Company: MWA
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001350593-25-000069
Chunk: 39

Company: Mueller Water Products, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 39
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 may not reflect the same stock option and PRSU values described below. In addition, accounting values can increa se or decrease each year, causing volatility in the long-term incentive awards reported. For fiscal 2025, the Compensati on Committee set each NEO’s target long-term compensation value at or about the 50th percentile of comparable executives in the Peer Group and size-adjusted survey sources.

For fiscal 2025, fiscal 2024 and fiscal 2023, the NEOs’ target long-term compensation value was allocated 50% in the form of performance-based restricted stock units (“PRSUs”), 25% in the form of time-based stock options and 25% in the form of time-based restricted stock units (“RSUs”). The PRSUs are based 50% on rTSR performance ("Market Units") and 50% on ROIC (“ROIC Units”).

### PERFORMANCE-BASED RESTRICTED STOCK UNITS
The following are the key aspects of the PRSUs awarded, granted, earned and/or vested in fiscal 2023, fiscal 2024 and fiscal 2025 :

• For each of fiscal 2023, fiscal 2024 and fiscal 2025 , 50% of each NEO’s target long-term incentive compensation value was awarded in PRSUs. The number of PRSUs awarded was equal to the target value divided by the share price of our Common Stock on the date of award. As noted above, the PRSUs comprise 50% Market Units and 50% ROIC Units.

• Market Units:

◦ The rTSR is measured by, during the applicable performance period, computing the total shareholder return of each company that was in the S&P 600 SmallCap Industrial Index at the beginning of the applicable performance period (the “TSR Group”) and comparing the Company’s total shareholder return results thereto in order to determine the percentile ranking within the TSR Group.

◦ The Market Units consist of a single tranche and vest on a 3-year cumulative performance period against the applicable index.

◦ The Compensation Committee establishes the performance period target related to the Market Unit award on the grant date of the award.

◦ At the end of the 3-year award period, the Compensation Committee confirms actual performance against the applicable performance target.

#### PROXY STATEMENT FOR 2026 ANNUAL MEETING47

### EXECUTIVE COMPENSATION
◦ The number of shares of our Common Stock earned at the conclusion of each