WATTS WATER TECHNOLOGIES,INC. (NYSE:WTS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
Watts Water Technologies,Inc. (the Registrant) entered into an
indemnification agreement dated as of February8, 2017 with each
of David A. Dunbar and Jes Munk Hansen in connection with their
election as Directors of the Registrant.
The indemnification agreement entered into between the Registrant
and each of Messrs.Dunbar and Hansen is the Registrants standard
form of indemnification agreement, a copy of which was filed as
Exhibit10.2 to the Registrants Annual Report on Form10-K for the
year ended December31, 2015. The indemnification agreement
provides indemnity, including the advancement of expenses, to the
directors and certain officers of the Registrant against
liabilities incurred in the performance of their duties to the
fullest extent permitted by the General Corporation Law of the
State of Delaware.
Item 2.02. Results of Operations and
Financial Condition.
On February9, 2017, the Company announced its financial results
for the fiscal quarter and year ended December31, 2016. The full
text of the press release issued in connection with the
announcement is attached as Exhibit99.1 to this Current Report on
Form8-K.
The information in Item 2.02 of this Current Report on Form8-K
and the Exhibitattached hereto shall not be deemed filed for
purposes of Section18 of the Securities Exchange Act of 1934 (the
Exchange Act) or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as expressly set forth by specific reference
in such a filing.
Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On February8, 2017, the Board of Directors of the Registrant
elected each of David A. Dunbar and Jes Munk Hansen to serve as
members of the Registrants Board of Directors until the
Registrants 2017 Annual Meeting of Stockholders or until their
successors have been duly elected and qualified. Mr.Dunbar was
appointed by the Board to serve as a member of each of the Audit
Committee and the Nominating and Corporate Governance Committee
of the Board of Directors and Mr.Hansen was appointed by the
Board to serve as a member of each of the Compensation Committee
and the Nominating and Corporate Governance Committee of the
Board of Directors.
Mr.Dunbar has served as President and Chief Executive Officer and
a member of the Board of Directors of Standex International
Corporation since January2014. Standex is a global,
multi-industry manufacturer in five broad business segments: Food
Service Equipment Group, Engineering Technologies Group,
Engraving Group, Electronics Group, and Hydraulics Group.
Mr.Dunbar previously served as President of the valves and
controls global business unit of Pentair Ltd. from October2009 to
December2013. The unit was initially owned by Tyco Flow Control
and Tyco Flow Control and Pentair merged in 2012. Pentair is a
global provider of products and services relating to energy,
water, thermal management and equipment protection. Prior to his
tenure at Pentair, Mr.Dunbar held a number of senior positions at
Emerson Electric Co., including President of each of the
following: Emerson Process Management Europe; Machinery Health
Management; and Emerson Climate Technologies Refrigeration.
Mr.Hansen has served as Chief Executive Officer of LEDVANCE GmbH
since July2015. LEDVANCE is the general lighting lamps business
unit of OSRAM GmbH. Mr.Hansen previously
served as Chief Executive Officer of the classical lamps and
ballast business unit of OSRAM from January2015 to July 2015
and as Chief Executive Officer of OSRAM Americas and President
of OSRAM Sylvania from October2013 to January2015. OSRAM is a
leading global lighting manufacturer. Prior to his tenure at
OSRAM, Mr.Hansen served in several senior management roles with
Grundfos from 2000 to October2013, including as Chief Executive
Officer and President of Grundfos North America from 2007 to
October2013. Grundfos is a leading global manufacturer of pumps
as well as motors and electronics for monitoring and
controlling pumps.
Each of Mr.Dunbar and Mr.Hansen will receive a quarterly
installment of the cash retainer for non-employee directors for
the first quarter of 2017 in the amount of $17,500 and receive
a grant of 415 shares of class A common stock under the
Registrants Second Amended and Restated 2004 Stock Incentive
Plan, which represents one quarter of the value of the annual
grant of class A common stock to non-employee directors.
There are no transactions in which either Mr.Dunbar or
Mr.Hansen has an interest requiring disclosure under Item
404(a)of Regulation S-K.
The disclosure contained in Item 1.01 is incorporated herein by
reference.
Item9.01 Financial Statements and Exhibits.
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(d) Exhibits. |
See ExhibitIndex attached hereto.
About WATTS WATER TECHNOLOGIES, INC. (NYSE:WTS)
Watts Water Technologies, Inc. (Watts) is a supplier of products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the residential and commercial markets. The Company, through its subsidiary, Watts Regulator Co., is engaged in manufacturing products and systems focused on the control, conservation and quality of water, and safety of the people using it. The Company’s operating segments include Americas, EMEA and Asia-Pacific. The Company distributes its products through primary distribution channels, including wholesale, original equipment manufacturers (OEMs) and do-it-yourself (DIY). The Company offers a range of products in terms of design distinction, size and configuration. It offers products in four product lines, including residential and commercial flow control products; heating, ventilation and air conditioning (HVAC) and gas products; drainage and water re-use products, and water quality products. WATTS WATER TECHNOLOGIES, INC. (NYSE:WTS) Recent Trading Information
WATTS WATER TECHNOLOGIES, INC. (NYSE:WTS) closed its last trading session up +0.50 at 65.90 with 94,839 shares trading hands.
