Exhibit 10.15


    

      Exhibit
        10.15

      


      Managing
        Director Service Contract

      


      Between

      Franklin
        Electric Europa GmbH 

      Postfach
        1280 D-54502

      Rudolph
        Diesel Strasse 20

      D-54516
        Wittlich, Germany

      


      (hereinafter
        “Company“)

      


      and
        

      


      Mr.
        Peter-Christian Maske

      Am
        Jahnplatz 7

      D-54516
        Wittlich

      


      (hereinafter
        “Managing Director“)

      


      


      


      The
        Shareholders of the Company intend to appoint Mr. Maske as Managing Director
        of
        the Company as of August 1, 2003. On this basis, the Parties agree on the
        following Service Contract:

      


      


      
        	1.  	
                Position
                  and Scope of Duties

              


      

      


      1.1 As
        of
        August 1, 2003 Mr. Maske shall be employed by the Company as Managing Director
        (Gesch’ftsführer). In addition, he shall have the title “President Franklin
        Electric Europa”.

      


      
        	
                1.2

              	
                The
                  Managing Director shall represent the
                  Company.

              


      

      


      
        	
                1.3

              	
                The
                  Shareholders may appoint additional managing directors, and may
                  assign to
                  the Managing Director further or other tasks or areas of responsibility
                  and may determine the allocation of responsibilities within the
                  management
                  including the Managing Director’s authority to represent the Company
                  singly or jointly.

              


      

      


      
        	1.4  	
                The
                  Managing Director will perform his duties as Managing Director
                  by
                  observing the diligence of a prudent businessman in accordance
                  with the
                  provisions of this Service Contract, the Company’s Articles of
                  Association, the general and specific directions and instructions
                  given by
                  the Shareholders, and in accordance with the law. He will also
                  comply with
                  the Company’s policies, in particular with the Franklin policy on business
                  ethics.

              


      


      
        
           

          
          

        

        
          -
            56
            -

          
            

          

        

        
          
          

        

      


      


      
        	1.5  	
                The
                  Managing Director shall report to the CEO of Franklin Electric
                  Co., Inc.,
                  currently Mr. Scott Trumbull (the “CEO”). The CEO or the Shareholders may
                  at any time change the reporting
                  line.

              


      

      


      
        	1.6  	
                The
                  Managing Director understands that he may be asked to abandon his
                  post of
                  Managing Director and transfer to the Grand Duchy of Luxembourg
                  and
                  assume, as a managing director of the Luxembourg affiliate, many
                  of the
                  management functions contemplated under the present Service
                  Contract.

              


      

      


      


      
        	2.  	
                Other
                  activities

              


      

      


      
        	
                2.1

              	
                The
                  Managing Director will devote his full working time and ability
                  to the
                  Company’s business. Any other activity, be it for remuneration or not,
                  including any part time work, is subject to the explicit prior
                  written
                  consent of the Shareholders or of the CEO who may deny such consent
                  if in
                  their view such activity was not in the interest of the
                  Company.

              


      

      


      
        	
                2.2

              	
                Scientific
                  and literary activity is permitted, provided that the Company is
                  informed
                  prior to the publication, and that such activity does not adversely
                  affect
                  the working capacity of the Managing Director, does not give rise
                  to a
                  divulging of confidential information, or is in any other way not
                  in the
                  interest of the Company.

              


      

      


      
        	
                2.3.

              	
                During
                  the term of this Service Contract and for an additional two (2)
                  years
                  beyond the termination of this Contract, the Managing Director
                  may not
                  solicit or assist or facilitate the solicitation of any employee
                  of the
                  Company or of any of its affiliates with the intention of causing
                  them to
                  render services to any other person or
                  activity.

              


      

      


      
        	
                2.4

              	
                An
                  indirect or direct participation in other undertakings requires
                  the prior
                  written consent of the Shareholders or of the CEO, except that
                  such
                  participation concerns publicly traded companies, does not exceed
                  five per
                  cent of the shares, and does not permit influence on the undertaking
                  in
                  any other way.

              


      

      


      


      3.
        Transactions subject to consent

      


      
        	
                3.1

              	
                The
                  Managing Director shall have single signature authority for obligations
                  in
                  accordance with the specific rules and regulations of the
                  Company.

              


      

      


      
        	3.2  	
                The
                  Shareholders reserve the right to alter the amount set forth in
                  paragraph
                  (3.1) above, and they may issue and alter a list of transactions
                  subject
                  to prior consent. The Shareholders furthermore reserve the right
                  to issue
                  at any time directions of a general nature or for specific
                  cases.

