Company: MWA
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001350593-25-000069
Chunk: 11

Company: Mueller Water Products, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 11
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. Long-term compensation based on rTSR granted for the fiscal 2023 to fiscal 2025 performance period was earned at 198.7% of target.

• Long-term compensation based on ROIC is earned and vests as of the end of the applicable three-year cumulative performance period based on the three-year average ROIC performance of each year within the performance period. By way of example, the fiscal 2025 ROIC performance will be calculated by measuring the individual annual ROIC performance of fiscal 2025, fiscal 2026 and fiscal 2027 and dividing by three. Long-term compensation based on ROIC was first granted for fiscal 2023 (with a performance period from fiscal 2023 to fiscal 2025). Long-term compensation based on ROIC performance granted for fiscal 2023 was earned at 200% of target.

• Long-term compensation in the form of time-based restricted stock units and stock options awarded in fiscal 2025 vests annually over a three-year period.

We continue to maintain best practices for executive compensation.

• Our equity incentive plan prohibits the repricing or exchange of equity-based awards without stockholder approval.

• We prohibit hedging and pledging of our Common Stock by executives or directors.

• Our executives and directors are subject to stock ownership guidelines.

• We can “clawback” cash- or equity-based compensation paid to executives under certain circumstances.

• We do not provide excise tax gross-up benefits.

• We design our compensation programs to mitigate risk.

• We require a “double trigger” with respect to vesting of executive officers’ equity awards upon a change-in-control.

See “Proposal Two - Advisory Vote to Approve Executive Compensation — Compensation Discussion and Analysis — Executive Compensation Program Overview”, “— Other Factors Considered by the Compensation Committee” and “— Other Compensation Practices and Policies” for more information regarding our compensation philosophy, structure and developments.

#### 12MUELLER WATER PRODUCTS, INC.

### PROXY SUMMARY
| Proposal Three                                                                                       |     |                                              |
| Ratification of the Appointment of our Independent Registered Public Accounting Firm for Fiscal 2026 |     |                                              |
|                                                                                                      |     | The Board recommends a voteFORthis proposal. |

The Audit Committee has appointed Ernst & Young LLP as the independent registered public accounting firm to audit our consolidated financial statements and internal control over financial reporting for the fiscal year ending September 30, 2026, subject to negotiation of definitive fee arrangements.

#### PROXY STATEMENT FOR 2026 ANNUAL