Company: MWA
Filing Date: 2025-11-19
Form Type: 10-K
Source: 0001350593-25-000066
Chunk: 123

Company: Mueller Water Products, Inc.
Filing Date: 2025-11-19
Form: 10-K
Item: Item 15
Chunk 123
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 fair value on the vesting date.Performance-Based Awards.  Our performance-based awards consist of performance-based restricted stock units (“PRSUs”).  PRSUs represent a target number of units that may be paid out at the end of a multi-year award cycle consisting of annual performance periods coinciding with our fiscal years.  As determined at the date of award, PRSUs may settle in cash-value equivalent of, or directly in, shares of our common stock.  Settlement will range from zero to two times the number of PRSUs granted, depending on our financial performance against predetermined targets.  The grant date for each year’s performance period is set when the Compensation Committee establishes performance goals for the period, normally within 90 days of the beginning of each performance period.  At the end of the performance period, the Compensation Committee confirms performance against the applicable performance targets.  PRSUs do not convey voting rights or earn dividends.  PRSUs vest on the last day of an award cycle, unless vested sooner as a result of a “Change of Control” of the Company, or the death, disability or retirement of a participant. We recognize compensation expense for stock-settled PRSUs starting on the first day of the applicable performance period and ending on the respective vesting dates.  We base the recognized compensation expense upon the number of units awarded for each performance period, the closing price of our common stock on the grant date and the estimated performance factor.  In 2025 and 2024, no shares vested related to PRSUs.  In 2023, 163,999 shares vested related to PRSUs.  

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Table of ContentsIndex to Financial Statements

Stock-settled PRSUs activity under the 2006 Plan is summarized below:Award dateSettlement yearPerformance periodGrant date per unit fair valueUnits awardedUnits forfeitedNet unitsPerformance factorShares earnedDecember 3, 201920232020$11.26 69,988 (2,391)67,597 0.90961,446 202111.86 69,989 (9,614)60,375 1.16170,096 202213.81 69,988 (9,614)60,374 0.70042,262 November 29, 202220262023-202511.41 166,284 (92,550)73,734 2.000147,468 November 28