Business Context and Reporting Period
Company: Mueller Water Products, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: August 23, 2006
Principal Executive Offices: Tampa, FL
This filing reports the entry into a material definitive agreement regarding executive compensation and employment terms.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation details.
- Executive: Jeffery W. Sprick (Chief Financial Officer and Senior Vice President)
- Base Salary: $276,000 per year (effective May 25, 2006)
- Target Bonus: 50% of base salary
- Maximum Bonus Potential: 100% of base salary
- Severance (Termination without cause): 18 months of salary continuance (base salary + target bonus) and 18 months of fringe benefits
Material Changes
The material change reported is the formalization of Mr. Sprick's employment terms via a letter agreement dated August 23, 2006. This agreement codifies his role, compensation structure, and severance protections.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. No specific risks or contingencies related to operations are disclosed in this document.
Important Facts for Investors to Verify
- Confirmation that the $276,000 base salary is effective retroactively to May 25, 2006.
- Details of the "Executive Incentive Plan" and "long-term incentive program" referenced in the agreement.
- The specific definition of "termination without cause" within the attached Exhibit 10.1 to understand severance triggers.
- Whether this agreement supersedes any prior employment contracts or compensation arrangements.