Steven D. Conly, Senior Vice President, Waters Biosciences at Waters Corp /DE/, filed an initial statement of beneficial ownership (Form 3) on November 6, 2026, reporting securities held as of the event date of October 29, 2026.

Key Highlights

  • Reporting person: Steven D. Conly, identified as SVP, Waters Biosciences at Waters Corp /DE/ (NYSE:WAT).
  • Direct common stock ownership: 6,030 shares beneficially owned directly, comprising 339 shares of common stock, 117 unvested RSUs under the 2020 Equity Incentive Plan, and 5,574 unvested RSUs under the 2026 Equity-Based Incentive Plan.
  • Stock Appreciation Rights (SARs): Eight separate SAR grants reported, covering a total of 15,453 underlying shares of common stock, with exercise prices ranging from $411.85 to $464.50, all awarded under the 2026 Equity-Based Incentive Plan.
  • Stock option reported: One stock option (right to buy) covering 574 shares of common stock at an exercise price of $319.44, expiring February 25, 2036, vesting in four substantially equal annual installments beginning February 25, 2027.
  • Merger-linked awards: The 5,574 RSUs and all SARs under the 2026 Equity-Based Incentive Plan were awarded in connection with the Agreement and Plan of Merger dated July 13, 2025, among Waters Corp, Becton, Dickinson and Company, Augusta SpinCo Corporation, and Beta Merger Sub, Inc.
  • Event date: October 29, 2026, with the form signed and filed on November 6, 2026.

Conly's Initial Beneficial Ownership at Waters Corp Following Merger-Linked Awards

According to the filing, Steven D. Conly submitted his initial statement of beneficial ownership in connection with becoming an officer at Waters Corp /DE/ (NYSE:WAT). The event requiring the statement occurred on October 29, 2026. Conly is identified as SVP, Waters Biosciences. His directly held common stock position of 6,030 shares consists of three components: 339 shares of common stock, 117 unvested RSUs granted under the issuer's 2020 Equity Incentive Plan, and 5,574 unvested RSUs granted under the 2026 Equity-Based Incentive Plan.

The filing discloses that the 117 RSUs under the 2020 Equity Incentive Plan will vest in four substantially equal annual installments, with the first installment scheduled for February 25, 2027, subject to continued service. The 5,574 RSUs under the 2026 Equity-Based Incentive Plan will vest on a staggered schedule: 1,529 on November 26, 2026; 279 on March 3, 2027; 1,624 on November 26, 2027; 278 on March 3, 2028; and 1,864 on November 26, 2028, each subject to continued service. All RSUs are convertible into common stock on a one-to-one basis upon vesting and settlement, according to the filing.

The derivative securities table lists eight SAR grants under the 2026 Equity-Based Incentive Plan, with expiration dates ranging from November 26, 2027 through November 26, 2034, and exercise prices between $411.85 and $464.50 per share. The filing notes that four of these SAR tranches are "fully vested and exercisable as of the date hereof," while the remaining grants vest in four substantially equal annual installments. One stock option covering 574 shares at $319.44 expires February 25, 2036, with vesting beginning February 25, 2027. The filing states that all SARs and the 2026 RSUs were awarded in connection with transactions set forth in the Merger Agreement dated July 13, 2025.

What Was Disclosed

Steven D. Conly filed an initial beneficial ownership statement as SVP, Waters Biosciences at NYSE:WAT, reporting 6,030 directly held shares, eight SAR grants totaling 15,453 underlying shares, and one stock option covering 574 shares, with several awards linked to a July 2025 merger agreement.