Waters Corp. reported an insider ownership change involving Heather Knight, a non-employee director, tied to director compensation rather than an open-market stock purchase or sale. On June 30, 2026, Knight received common stock units in lieu of cash payment of director fees under Waters’ 1996 Non-Employee Director Deferred Compensation Plan. The units relate to Waters common stock and are convertible into shares of the company’s common stock on a one-for-one basis. The filing explains that distribution of the units will occur on January 1, 2027, pursuant to an election Knight had previously made. In practical terms, the reported action reflects deferred compensation being credited in equity-linked units, with the units later converting into actual Waters shares according to the plan’s terms. The provided filing text does not include the transaction table values, so the number of common stock units received, any reported transaction price, transaction code, and Knight’s beneficial ownership total after the transaction are not available from the document excerpt. The filing was signed on July 2, 2026, by Kimberly Larie as attorney-in-fact for Heather Knight.