              


      


      
        
           

          
          

        

        
          -
            57
            -

          
            

          

        

        
          
          

        

      


      


      3.3 The
        restrictions set out in section 181 German Civil Code (Bürgerliches
        Gesetzbuch)
        (prohibition of self-contracting) shall apply unless explicitly stipulated
        otherwise in the Shareholder resolution appointing Mr. Maske as Managing
        Director.

      


      4.
        Remuneration

      


      4.1 The
        Managing Director shall be entitled to an annual gross base salary equivalent
        to
        $260,000 USD, payable in EURO’S determined at the average exchange rate for the
        month, and distributed in twelve (12) equal instalments at the end of a calendar
        month. One time during the term of the contract the Managing Director may
        elect
        to set the EURO exchange rate at the prevailing exchange rate for the reminder
        of the contract. Furthermore, the Company shall pay the mandatory social
        security contributions including contributions to medical insurance according
        to
        German law. In case the Managing Director opts for a private medical insurance
        instead of the state medical insurance, the Company will bear half of the
        contributions due up to a maximum of what would have to be paid by the Company
        to the state medical insurance for the Managing Director’s personal medical
        insurance.

      


      
        	
                4.2

              	
                The
                  annual base salary shall be reviewed annually, considering appropriately
                  the financial and economic development of the Company, its affiliates,
                  and
                  the Managing Director’s personal performance. The decision whether or not
                  to increase the base salary shall remain at the sole discretion
                  of the
                  Company.

              


      

      


      
        	4.3  	
                With
                  payment of the above-mentioned base salary, all activities, which
                  the
                  Managing Director performs under this Service Contract, shall be
                  compensated. In particular, he shall not be entitled to any additional
                  compensation for overtime work.

              


      

      


      4.4 In
        addition to the salary paid in accordance with Sec. 4.1, the Company may
        decide
        to pay the Managing Director an annual incentive bonus of up to 70% of annual
        base pay. Any bonus is subject to the Company’s sole discretion. The Company
        may, subject to its sole discretion, decide to establish a bonus incentive
        plan
        for any fiscal year, thereby making bonus payments subject to additional
        predefined goals and further conditions as defined in the respective bonus
        incentive plan. For
        the
        ongoing fiscal year, the Company shall adapt a bonus incentive plan similar
        to
        the Franklin Electric Co., Inc. Executive Bonus Plan. The details of the
        respective bonus plan shall be communicated to the Managing Director no later
        than within sixty (60) days following the start date of this contract. The
        Company reserves the right to change such annual bonus and incentive plan
        at any
        time, in particular with respect to bonus percentages,
        incentive
        targets, goals and bonus amounts. The bonus payout, if any, shall become
        due on
        or about February 28 of the following year.


      
        
           

          
          

        

        
          -
            58
            -

          
            

          

        

        
          
          

        

      


      
        	
                4.5

              	
                An
                  assignment or pledge of the remuneration entitlement is excluded.
                  In case
                  that the Managing Director upon culpable injury by a third party
                  becomes
                  unable to work, and the Company continues payment to him, the Managing
                  Director already now assigns his damage claim against said third
                  party
                  resulting from him having been injured, to the Company up to the
                  amount
                  that the Company pays to said injured
                  party.

              


      

      


      
        	
                4.6

              	
                Insofar
                  as the Company grants payments (bonus, ex gratia payments or other
                  additional payments) over and above the above-agreed remuneration,
                  such
                  payments are made voluntarily. There will be no entitlement to
                  them
                  arising for the future, even if payments were made on several and
                  consecutive occasions. 

              


      

      


      


      5.
        Other Benefits

      


      
        	
                5.1

              	
                Travel
                  expenses and other necessary expenses reasonably incurred by the
                  Managing
                  Director in the furtherance of the Company’s business will be reimbursed
                  in accordance with the guidelines of the Company and within the
                  framework
                  of the principles of German or Luxembourg tax
                  law.

              


      

      


      
        	
                5.2

              	
                The
                  Company will in accordance with the applicable company policy as
                  amended
                  from time to time provide the Managing Director with a car allowance
                  or a
                  company car for business and private use. If he is availed a company
                  car,
                  the Managing Director will maintain the car in good condition and
                  will
                  arrange for regular maintenance. The costs for maintenance and
                  use of the
                  company car will be borne by the Company. The value of the private
                  use per
                  month as determined by German, or, if applicable, Luxembourg tax
                  regulations for the particular type of car constitutes additional
                  compensation, the wage withholding tax for which will be borne
                  by the
                  Managing Director. In case of his suspension / release from work
                  the
                  Managing Director will return the car at any time upon request
                  of the
                  Company; he shall have no right of retention, nor shall he be entitled
                  to
                  any compensation in lieu of the private use of the Company Car.
                  In case
                  the Managing Director is given a car allowance, the taxes on such
                  allowance will be borne by the Managing
                  Director.

