Company: MWA
Filing Date: 2025-11-19
Form Type: 10-K
Source: 0001350593-25-000066
Chunk: 122

Company: Mueller Water Products, Inc.
Filing Date: 2025-11-19
Form: 10-K
Item: Item 15
Chunk 122
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 2006 Plan.  This total assumes that the maximum number of shares will be earned for awards for which the final number of shares to be earned has not yet been determined.An award granted under the 2006 Plan vests at such times and in such installments as set by the Compensation and Human Resources Committee of our Board of Directors (“Compensation Committee”), but no award will be exercisable after the 10-year anniversary of the date on which it is granted.  Management expects some instruments will be forfeited prior to vesting.  Grants to members of our Board of Directors are expected to vest fully.  Based on historical forfeitures, we expect certain grants to employees to be forfeited at an annual rate of 2%.

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Table of ContentsIndex to Financial Statements

 Restricted Stock Units.  Depending on the specific terms of each award, restricted stock units generally vest ratably over the life of the award, usually three years, on each anniversary date of the original grant.  Compensation expense for restricted stock units is recognized between the grant date and the vesting date (or the date on which a participant becomes retirement-eligible, if sooner) on a straight-line basis for each tranche of each award.  Fair values of restricted stock units are determined using the closing price of our common stock on the respective grant date.Restricted stock unit activity under the 2006 Plan is summarized below:Restricted stock unitsWeightedaveragegrant date fair value per unitOutstanding as of September 30, 2022358,732 $12.77 Granted625,518 12.78 Vested(301,864)12.83 Cancelled(109,103)12.00 Outstanding as of September 30, 2023573,283 12.88 Granted301,908 14.91 Vested(367,315)12.99 Cancelled(54,080)12.85 Outstanding as of September 30, 2024453,796 14.15 Granted194,334 26.13 Vested(283,026)13.81 Cancelled(10,770)18.55 Outstanding as of September 30, 2025354,334 $20.85 The total fair value of restricted stock units that vested during the year was $7.3 million for 2025, and $4.7 million for both 2024 and 2023, based on the weighted-average