MUELLER WATER PRODUCTS, INC. (NYSE:MWA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On December 12, 2017, Mueller Water Products, Inc. (the “Corporation”) amended its existing Executive Change-in-Control Severance Agreements with Scott Hall, President and Chief Executive Officer of the Corporation, and Keith L. Belknap, Executive Vice President, Business Development, General Counsel, Corporate Secretary and Chief Compliance Officer of the Corporation (each agreement, as amended, an “Amended Agreement”).The Amended Agreements for Messrs. Hall and Belknap have been revised to include a “best-net” provision that will apply to payments that may not be deductible under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) or that may be subject to excise taxes imposed under Code Section 4999.The “best net” provisions will cause Messrs. Hall’s and Belknap’s severance payments to either be (i) reduced to an amount which does not result in a loss of deduction of the payments by the Corporation under Code Section 280G or trigger the Code Section 4999 excise tax or (ii) paid in full, depending on which payment would result in Messrs. Hall or Belknap receiving the greatest after tax benefit.
The above summaries of the Amended Agreements are qualified by reference in their entity to these agreements, which are attached hereto as Exhibits 10.1 and 10. 2, respectively, and incorporated herein by reference.
| Item 5.02 | FINANCIAL STATEMENTS AND EXHIBITS. |
Mueller Water Products, Inc. ExhibitEX-10.1 2 d513459dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 AMENDMENT TO EXECUTIVE CHANGE-IN-CONTROL SEVERANCE AGREEMENT THIS AMENDMENT TO EXECUTIVE CHANGE-IN-CONTROL SEVERANCE AGREEMENT (this “Amendment”) is made and entered into as of the 12th day of December,…To view the full exhibit click here
About MUELLER WATER PRODUCTS, INC. (NYSE:MWA)
Mueller Water Products, Inc. is a manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. The Company operates through three segments: Mueller Co., Anvil and Mueller Technologies. The Mueller Co. segment manufactures valves for water and gas systems, and dry-barrel and wet-barrel fire hydrants. The Anvil segment manufactures and sources a range of products, including a range of fittings, couplings, hangers and related products. The Mueller Technologies segment offers metering systems, leak detection, pipe condition assessment and other products and services for the water infrastructure industry. The Mueller Technologies segment includes Mueller Systems and Echologics businesses. The Company offers a range of water infrastructure, flow control and piping component system products and services in the United States and Canada.