              


      

      


      
        	5.3  	
                The
                  Company will take out travel accident insurance to the benefit
                  of the
                  Managing Director with the following amounts: (a) in case of death
                  $1,000,000 USD (b) in case of complete invalidity $1,000,000 USD.
                  The
                  statutory taxes on the financial advantage will be borne by the
                  Managing
                  Director. In case of an insured accident, the Managing Director
                  has to
                  inform the Company immediately about such
                  accident.

              


      

      


      
        	5.4  	
                The
                  Managing Director will start accruing additional pension benefits
                  in the
                  Franklin Electric Europa GmbH Pension Plan. This benefit will be
                  a
                  continuation to the benefits the Managing Director earned under
                  the German
                  PLanfrom 1974 - 1999.

              


      


      
        
           

          
          

        

        
          -
            59
            -

          
            

          

        

        
          
          

        

      


      


      6.
        Inability to perform duties

      


      
        	
                6.1

              	
                In
                  case the Managing Director is unable to perform his duties under
                  this
                  Service Contract, he will inform the Company immediately about
                  it, its
                  assumed duration and its reason. In case the inability to work
                  is due to
                  health reasons, the Managing Director will provide the Company
                  with a
                  medical certificate after three calendar days following the beginning
                  of
                  the illness at the latest, indicating the inability to work and
                  its
                  assumed duration.

              


      

      


      
        	
                6.2

              	
                In
                  case his inability to perform his duties results from reasons of
                  illness
                  not caused by him, the Managing Director shall continue to receive
                  his
                  base salary for the time of such inability, but not for longer
                  than six
                  months. The Company’s obligation to continue to pay the Managing
                  Director’s base salary in accordance with this Sec. 6.2 shall be reduced
                  by the amount of any sick payments or disability payments the Managing
                  Director is paid during such time, whether out of statutory schemes,
                  pension funds or otherwise. In case of death of the Managing Director
                  not
                  caused by him, his widow will receive the base salary for the month
                  in
                  which the death occurred as well as for the following three months.
                  In
                  case there is no wife, the base salary shall be due jointly to
                  all
                  children who at the date of the death have not yet retained their
                  25th
                  birthday. Should such children not exist, the base salary payment
                  shall
                  cease with the date of death of the Managing
                  Director.

              


      

      


      


      7.
        Vacation

      


      
        	
                7.1

              	
                The
                  Managing Director shall be entitled to an annual holiday of 30
                  working
                  days excluding Saturdays. 

              


      

      


      
        	7.2  	
                The
                  time of holiday shall be determined in agreement with the CEO taking
                  into
                  considera-tion the personal wishes of the Managing Director and
                  the
                  interests of the Company.

              


      

      


      
        	7.3  	
                Holiday
                  entitlement shall accrue month by month evenly through the calendar
                  year.
                  Holidays not taken in any calendar year may only be carried forward
                  to the
                  next calendar year with the approval of the Company or if they
                  could not
                  be taken in the preceding year due to the business of the Company
                  requiring the presence of the Managing Director. Absent the Company’s
                  approval, holidays carried forward to the next calendar year must
                  be
                  scheduled before March 31, and taken before April 30 of said next
                  calendar
                  year. Otherwise, they shall forfeit without any compensation.
                  

              


      

      



      
        
           

          
          

        

        
          -
            60
            -

          
            

          

        

        
          
          

        

      


      


      8.
        Secrecy, Data Protection

      


      
        	
                8.1

              	
                The
                  Managing Director shall not disclose to any third party, or use
                  for
                  personal gain, any confidential technical or other business information
                  which has been entrusted to him, or which has otherwise become
                  known to
                  the Managing Director and which relates to the Company or to any
                  of its
                  affiliated companies. In particular, no information may be disclosed
                  concerning the organisation of the business, the relation with
                  customers
                  and suppliers and the Company's know-how. This obligation shall
                  not expire
                  upon termination of this Service Contract but shall continue to
                  remain in
                  force thereafter. 

              


      

      


      
        	8.2  	
                Business
                  records of any kind, including private notes concerning Company
                  affairs
                  and activities, shall be carefully kept and shall be used only
                  for
                  business purposes. No copies or extract or duplicates of drawings,
                  calculations, statistics and the like nor of any other business
                  records or
                  documents may be copied or extracted for purposes other than for
                  the
                  Company's business.

