employee,
consultant, independent contractor, or otherwise) any person who is, or within the six (6)-month period preceding the date of such activity was, an employee, independent contractor or the like of the Company or any of its subsidiaries, unless
Company gives its written consent to such employment or offer of employment. The covenants set forth in this Section 9 will survive the Executive’s termination of employment under Section 7. 

10.        Non-Disclosure of Confidential Information. 

A.        It is understood that in the course of the Executive’s employment with
the Company, the Executive will become acquainted with Company Confidential Information (as defined below). The Executive recognizes that Company Confidential Information has been developed or acquired at great expense, is proprietary to the
Company, and is and shall remain the exclusive property of the Company. Accordingly, the Executive agrees that he will not disclose to others, copy, make any use of, or remove from the Company’s premises any Company Confidential Information,
except as the Executive’s duties may specifically require, without the express written consent of the Company, during the Executive’s employment with the Company and thereafter until such time as Company Confidential Information becomes
generally known, or readily ascertainable by proper means by persons unrelated to the Company. 

B.        Upon any termination of employment, the Executive shall promptly deliver to
the Company the originals and all copies of any and all materials, documents, notes, manuals, or lists containing or embodying Company Confidential Information, or relating directly or indirectly to the business of the Company, in the possession or
control of the Executive. 
 C.        The Executive hereby agrees that the period
of time provided for in this Section 10 and other provisions and restrictions set forth herein are reasonable and necessary to protect the Company and its successors and assigns in the use and employment of the goodwill of the business
conducted by the Company. The Executive further agrees that damages cannot compensate the Company in the event of a violation of this Section 10 and that, if such violation should occur, injunctive relief shall be essential for the
protection of the Company and its successors and assigns. Accordingly, the Executive hereby covenants and agrees that, in the event any of the provisions of this Section 10 shall be violated or breached, the Company shall be entitled to
obtain injunctive relief against the party or parties violating such covenants, without bond but upon due notice, in addition to such further or other relief as may be available at equity or law. Obtainment of such an injunction by the Company shall
not be considered an election of remedies or a waiver of any right to assert any other remedies which the Company has at law or in equity. No waiver of any breach or violation hereof shall be implied from forbearance or failure by the Company to
take action thereof. The prevailing party in any litigation, arbitration or similar dispute resolution proceeding to enforce this provision will recover any and all reasonable costs and expenses, including attorneys’ fees. 

  
 8 

 D.        “Company Confidential
Information” shall mean confidential, proprietary information or trade secrets of the Company and its subsidiaries and affiliates including without limitation the following: (i) customer lists and customer information as compiled by
the Company; (ii) the Company’s internal practices and procedures; (iii) the Company’s financial condition and financial results of operation; (iv) supply of materials information, including sources and costs, and current
and prospective projects; (v) strategic planning, manufacturing, engineering, purchasing, finance, marketing, promotion, distribution, and selling activities; (vi) all other information which the Executive has a reasonable basis to
consider confidential or which is treated by the Company as confidential; and (vii) all information having independent economic value to the Company that is not generally known to, and not readily ascertainable by proper means by, persons who
can obtain economic value from its disclosure or use. Notwithstanding the foregoing provisions, the following shall not be considered “Company Confidential Information”: (l) the general skills of the Executive; (2) information
generally known by senior management executives within the Company’s industry; (3) persons, entities, contacts or relationships of the Executive that are also generally known in the industry; and (4) information which becomes
available on a non-confidential basis from a source other than the Executive which source is not prohibited from disclosing such confidential information by legal, contractual or other obligation. 

