SEC Contract Filing

Filing Date: 2023-12-14

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<DESCRIPTION>EX-10.31 4
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<DIV><FONT size="1" style="font-size:1pt;color:white">Second Amended and Restated 2006 Stock Incentive Plan Restricted Stock Unit and Restricted Cash Award Agreement THIS AGREEMENT, effective as of the Date of Grant set forth below (the &#8220;Date of Grant&#8221;), represents (i) a grant of restricted stock units (&#8220;RSUs&#8221;) by Mueller Water Products, Inc., a Delaware corporation (the &#8220;Company&#8221;), to the Participant named below, pursuant to the provisions of the Mueller Water Products, Inc. Second Amended and Restated 2006 Stock Incentive Plan (the &#8220;Plan&#8221;), and (ii) a grant of restricted cash (&#8220;Restricted Cash&#8221;) by the Company to the Participant (collectively, this &#8220;Award&#8221;). The Participant has been selected to receive a grant of RSUs pursuant to the Plan and a grant of Restricted Cash, as specified below. The Plan provides a description of terms and conditions governing the grant of RSUs. If there is any inconsistency between the terms of this Restricted Stock Unit and Restricted Cash Award Agreement (this &#8220;Agreement&#8221;) with respect to the RSUs and the terms of the Plan, the Plan&#8217;s terms shall completely supersede and replace such conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. Subject to the previous paragraph, if the RSUs or Restricted Cash granted hereunder are subject to another written Company-related severance plan or program, or any employment or similar written agreement between the Company and Participant, the terms of which are more favorable to the Participant (collectively, &#8220;Modifying Agreement&#8221;), the terms and conditions of the Modifying Agreement shall completely supersede and replace any conflicting or inconsistent terms of this Agreement. Participant: Steven Heinrichs Date of Grant: August 24, 2023 Number of RSUs Granted: [&#9679;]1 Value of Restricted Cash Granted: $1,000,000 Purchase Price: None The parties hereto agree as follows: 1. Employment with the Company. Except as may otherwise be provided in Section 2, the RSUs and Restricted Cash granted hereunder are granted on the condition that (1) the Participant accept this Award no later than ninety (90) days following the Date of Grant, after which time this Agreement shall be void and of no further effect, and (2) the Participant remains in Continuous Service from the Date of Grant by the Company through (and including) the applicable Vesting Date, as set forth in Section 2 (referred to herein as the &#8220;Period of Restriction&#8221;). </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white">2 This Award shall not confer any right to the Participant (or any other participant) to be granted RSUs or other Awards in the future under the Plan or future grants of Restricted Cash. 2. Vesting. (a) Vesting Without Termination of Continuous Service. The RSUs and Restricted Cash shall vest as follows: (i) 20% of the RSUs and 20% of the Restricted Cash shall be vested as of the Date of Grant, and (ii) 20% of the RSUs and 20% of the Restricted Cash shall vest on each of the first four six (6)-month anniversaries of August 24, 2023 (the &#8220;Vesting Commencement Date&#8221;, and each such vesting date, a &#8220;Vesting Date&#8221;), such that 100% of the RSUs and 100% of the Restricted Cash become vested as of August 24, 2025, subject to the Participant&#8217;s Continuous Service through each such Vesting Date. (b) No Fractional RSUs. If, on any Vesting Date, the vesting schedule would result in the vesting of a fraction of an RSU, such fraction shall be rounded to a whole RSU in a manner acceptable to management or any independent third party administering any terms of the Plan for the Company. (c) Termination of Continuous Service. In the event of the Participant&#8217;s termination of Continuous Service for any reason during the Period of Restriction (other than by reason of the Participant&#8217;s death, Disability, Retirement, Good Leaver Termination (as defined below), or after a Change of Control), any portion of the Restricted Cash and any of the RSUs held by the Participant at the time of his or her termination of Continuous Service that are still subject to the Period of Restriction shall be forfeited to the Company. (d) Death or Disability. Any portion of the Restricted Cash and RSUs that has not previously vested shall vest upon the Participant&#8217;s termination of Continuous Service as a result of death or Disability. (e) Retirement. In the event that a Participant is Retirement eligible on the Date of Grant or becomes Retirement eligible during the Period of Restriction, the Participant will vest in the portion of the RSUs and Restricted Cash that has not previously vested upon the Participant&#8217;s Retirement provided that the Participant has remained in Continuous Service from the Date of Grant through at least the one year anniversary of the Vesting Commencement Date. If the Participant terminates Continuous Service before the first anniversary of the Vesting Commencement Date, any unvested RSUs subject to the grant and any unvested portion of the Restricted Cash subject to the grant will be forfeited to the Company. (f