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Quotes & Info
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| MWA > SEC Filings for MWA > Form 8-K on 6-Feb-2009 | All Recent SEC Filings |
6-Feb-2009
Change in Directors or Principal Officers, Regulation FD Disclosure,
On February 6, 2009, the Company amended its employment agreements with Messrs. Hyland, Leggett, Hart and Torok to reduce base pay for each such executive by 20% for the period from February 16, 2009 through May 15, 2009. The form of amendment is attached to this report as Exhibit 99.1.
In addition, the Company has reduced the annual retainer for its non-employee directors by 20% for the period from February 16 through May 15, 2009.
The Company intends to implement temporary plant shutdowns to match production with market demand and to reduce costs. In addition, the Company has announced pay reductions of 20% for members of the Company's board of directors and most of its executive officers for the next three months. The Company also announced lesser reductions in base pay and/or reduced work weeks for other salaried employees.
(d) Exhibits.
99.1 Form of Amendment to Executive Employment Agreement
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