WATTS WATER TECHNOLOGIES,INC. (NYSE:WTS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February8, 2018, the Board of Directors of Watts Water Technologies,Inc. (the “Company”) approved an amended and restated Watts Water Technologies,Inc. Executive Severance Plan (the “Executive Severance Plan”).
The amendment and restatement of the Executive Severance Plan broadened the categories of transactions that may constitute a “change in control” under the plan and expanded the benefits provided under the plan in the event of a participant’s employment termination without “cause” or for “good reason” in connection with a change in control, in each case under and within the meaning of the Executive Severance Plan, to include (a)full accelerated vesting and, as applicable, exercisability of unvested equity or equity-based awards of the Company that are not subject to performance vesting conditions and (b)for awards that are subject to performance vesting conditions, accelerated vesting and, as applicable, exercisability at the level that would apply based on actual performance calculated as if the final day of the Company’s last completed fiscal quarter prior to the date of the employment termination were the final day of the applicable performance period. The amendment and restatement of the Executive Severance Plan did not make other material changes to the plan.
The foregoing summary is qualified in its entirety by reference to the amended and restated Executive Severance Plan, which is filed herewith as Exhibit10.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d)Exhibits.
