Company: MWA
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0001350593-25-000069
Chunk: 32

Company: Mueller Water Products, Inc.
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 32
---
 unusual charges and credits.

(2) Adjusted Working Capital as a Percent of Adjusted Net Sales is a non-GAAP measure and means the Average Net Working Capital over the previous five calendar quarters divided by Adjusted Net Sales for the fiscal year, subject to certain applicable adjustments. ‘‘Average Net Working Capital’’ means, as of September 30, 2025, the average of the last five quarter end balances for each of (i) receivables, as reported, plus (ii) inventories, as reported, minus (iii) accounts payable, as reported. For fiscal 2025, there were no adjustments to the working capital as a percent of Adjusted Net Sales.

(3) See “Proposal Two - Advisory Vote to Approve Executive Compensation — Compensation Discussion and Analysis — Long-Term Equity-Based Compensation” for more information on rTSR.

(4) ROIC results for performance-based award granted for fiscal 2023. See “Proposal Two - Advisory Vote to Approve Executive Compensation — Compensation Discussion and Analysis — Long-Term Equity-Based Compensation” for more information on ROIC, including how the ROIC is calculated from the average over the 3-year cumulative performance period.

#### Highlights of 2025 Executive Compensation
We design our executive officer compensation programs to target total compensation at or about the 50th percentile for comparable executive positions of our Peer Group and size-adjusted survey sources. The principal elements of our compensation program for executives are base salary, annual performance-based cash bonus, long-term incentive equity compensation, broad-based benefit programs and an executive severance plan, as applicable.

| We tie our executives' compensation to Company performance. |

| For fiscal 2025, 54.5% of our current CEO’s total target compensation, and an average of 42.8% of the total target compensation of our other NEOs, could only be earned by meeting performance goals at target. |     | PERFORMANCE-BASED TOTAL TARGET COMPENSATION(1) |

| (1)Excludes Other Compensation. See "Proposal Two - Advisory Vote to Approve Executive Compensation — Executive Compensation Tables — Summary Compensation Table" for total compensation as earned. |

• Our NEOs’ compensation was positively affe cted by C ompany performance in relation to targets set for fiscal 2025.

• Annual cash bonuses earned by our NEOs for fiscal 2025 ranged from $473,851 to $2,038,676 com pared with $377,533 to $1,664,