Company: MWA
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001350593-25-000069
Chunk: 10

Company: Mueller Water Products, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 10
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7 |     | 74th                       |     | 16.40% |

See “Proposal Two - Advisory Vote to Approve Executive Compensation — Compensation Discussion and Analysis — Highlights of 2025 Performance Related to Executive Compensation” for more information and Exhibit A for a reconciliation of the non-GAAP financial measures used in determining executive compensation to GAAP financial results.

#### Highlights of 2025 Executive Compensation
We design our executive compensation programs to target total compensation (and each principal element of compensation) for our NEOs at or about the 50th percentile of our customized peer group and size-adjusted survey sources. The principal elements of these compensation programs are base salary, annual performance-based cash bonus and long-term incentive compensation, including performance-based equity compensation. Additionally, our NEOs are covered under our broad-based employee benefit plans and executive severance plan. Ms. Zakas and Mr. McAndrew are subject to specific employment agreements and change-in-control severance agreements and do not receive benefits under the executive severance plan.

Our compensation programs continually evolve to incorporate stockholder feedback, market best practices, and performance and retention considerations. Our stockholders have strongly supported our executive compensation program in the past, as exhibited by an affirmative “say-on-pay” vote of approximately 92% and 78% in each of the last two years, respectively.

#### PROXY STATEMENT FOR 2026 ANNUAL MEETING11

### PROXY SUMMARY
We structure a significant portion of executives’ total compensation as incentive/performance-based compensation.

• We set clear and measurable financial goals for Company performance.

• We assess progress toward strategic priorities when evaluating individual performance.

• We align executive compensation with shareholder value with performance metrics, including rTSR and ROIC.

| CEO TOTAL TARGET COMPENSATION(1) |     | OTHER NEOs TOTAL TARGET COMPENSATION(1) |

| (1)Excludes Other Compensation. See "Proposal Two - Advisory Vote to Approve Executive Compensation — Executive Compensation Tables — Summary Compensation Table" for total compensation as earned. |

Compensation for fiscal 2025 reflects Company performance.

• Our NEOs’ compensation was positively affected by performance in relation to targets set for fiscal 2025.

• Annual cash bonuses earned by Mses. Zakas and Rasmussen and Messrs. McAndrew, Heinrichs, Floyd and Helms were 199.0% of target.

• Long-term compensation based on rTSR is earned and vests as of the end of the applicable three-year cumulative performance period