Item 1.01. Entry into a Material Definitive Agreement.
Watts Water Technologies, Inc. (the "Registrant") and Michael J. Dubose entered
into an indemnification agreement dated as of December 8, 2020 in connection
with his election as a Director of the Registrant.
The indemnification agreement entered into between the Registrant and Mr. Dubose
is the Registrant's standard form of indemnification agreement, a copy of which
was filed as Exhibit 10.2 to the Registrant's Quarterly Report on Form 10-Q for
the quarter ended July 1, 2018. 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.
On December 8, 2020, the Board of Directors of the Registrant elected Michael J.
Dubose to serve as a member of the Registrant's Board of Directors until the
Registrant's 2021 Annual Meeting of Stockholders or until his successor has been
duly elected and qualified. Mr. Dubose was also appointed to serve as a member
of the Nominating and Corporate Governance Committee.
Mr. Dubose has served as President of the Fisher Healthcare Division of Thermo
Fisher Scientific Inc. since March 2019. Thermo Fisher Scientific engages in the
provision of analytical instruments, equipment, reagents and consumables,
software and services for research, analysis, discovery, and diagnostics. Mr.
Dubose previously served as Vice President of National Accounts and Cross Border
Business Globally for W.W. Grainger, Inc. from 2010 to March 2019. W. W.
Grainger is a leading broad line supplier of maintenance, repair and operating
(MRO) products, with operations primarily in North America, Japan and Europe.
Prior to this position, he served as a Regional Vice President of Staples, Inc.
from 2008 to 2010. Prior to 2008, Mr. Dubose held senior management positions
with Corporate Express Inc., Alliant Foodservice Inc. and Baxter International
Inc.
Mr. Dubose will receive a grant of 525 shares of class A common stock under the
Registrant's Second Amended and Restated 2004 Stock Incentive Plan, which
represents one half of the value of the annual grant of class A common stock to
non-employee directors, and will receive a pro-rated amount of the normal annual
cash retainer for non-employee directors.
There are no transactions in which Mr. Dubose has an interest requiring
disclosure under Item 404(a) of Regulation S-K.
The disclosure contained in Item 1.01 is incorporated herein by reference.
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