Mueller Water Products Insider Withholds Shares to Cover RSU Taxes

Rhea-AI Filing Summary

Steven S. Heinrichs, identified as a former EVP, CFO, CLO and CCO of Mueller Water Products, reported a transaction dated 08/25/2025 on Form 4. The filing shows 4,493 shares of Mueller Water Products common stock were disposed at a price of $26.88 per share. The Form states these shares were withheld to cover the tax liability on the lapse of restricted stock units. After the reported transaction, the reporting person beneficially owns 21,768.8956 shares in total, which the filing notes includes 11,458.90 shares acquired under the company Employee Stock Purchase Plan.

Positive

• Continued significant ownership: Reporting person retains 21,768.8956 shares following the transaction, indicating ongoing alignment with shareholders.
• Use of ESPP: 11,458.90 shares are held from the Mueller Water Products Employee Stock Purchase Plan, showing participation in company equity programs.

Negative

• Shares disposed: 4,493 shares were reported as disposed at $26.88, reducing the reporting person’s outstanding position.
• Transaction coded as F (disposition): Although explained as tax withholding, Form 4 records a disposal which may be noted by investors tracking insider sales.

Insights

Corporate Governance Expert

TL;DR: Insider reported a routine withholding of shares to cover taxes on vested RSUs and retains significant ownership.

The Form 4 discloses a common and administratively driven transaction: shares were withheld upon RSU vesting to satisfy tax obligations rather than sold on the open market for cash distribution. The disposition of 4,493 shares at $26.88 is presented as tax withholding, which typically signals compensation settlement rather than a liquidity-driven divestiture. Continued beneficial ownership totaling 21,768.8956 shares, including 11,458.90 shares from the Employee Stock Purchase Plan, indicates ongoing alignment with shareholder interests. For governance review, this filing is routine and non-adverse but should be logged for insider activity monitoring.

Securities Analyst

TL;DR: Transaction is procedural; no new material change to insider stake or control is shown.

The sale-like entry is coded as a withholding to cover taxes on RSU lapse, explicitly noted in the explanations. The price point reported is $26.88 per share and the net change leaves the reporting person with 21,768.8956 shares. This level of remaining ownership, combined with participation in the ESPP (11,458.90 shares), suggests retained exposure to the company stock. From a market-impact perspective, the disclosed disposition size is modest relative to typical public float metrics and appears administrative rather than signal-driven.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Heinrichs Steven S

(Last) (First) (Middle)

1200 ABERNATHY RD., NE

SUITE 1200

(Street)

ATLANTA GA 30328

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Mueller Water Products, Inc. [ MWA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Former EVP, CFO, CLO and CCO

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/25/2025		F		4,493(1)	D	$26.88	21,768.8956(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares were withheld to cover the tax liability on the lapse of the restrictions on restricted stock units.

2. Includes 11,458.90 shares acquired under the Mueller Water Products, Inc. Employee Stock Purchase Plan.

	/s/ Barbara A. Smucygz, Attorney-in-Fact	08/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Steven S. Heinrichs report on Form 4 for MWA?

The Form 4 reports a disposition of 4,493 common shares on 08/25/2025 at a price of $26.88 per share.

Why were the 4,493 shares disposed according to the filing?

The filing explains the shares were withheld to cover the tax liability on the lapse of restricted stock units.

How many Mueller Water Products shares does the reporting person own after the transaction?

The reporting person beneficially owns 21,768.8956 shares following the reported transaction.

Does the filing indicate participation in any employee stock plan?

Yes, the filing states it includes 11,458.90 shares acquired under the Mueller Water Products Employee Stock Purchase Plan.

What is the reporting person’s relationship to Mueller Water Products?

The Form identifies the reporting person as a former EVP, CFO, CLO and CCO and the filing is by one reporting person.