11.        Waiver of Intellectual Property and Moral
Rights.    The Executive agrees that any and all ideas, concepts, processes, discoveries, improvements and inventions conceived, discovered, made, designed, researched or developed by the Executive either solely or
jointly with others, during the Executive’s employment with the Company and for the six (6) months thereafter, which relate to the Company’s business or resulting from any work the Executive does for the Company (collectively the
“Intellectual Property”), are the Intellectual Property of the Company. The Executive hereby irrevocably assigns and grants to the Company all his right, title and interest in and to such Intellectual Property (including any moral
rights thereto). The Executive agrees to deliver to the Company all papers, documents, files, electronic data or media, reasonably requested by the Company in connection therewith. Without limiting the foregoing, the Executive acknowledges that any
and all Intellectual Property, and any and all other property of the Company protectable by patent, copyright or trade secret law, developed in whole or in part by the Executive in connection with the performance of services to the Company as an
employee, are the sole property of the Company. 
 12.        Return of
Company Property Following Termination.    The Executive agrees that following the termination of his employment for any reason, he will promptly return all property of the Company, its affiliates and any divisions
thereof he may have managed that is then in or thereafter comes into his possession, including, but not limited to, documents, contracts, agreements, plans, photographs, books, notes, electronically stored data and all copies of the foregoing, as
well as any materials or equipment supplied by the Company to the Executive. 

13.        Cooperation; No Disparagement.    During
the one (l)-year period following the Executive’s Date of Termination, the Executive agrees to provide reasonable assistance to the Company (including assistance with litigation matters), upon the Company’s request, concerning the
Executive’s previous employment responsibilities and functions with the Company. Additionally, at all times after the Executive’s employment with the Company has terminated, 

  
 9 

 
the Company and the Executive agree to refrain from making any disparaging or derogatory remarks, statements and/or publications regarding the other, its employees or its services. In
consideration for such cooperation, the Company shall compensate the Executive for the time the Executive spends on such cooperative efforts (at an hourly rate based on the Executive’s total compensation during the year preceding the Date of
Termination) and the Company shall reimburse the Executive for his reasonable out-of-pocket expenses the Executive incurs in connection with such cooperative efforts. 

14.        Non-Competition.    The Executive agrees
that during his employment by the Company hereunder and for a period of one (1) year thereafter, he will not (except on behalf of or with the prior written consent of the Company), within the State of Arizona either engage in or carry on,
directly or indirectly, on his own behalf or in the service or on behalf of others, as a member of a limited liability company, partner of a partnership, or as a stockholder, investor, officer, director, trustee, or as an employee, agent, associate,
consultant or in any other capacity engage in the water and wastewater utility business. This restriction shall not apply to the Executive working for a non-competitive state agency or municipal provider, or for a general contractor whose company
solely constructs utility infrastructure on behalf of municipalities and utilities. The parties intend that the covenants contained in this Section 14 shall be deemed to be a series of separate covenants one for each county in the State
of Arizona and except for geographic coverage, each such separate covenant shall be identical to the covenants contained in this Section 14. This restriction shall not apply if the Executive resigns with Good Reason or is terminated
without Cause. 
 15.        Severability.    If
any provision of this Agreement is held to be illegal, invalid, or unenforceable under any applicable law, then such provision will be deemed to be modified to the extent necessary to render it legal, valid and enforceable, and if no such
modification will make the provision legal, valid and enforceable, then this Agreement will be construed as if not containing the provision held to be invalid, and the rights and obligations of the parties will be construed and enforced accordingly.

 16.        Assignment by Company.    Nothing in
this Agreement shall preclude the Company from consolidating or merging into or with, or transferring all or substantially all of its assets to, another corporation or entity that assumes this Agreement and all obligations and undertakings
hereunder. Upon such consolidation, merger or transfer of assets and assumption, the term “Company” as used herein shall mean such other corporation or entity, as appropriate, and this Agreement shall continue in full force and effect.

 17.        Entire Agreement; Amendment;
Waivers.    This Agreement embodies the complete agreement of the parties hereto with respect to the subject matter hereof and supersedes any prior written, or prior or contemporaneous oral, understandings or agreements
between the parties that may have related in any way to the subject matter hereof. This Agreement may be amended only in writing executed by the Company and the Executive. The failure of either party to this Agreement to enforce any of its terms,
provisions or covenants will not be construed as a waiver of the same or of the right of such party to enforce the same. Waiver by either party hereto of any breach or default by the other party of any term or provision of this Agreement will not
operate as a waiver of any other breach or default. 

