0000038725-12-000027.txt : 20120301 0000038725-12-000027.hdr.sgml : 20120301 20120301081039 ACCESSION NUMBER: 0000038725-12-000027 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20120224 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20120301 DATE AS OF CHANGE: 20120301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN ELECTRIC CO INC CENTRAL INDEX KEY: 0000038725 STANDARD INDUSTRIAL CLASSIFICATION: MOTORS & GENERATORS [3621] IRS NUMBER: 350827455 STATE OF INCORPORATION: IN FISCAL YEAR END: 0725 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00362 FILM NUMBER: 12655626 BUSINESS ADDRESS: STREET 1: 400 E SPRING ST CITY: BLUFFTON STATE: IN ZIP: 46714 BUSINESS PHONE: 2608242900 MAIL ADDRESS: STREET 1: 400 E SPRING STREET CITY: BLUFFTON STATE: IN ZIP: 46714 8-K 1 a20122248-k.htm FORM 8-K 2012.2.24 8-K


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

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2012

FRANKLIN ELECTRIC CO., INC.
(Exact name of registrant as specified in its charter)
Indiana
 
0-362
 
35-0827455
(State of incorporation)
 
(Commission File Number)
 
(IRS employer identification no.)

400 E. Spring Street
 
 
Bluffton, IN
 
46714
(Address of principal executive offices)
 
(Zip code)

(260) 824-2900
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[    ]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[    ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[    ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[    ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 





Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Deferred Compensation Plan    

On February 24, 2012, the Board of Directors of Franklin Electric Co., Inc. (“the Company”) approved a new nonqualified deferred compensation arrangement for certain of its executive officers, the material terms of which are described below.

As part of the redesign of the Company's overall retirement program, most executive officers stopped accruing benefits under the Company's nonqualified Pension Restoration Plan as of December 31, 2011 and, beginning January 1, 2012, are instead eligible for two nonqualified defined contribution retirement accounts. In one account, the Company will provide the portion of the new service-based contribution to the Company's 401(k) plan that could not be made due to IRS limitations.  Earnings on this account will be credited at the rate of earnings on the participant's underlying 401(k) plan account, and the participant will vest in this account in accordance with the 401(k) plan vesting schedule (i.e., 100% after earning three years of service with the Company). In the other account, the Company will provide an additional contribution of 2% to 4% of compensation depending on the participant's years of service with the Company.  Earnings on this account will be credited pursuant to the methodology used in the Company's now-frozen Cash Balance Pension Plan, which credits earnings based on the 24-month corporate bond rate, but not less than 4.5%, and the participant will vest in this account when he has attained age 55 and earned ten years of service with the Company. Distributions from both accounts generally will be made to the participant upon his termination of employment with the Company.

The Board has delegated to the Company's Employee Benefits Committee the authority to establish other terms and conditions of the deferred compensation arrangement.

This new arrangement covers all executive officers other than R. Scott Trumbull (the Company's CEO) and Gregg C. Sengstack (the Company's President and COO), who will continue to participate in the Pension Restoration Plan in lieu of this arrangement.






SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FRANKLIN ELECTRIC CO., INC.
(Registrant)

Date: March 1, 2012
 
By
/s/ John J. Haines
 
 
 
John J. Haines
 
 
 
Vice President and Chief Financial Officer and Secretary
 
 
 
(Principal Financial and Accounting Officer)