Watts Water Tech Files 8-K on Material Agreement, Officer Pay
Ticker: WTS · Form: 8-K · Filed: Feb 9, 2024 · CIK: 795403
Complexity: simple
Sentiment: neutral
Topics: material-agreement, executive-compensation, corporate-governance
TL;DR
**Watts Water Tech just reported a new material agreement and officer pay changes; watch for details.**
AI Summary
Watts Water Technologies, Inc. filed an 8-K on February 9, 2024, reporting an event on February 7, 2024, concerning an entry into a material definitive agreement and compensatory arrangements for certain officers. This filing indicates potential changes in the company's strategic direction or executive compensation structure, which could impact future financial performance and investor returns. Shareholders should monitor for details on the agreement and compensation to assess their effect on the stock's value.
Why It Matters
This filing signals that Watts Water Technologies has entered into a significant agreement and made changes to executive compensation, which could influence the company's operational costs and future profitability.
Risk Assessment
Risk Level: medium — The filing mentions a 'material definitive agreement' and 'compensatory arrangements of certain officers' without specific details, creating uncertainty about their financial impact.
Analyst Insight
Investors should await further disclosures from Watts Water Technologies regarding the specifics of the 'material definitive agreement' and the 'compensatory arrangements of certain officers' to understand their financial implications before making investment decisions.
Key Players & Entities
- WATTS WATER TECHNOLOGIES INC (company) — the registrant filing the 8-K
- February 7, 2024 (date) — date of the earliest event reported
- February 9, 2024 (date) — date the 8-K was filed
- 001-11499 (string) — Commission File Number for Watts Water Technologies
FAQ
What specific items were reported in this 8-K filing by Watts Water Technologies, Inc.?
The 8-K filing reported two main items: 'Entry into a Material Definitive Agreement' and 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers'.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 7, 2024, as stated in the 'Date of Report (Date of earliest event reported): February 7, 2024' section.
What is the full legal name of the registrant as specified in its charter?
The exact name of the registrant as specified in its charter is 'WATTS WATER TECHNOLOGIES, INC.'.
What is the Commission File Number for Watts Water Technologies, Inc.?
The Commission File Number for Watts Water Technologies, Inc. is 001-11499.
Where is Watts Water Technologies, Inc.'s principal executive office located?
Watts Water Technologies, Inc.'s principal executive office is located at 815 Chestnut Street, North Andover, Massachusetts 01845.
Filing Stats: 995 words · 4 min read · ~3 pages · Grade level 11.5 · Accepted 2024-02-09 15:42:12
Key Financial Figures
- $0.10 — stered Class A Common Stock, par value $0.10 per share WTS New York Stock Exchan
Filing Documents
- wts-20240207x8k.htm (8-K) — 38KB
- 0001558370-24-000927.txt ( ) — 154KB
- wts-20240207.xsd (EX-101.SCH) — 3KB
- wts-20240207_lab.xml (EX-101.LAB) — 15KB
- wts-20240207_pre.xml (EX-101.PRE) — 10KB
- wts-20240207x8k_htm.xml (XML) — 5KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. Watts Water Technologies, Inc. (the "Registrant") and Rebecca Boll entered into an indemnification agreement dated as of February 7, 2024 in connection with her election as a Director of the Registrant. The indemnification agreement entered into between the Registrant and Ms. Boll is the Registrant's standard form of indemnification agreement, a copy of which was filed as Exhibit 10.8 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2022. 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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Election of Director On February 7, 2024, the Board of Directors of the Registrant elected Rebecca Boll to serve as a member of the Registrant's Board of Directors until the Registrant's 2024 Annual Meeting of Stockholders or until her successor has been duly elected and qualified. Ms. Boll was also appointed to serve as a member of each of the Governance and Sustainability Committee and Audit Committee. Ms. Boll has served as Senior Vice President and Chief Product Officer at Fluence Energy, Inc. since 2020. Fluence is a leading provider of energy storage products and services and cloud-based software for the renewable energy and energy storage markets, and its service offerings include delivery services and recurring operational services, as well as financing structuring services. Ms. Boll previously served as Chief Technology Officer and Vice President of Strategy for the Building Management business unit at Schneider Electric from 2018 to 2020. Prior to this position, Ms. Boll held sever