Company: MWA
Filing Date: 2025-11-06
Form Type: 8-K
Source: 0001350593-25-000057
Chunk: 1

Company: Mueller Water Products, Inc.
Filing Date: 2025-11-06
Form: 8-K
Item: Item 5.02
Chunk 1
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iv) continued group life insurance coverage through June 30, 2028 and (v) reimbursement for financial planning services of up to $20,000.

Additionally, Ms. Zakas’ equity awards will remain outstanding and eligible to vest during the Transition Period pursuant to the terms of the applicable incentive plans and award agreements. The Company also will reimburse Ms. Zakas for up to $25,000 in legal fees incurred in connection with the Transition Agreement.

Pursuant to the Transition Agreement, Ms. Zakas also reaffirmed her obligation to comply with the restrictive covenants set forth in her employment agreement and equity award agreements.

The foregoing description of the Transition Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Transition Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

Incoming Chief Executive Officer Arrangements

In connection with Mr. McAndrew’s appointment as the Company’s President and Chief Executive Officer, the Company and Mr. McAndrew entered into a letter agreement (the “ Letter Agreement”), pursuant to which, effective as of the Transition Date, Mr. McAndrew will receive an annual base salary of $915,000, a target annual bonus opportunity for fiscal year 2026 equal to 100% of Mr. McAndrew’s base salary (pro-rated as of the Transition Date) and a target long-term incentive opportunity equal to 370% of Mr. McAndrew’s base salary, minus the long-term incentive opportunity granted to Mr. McAndrew in December 2025 (the “2026 LTI Grant”). The 2026 LTI Grant will be granted in the form of stock options (25%), restricted stock units (25%) and performance restricted stock units (50%). The stock options and restricted stock units will vest ratably over a three-year period. The performance restricted stock units will be subject to the same performance cycle and criteria as the performance restricted stock units to be granted to Mr. McAndrew in December 2025, which have not yet been determined by the Company’s Compensation Committee.

Additionally, as President and Chief Executive Officer, Mr. McAndrew will be entitled to receive benefits under the Company’s Executive Severance Plan, as amended by the Letter Agreement. Accordingly, if Mr. McAndrew’s employment is terminated by the Company without Cause (as defined in the Letter Agreement) or Mr. McAndrew resigns with Good Reason (as defined in the Letter Agreement), Mr. Mc