  
 10 

 18.        Governing
Law.    This Agreement and all questions relating to its validity, interpretation, performance and enforcement, shall be governed by and construed in accordance with the internal laws, and not the law of conflicts, of the
State of Arizona. 
 19.        Notices.    Any
notice required or permitted under this Agreement must be in writing and will be deemed to have been given when delivered personally or by overnight courier service or three days after being sent by mail, postage prepaid, at the address indicated
below or to such changed address as such person may subsequently give such notice of: 
  

			
	 if to the Company:
	  	Global Water Resources, Inc.
		  	21410 North 19th Avenue, Suite 201
		  	Phoenix, Arizona 85027
		  	Attention:  Board of Directors
		  	Facsimile:  (623) 518-4100
		
	 if to the Executive:
	  	Ron Fleming
		  	1537 W. Bent Tree Dr.
		  	Phoenix, AZ 85085

 20.        Dispute
Resolution.    Except as otherwise provided in Section 10(C), any dispute, controversy, or claim, whether contractual or non-contractual, between the parties hereto arising directly or indirectly out of or
connected with this Agreement, relating to the breach or alleged breach of any representation, warranty, agreement, or covenant under this Agreement, unless mutually settled by the parties hereto, shall be resolved by binding arbitration in
accordance with the Employment Arbitration Rules of the American Arbitration Association (the “AAA”). The parties agree that before the proceeding to arbitration that they will mediate their disputes before the AAA by a mediator
approved by the AAA. Any arbitration shall be conducted by arbitrators approved by the AAA and mutually acceptable to the Company and the Executive. All such disputes, controversies, or claims shall be conducted by a single arbitrator, unless the
dispute involves more than $50,000 in the aggregate in which case the arbitration shall be conducted by a panel of three arbitrators. If the parties hereto are unable to agree on the mediator or the arbitrator(s), then the AAA shall select the
arbitrator(s). The resolution of the dispute by the arbitrator(s) shall be final, binding, nonappealable, and fully enforceable by a court of competent jurisdiction under the Federal Arbitration Act. The arbitrator(s) shall award damages to the
prevailing party. The arbitration award shall be in writing and shall include a statement of the reasons for the award. The arbitration shall be held in the Phoenix/Scottsdale metropolitan area. The Company shall pay all AAA, mediation, and
arbitrator’s fees and costs. Except as otherwise provided in Section 8(A), the arbitrator(s) shall award reasonable attorneys’ fees and costs to the prevailing party. 

21.        Withholding; Release; No Duplication of
Benefits.    All of the Executive’s compensation under this Agreement will be subject to deduction and withholding authorized or required by applicable law. The Company’s obligation to make any post-termination
payments hereunder (other than salary payments and expense reimbursements through a date of termination), shall be subject to receipt by the Company from the Executive of a mutually agreeable release, and compliance by the Executive with the
covenants set forth in Sections 9 and 10 hereof. 

  
 11 

 22.        Successors and
Assigns.    This Agreement is solely for the benefit of the parties and their respective successors, assigns, heirs and legatees. Nothing herein shall be construed to provide any right to any other entity or individual.

 23.        Each Party the Drafter.    This
Agreement and the provisions contained in it will not be construed or interpreted for or against any party to this Agreement because that party drafted or caused that party’s legal representative to draft any of its provisions. 

24.        Headings.    All descriptive headings of
sections and paragraphs in this Agreement are intended solely for convenience, and no provision of this Agreement is to be construed by reference to the heading of any section or paragraph. 

25.        Execution of Agreement.    This Agreement
may be executed via facsimile, .pdf or similar electronic transmission and in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

[SIGNATURE PAGE FOLLOWS] 

  
 12 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of
the date first above written. 
 COMPANY: 

GLOBAL WATER RESOURCES, INC., 

a Delaware corporation 
  

			
	 By:
	 	 /s/ Trevor Hill

		
	 Name:
	 	Trevor Hill
		
	 Title:
	 	Chairman of the Board

 EXECUTIVE: 

 

			
	 /s/ Ron L. Fleming

 

	 Ron L. Fleming

 [SIGNATURE PAGE TO EMPLOYMENT AGREEMENT – RON FLEMING] 

  
 13 

 EXHIBIT A 

Executive Job Description 

(See attached) 

  
 A-1

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