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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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, effective upon the appointment of Andre Dhawan as Chief Operating Officer of Watts Water Technologies, Inc. (the “Company”) on August 15, 2022, Munish Nanda stepped down as President of the Americas & Europe of the Company. Since then, Mr. Nanda has continued to provide transition and advisory services to the Company and such services are expected to continue until his planned retirement from the Company in May 2023.
In connection with the transition of Mr. Nanda’s role and responsibilities with the Company, effective as of October 1, 2022, Mr. Nanda’s annual salary was reduced from $548,500 annually to $274,250 annually, and Mr. Nanda’s target bonus percentage for the period from October 1 through December 31, 2022 was reduced from 65% of his base salary to 32.5% of his base salary. Effective as of January 1, 2023 Mr. Nanda’s salary will be further reduced to $10,000 per month, he will no longer be eligible for an annual bonus award or an annual cash automobile allowance and his annual financial planning allowance will be reduced to cover 2022 tax planning expenses only.
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: October 3, 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 |
