SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e)As previously reported, on February 4, 2022, Munish Nanda, President of Americas and Europe, provided notice of his intention to retire from Watts Water Technologies, Inc. (the “Company”). On March 23, 2022, the Company entered into a transition and retention agreement (the “Retention Agreement”) with Mr. Nanda. Pursuant to the Retention Agreement, Mr. Nanda will continue his employment with the Company until May 30, 2023 and will assist the Company in identifying a successor and transitioning his responsibilities and duties to his successor. Following the transfer of his duties as President of Americas and Europe, Mr. Nanda has agreed to provide whatever services are reasonably requested by the Chief Executive Officer for the duration of his employment, with reduced compensation commensurate with the services requested of him as determined by the Chief Executive Officer. The Retention Agreement also provides that in the event Mr. Nanda’s employment is terminated without cause prior to May 30, 2023, his outstanding unvested equity awards will continue to vest on their normal schedule until May 30, 2023. The Retention Agreement also subjects Mr. Nanda to non-competition and non-solicitation covenants for a one-year period following the date of his retirement. The foregoing summary of the Retention Agreement is qualified in its entirety by reference to the Retention Agreement, which is included herewith as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01.Financial Statements and Exhibits
(d) Exhibits.
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10.1 |
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104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 25, 2022 | WATTS WATER TECHNOLOGIES, INC. | |
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| By: | /s/ Kenneth R. Lepage |
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| Kenneth R. Lepage |
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| General Counsel, Chief Sustainability Officer & Secretary |