Exhibit 10.3


                         WATTS WATER TECHNOLOGIES, INC.

                       Non-Employee Director Compensation

      The annual compensation payable by Watts Water Technologies, Inc. (the
"Corporation") to non-employee Directors as determined by the Board of Directors
of the Corporation on May 4, 2004 and revised as of February 8, 2005 is as
follows:

1.    $30,000 annual retainer

2.    Annual grant of restricted stock under the Corporation's 2004 Stock
      Incentive Plan with a fair market value on the date of grant equal to
      $30,000 and which shall vest in three equal annual installments beginning
      one year from the date of grant

3.    $1,000 for each regularly scheduled Board or committee meeting attended in
      person (not by telephone conference call), provided that no Board member
      shall receive more than $1,000 per day for attendance at Board or
      committee meetings

4.    The Chair of the Audit Committee shall receive an additional annual
      retainer of $10,000

5.    The Chair of each of the Compensation Committee and the Nominating and
      Corporate Governance Committee shall receive an additional annual retainer
      of $3,000