-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qizzid0L0BfbcSBfQtKc0m0vxDFJXYDmsEDW6JDlKwmn62YMn4B5KvARUUiQ3pC+ Lif+X+wJHXGYqVveOXHe9A== 0000065201-08-000022.txt : 20080229 0000065201-08-000022.hdr.sgml : 20080229 20080229155037 ACCESSION NUMBER: 0000065201-08-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080225 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20080229 DATE AS OF CHANGE: 20080229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MET PRO CORP CENTRAL INDEX KEY: 0000065201 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564] IRS NUMBER: 231683282 STATE OF INCORPORATION: PA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07763 FILM NUMBER: 08655555 BUSINESS ADDRESS: STREET 1: 160 CASSELL ROAD CITY: HARLEYSVILLE STATE: PA ZIP: 19438 BUSINESS PHONE: 2157236751 MAIL ADDRESS: STREET 1: 160 CASSELL ROAD STREET 2: BOX 144 CITY: HARLEYSVILLE STATE: PA ZIP: 19438 FORMER COMPANY: FORMER CONFORMED NAME: MET PRO WATER TREATMENT CORP DATE OF NAME CHANGE: 19740924 FORMER COMPANY: FORMER CONFORMED NAME: MET PRO INC DATE OF NAME CHANGE: 19661026 8-K 1 mpr20080229comp.htm COMPENSATION ARRANGEMENTS mpr20080229comp.htm
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 25, 2008

MET-PRO CORPORATION
(Exact name of registrant as specified in its charter)
 
Pennsylvania
001-07763
23-1683282
  
(State or other jurisdiction of
 (Commission File Number)
(I.R.S. Employer
  
incorporation or organization)
  
Identification No.)
  

160 Cassell Road, P.O. Box 144
      
Harleysville, Pennsylvania
  
19438
  
(Address of principal executive offices)
 
(Zip Code)
 

Registrant’s telephone number, including area code: (215) 723-6751
 
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 (see General Instruction A.2. below):
    
o
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o
 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.
   
 
(e) Compensatory Arrangements
 
On February 25, 2008, Met-Pro Corporation’s (the “Company”) Board of Directors approved and adopted a Non-Qualified Defined Contribution Supplemental Executive Retirement Plan (“SERP”).  The purpose of the SERP, which is expected to take effect on May 1, 2008, is to provide supplemental retirement benefits to senior executives of the Company and others, presently totaling eleven persons  including the Company’s Chief Executive and Chief Financial Officers, as determined by the Company’s Board of Directors.  The Company will make annual contributions to the SERP in order to provide participants with up to 30% to 60% of projected retirement age compensation (based upon base salary and bonus) assuming thirty years of service to the Company, after taking into account all Company-provided retirement income as well as the employee’s social security benefit at a defined age.  The Company’s initial contribution to the SERP, which will cover all eligible participants, is expected to be less than $250,000.
 
At the time of the establishment of the SERP, the Company will freeze and cease to make further contributions to an existing Non-Qualified Pension Restoration Plan with respect to which the only employee participants are the Chief Executive Officer and the Chief Financial Officer. The Company expects to recognize a curtailment expense of approximately $20,000 in connection with the freezing of this plan during the fiscal year ending January 31, 2009.
 
Also on February 25, 2008, the Board of Directors approved an increase in the base salaries of the Chief Executive Officer and the Chief Financial Officer to $341,000 and $220,000, respectively, effective February 1, 2008 and approved bonus awards to such officers in the amounts of $69,821 and $37,838, respectively, under the terms of the Company’s fiscal year ended January 31, 2008 Management Incentive Plan.
    

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, thereunto duly authorized.


      Date:  February 29, 2008
  MET-PRO CORPORATION
   
  By: /s/ Raymond J. De Hont
  Raymond J. De Hont,
  President and Chief Executive Officer
   
 
 
 
 
 
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