Equity awards granted to Waters (NYSE: WAT) director Claire Fraser

Rhea-AI Filing Summary

Waters Corporation director Claire Fraser reported equity awards consisting of stock options and restricted common shares. On February 25, 2026, she was granted options for 877 shares of common stock at an exercise price of $0.0000 per share and 358 shares of common stock at no cost, both as awards rather than open-market purchases.

According to the disclosures, all 358 common shares are subject to restrictions that lapse on February 9, 2027. The 877 stock options will fully vest and become exercisable on the same date, aligning Fraser’s longer-term incentives with Waters’ future performance.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Fraser Claire

(Last) (First) (Middle)

34 MAPLE STREET

(Street)

MILFORD MA 01757

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WATERS CORP /DE/ [ WAT ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

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	02/25/2026		A		358(1)	A	$0	489	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
Stock Option (Right to Buy)	$319.44	02/25/2026		A		877(2)		02/09/2027	02/25/2036	Common Stock	877	$0	877	D

Explanation of Responses:

1. Represents shares of common stock subject to restrictions that lapse with respect to 100% of the shares on February 9, 2027.

2. All of the shares of common stock underlying this stock option will vest and become exercisable on February 9, 2027.

	/s/ Michael Lynn, attorney-in-fact for Claire Fraser	02/27/2026
	** 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 did Waters (WAT) director Claire Fraser report in this Form 4?

Claire Fraser reported equity awards from Waters, including 877 stock options and 358 restricted common shares. Both awards were granted at no cash cost to her and are structured to vest or lapse restrictions on February 9, 2027, aligning with long-term incentives.

Were Claire Fraser’s Waters (WAT) equity awards open-market purchases?

No, the reported Waters transactions are grants, not open-market purchases. The Form 4 shows awards of stock options and restricted shares at a price of $0.0000 per share, indicating compensation-related equity rather than shares bought on the public market.

When do Claire Fraser’s restricted Waters (WAT) shares become unrestricted?

The 358 Waters common shares granted to Claire Fraser are restricted until February 9, 2027. On that date, restrictions lapse on 100% of these shares, allowing her full ownership rights, subject to any applicable company or regulatory trading policies.

When will Claire Fraser’s Waters (WAT) stock options vest and become exercisable?

All 877 Waters stock options granted to Claire Fraser vest and become exercisable on February 9, 2027. Before that date, she cannot exercise the options. This single vesting date creates a clear long-term alignment point with the company’s future performance.

How many Waters (WAT) shares does Claire Fraser own after these transactions?

After the award, Claire Fraser directly holds 489 shares of Waters common stock. She also holds 877 stock options that will vest and become exercisable on February 9, 2027, expanding her potential future ownership stake if she chooses to exercise them.

What is the significance of the $0.0000 price on Waters (WAT) Form 4 awards?

The $0.0000 price indicates these are compensation grants, not cash purchases. For the options, this refers to grant pricing disclosure, while the actual exercise price and terms are governed by the plan, with vesting scheduled for February 9, 2027, per the filing’s footnotes.