Business Context and Reporting Period
This Form 8-K Current Report was filed by Mueller Water Products, Inc. on November 29, 2006. The report discloses executive compensation decisions approved by the Board of Directors on that date, including salary increases, fiscal year 2006 annual bonuses, and equity grant awards for the Company's principal executive and financial officers.
Key Financial Metrics
The filing does not provide consolidated financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation details.
| Officer Name | Title | 2007 Annual Salary | FY 2006 Bonus | Stock Options Granted | Restricted Stock Units (RSUs) |
|---|---|---|---|---|---|
| Gregory Hyland | Chairman, CEO, President | $760,000 | Not Disclosed (Paid by Parent) | 88,300 | 103,964 |
| Thomas E. Fish | President, Anvil Segment | $294,580 | $597,981 | 14,928 | 17,576 |
| Doyce Gaskin | EVP, Mueller Segment | $265,200 | $470,037 | 12,721 | 14,977 |
| Dale B. Smith | Chief Operating Officer | $415,000 | $3,095,461 | 55,188 | 64,977 |
| Jeffrey Sprick | SVP, CFO, CAO | $280,140 | $231,601 | 35,265 | 14,620 |
| Raymond P. Torok | President, U.S. Pipe Segment | $327,594 | $235,714 | 19,316 | 22,742 |
Material Changes and Equity Terms
- Salary Increases: Approved for all listed officers, effective for the 2007 fiscal year.
- Equity Grants:
- Stock Options: Granted under the 2006 Stock Incentive Plan with an exercise price of $15.09 per share (closing price on grant date). Options vest in three equal annual installments starting one year after the grant date.
- Restricted Stock Units (RSUs): Granted under the 2006 Stock Incentive Plan. Each RSU represents the right to receive one share of Series A common stock on November 29, 2013 (seven-year vesting period), subject to accelerated vesting in certain instances.
- CEO Bonus Structure: Gregory Hyland's FY 2006 bonus is not listed in the table as it is paid by the parent company, Walter Industries, Inc., in February 2007 under a separate incentive program.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding future business performance. No specific risks or contingencies are disclosed in this report. The information provided is "furnished" and not deemed "filed" for incorporation by reference purposes, except as expressly set forth in other filings.
Investor Verification Checklist
- Verify the total number of shares authorized under the 2006 Stock Incentive Plan to assess remaining capacity for future grants.
- Confirm the specific terms of the employment agreement between Gregory Hyland and Walter Industries, Inc., regarding the FY 2006 bonus amount.
- Review the Company's most recent 10-K or 10-Q for consolidated financial performance metrics not included in this 8-K.
- Check subsequent filings for the actual payout date and amount of Gregory Hyland's bonus in February 2007.