Exhibit 10.4


RESTRICTED STOCK AWARD AGREEMENT

FOR COMPANY EMPLOYEES


UNDER THE WATTS WATER
TECHNOLOGIES, INC.

2004 STOCK INCENTIVE
PLAN


The award of shares of
restricted Class A Common Stock (the “Restricted Stock”) of Watts Water
Technologies, Inc. (the “Company”) made to the grantee (the “Grantee”), as set
forth in the Restricted Stock award notification provided on the Company’s
OptionsNet website, is subject to the provisions of the Company’s 2004 Stock
Incentive Plan (the “Plan”) and the terms and conditions contained in this
Restricted Stock Award Agreement (the “Agreement”).  By accepting the award of Restricted Stock on
the OptionsNet website, the Grantee agrees to the terms and conditions of this
Agreement.


1.             Acceptance of Award.  The Grantee shall have no rights with respect
to the Restricted Stock unless he or she shall have accepted the Restricted
Stock award through the Company’s OptionsNet website.  Upon acceptance of the award of Restricted
Stock by the Grantee, (i) the shares of Restricted Stock so accepted shall be
issued by the Company and held by the Company’s transfer agent in book entry
form in a restricted account until such Restricted Stock is vested as provided
in Paragraph 3 below, and (ii) the Grantee’s name shall be entered as the stockholder
of record on the books of the Company. 
Thereupon, the Grantee shall have all the rights of a shareholder with
respect to such shares, including voting and dividend rights, subject, however,
to the restrictions and conditions specified in Paragraph 2 below.


2.             Restrictions and Conditions.


(a)           As set forth in
Paragraph 1, the book entries representing the shares of Restricted Stock
granted herein shall bear an appropriate legend, as determined by the
Administrator in its sole discretion, to the effect that such shares are
subject to restrictions as set forth herein and in the Plan.


(b)           Shares of Restricted
Stock granted herein may not be sold, assigned, transferred, pledged or
otherwise encumbered or disposed of by the Grantee prior to vesting.


(c)           If the Grantee’s
employment with the Company and its Subsidiaries is voluntarily or
involuntarily terminated for any reason (other than death or disability) prior
to vesting of shares of Restricted Stock granted herein, the unvested shares of
Restricted Stock shall be immediately and automatically forfeited to the
Company upon termination of employment, without payment of any consideration to
the Grantee.  The Grantee shall have no
further rights with respect to any shares of Restricted Stock that are so forfeited.


3.             Vesting of Restricted Stock.  Unless otherwise provided in this Agreement
or the Plan, the Restricted Stock shall vest in accordance with the following
vesting schedule:  331/3% of the total number of shares of
Restricted Stock shall vest on the first anniversary of the date of grant, an
additional 331/3% of the total number of shares
of Restricted Stock shall vest on the second anniversary of the date of grant,
and the remaining 331/3% of the total number of shares
of Restricted Stock shall vest on the third anniversary of the date of
grant.  The restrictions and 













conditions in Paragraph 2 shall lapse with
respect to the number of shares of Restricted Stock specified as vested on each
such vesting date.


Subsequent to such
Vesting Date or Dates, the shares of Stock on which all restrictions and
conditions have lapsed shall no longer be deemed Restricted Stock.  Notwithstanding the foregoing, if the Grantee’s
employment is terminated by reason of death or disability (as determined by the
Administrator) prior to the vesting of shares of Restricted Stock granted
herein, the unvested shares of Restricted Stock held by the Grantee shall
become fully vested.  The Administrator
may at any time accelerate the vesting schedule specified in this
Paragraph 3.


4.             Dividends. 
Dividends on shares of Restricted Stock shall be paid currently to the
Grantee.


5.             Incorporation of Plan.  Notwithstanding anything herein to the
contrary, this Agreement shall be subject to and governed by all the terms and
conditions of the Plan, including the powers of the Administrator set forth in
Section 2(b) of the Plan.  Capitalized
terms in this Agreement shall have the meaning specified in the Plan, unless a
different meaning is specified herein.


6.             Limitations on Transferability.  This Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution.


7.             Tax Withholding. 
The Grantee acknowledges and agrees that the Company has the right to
deduct from payments of any kind otherwise due to the Grantee any federal,
state, local or other taxes of any kind required by law to be withheld with
respect to the vesting of the shares of Restricted Stock.  The Grantee shall satisfy such tax
withholding obligations by transferring to the Company, on each date on which
shares of Restricted Stock vest under this Agreement, such number of shares of
Restricted Stock that vest on such date as have a Fair Market Value equal to the
amount of the Company’s tax withholding obligation in connection with the
vesting of such shares of Restricted Stock. 
Such delivery of Restricted Stock to the Company shall be deemed to
happen automatically, without any action required on the part of the Grantee,
and the Company is hereby authorized to take such actions as are necessary to
effect such delivery.


8.             Miscellaneous.


(a)           Notice hereunder
shall be given to the Company at its principal place of business, and shall be
given to the Grantee at the address set forth below, or in either case at such
other address as one party may subsequently furnish to the other party in
writing.


(b)           This Agreement does
not confer upon the Grantee any rights with respect to continuation of
employment by the Company or any Subsidiary.



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