              


      

      


      
        	8.3  	
                Upon
                  termination of this Service Contract, or upon suspension/release
                  from
                  work, the Managing Director shall return all business records and
                  copies
                  thereof, regardless of the data carrier; he shall have no right
                  of
                  retention. 

              


      

      


      8.4 According
        to Section 5 of the Federal Statute on Data Protection (Bundesdatenschutzgesetz)
        and respective other corresponding provisions on data protection, the Managing
        Director shall not process personal data of employees or third parties for
        any
        other purpose than required in the ordinary fulfilment of business duties
        and
        shall not make such personal data available to other parties, nor publish
        or use
        them in any other way.  The
        Managing Director is aware of and agrees that, due to the internal structure
        of
        the Company’s group of affiliates and his position within the Company being
        particularly associated also with the Company’s international functions, his
        personnel data may be drawn, stored and processed not only by the Company
        but
        also by its affiliates, specifically by the Company’s parent company and other
        affiliates located in the U.S.

      


      9.
        Inventions

      


      
        	9.1  	
                All
                  rights pertaining to inventions, whether patentable or not, and
                  to
                  proposals for technical improvements made and to computer software
                  developed by the Managing Director (hereinafter jointly called
                  "Inventions") during the term of this Service Contract shall be
                  deemed
                  acquired by the Company without paying extra compensation therefor.
                  The
                  Managing Director shall inform the Company or a person designated
                  by the
                  Company of any Inventions immediately in writing and shall assist
                  the
                  Company in acquiring patent or other industrial property rights,
                  if the
                  Company so desires.

              


      


      
        
           

          
          

        

        
          -
            61
            -

          
            

          

        

        
          
          

        

      


      


      Any
        and
        all writings or other copyrightable material produced by the Managing Director
        in the course of his services reasonably relating to the actual or potential
        business of the Company or one of its affiliates shall be the sole property
        of
        the Company or such affiliate, and the Company or one of its affiliates shall
        have the exclusive right to copyright such writings or other materials in
        any
        country. The same shall apply to any and all significant ideas, works of
        authorship, formulae, devices, improvements, methods, processes, or discoveries
        that are related to the Company or one of its affiliates (hereinafter referred
        to as “Improvements”) and which the Managing Director conceives, makes up,
        develops, or works on in the course of his services under this Contract shall
        be
        the sole property of the Company or of one of its affiliates, respectively.
        The
        Managing Director shall execute any additional documents required to protect
        the
        right, title and interest of the Company or one of its affiliates in the
        Improvement.

      


      
        	
                9.2

              	
                Subsection
                  9.1 above shall apply to any Inventions, Improvements or other
                  industrial
                  or intellectual property rights, no matter whether they are related
                  to the
                  business of the Company, are based on experience and know-how of
                  the
                  Company, emanate from such duties of activities as are to be performed
                  by
                  the Managing Director within the Company, or materialise during
                  or outside
                  normal business hours of the
                  Company.

              


      

      


      
        	9.3  	
                The
                  Company's exclusive and unlimited rights to Inventions, Improvements
                  or
                  other industrial or intellectual property acquired hereunder shall
                  in no
                  way be affected by any amendments to or the termina-tion of this
                  Service
                  Contract. Should the Managing Director by law be entitled to any
                  compensation payment for such intellectual property rights which
                  - as
                  agreed above - solely pertain to the Company or one of its affiliates
                  it
                  is agreed that such payment is covered by the salary and that the
                  Managing
                  Director shall have no further claims against the Company or its
                  affiliates.

              


      

      


      


      10.
        Term of Service and Notice

      


      
        	10.1  	
                This
                  Service Contract is entered into for an indefinite period. It shall,
                  however, end without the need to give notice not later than the
                  expiry of
                  the month during which the Managing Director attains the age of
                  65, or the
                  month during which the Managing Director is entitled to receive
                  state old
                  age pension or pension for inability to work, whichever occurs
                  first. Both
                  parties are entitled to terminate this Contract by giving six (6)
                  months
                  prior notice effective to the end of any calendar month. In case
                  the
                  Company is obliged to observe an extended notice period, such an
                  extension
                  shall also apply for the Managing Director.


              


      


      
        
           

          
          

        

        
          -
            62
            -

          
            

          

        

        
          
          

        

      


      


      
        	10.2  	
                In
                  case this Contract has been terminated, the Com-pany is entitled
                  to
                  suspend and relieve the Managing Director from work at any time.
                  In such
                  case the Company shall con-tinue to pay the contractual remuneration
                  to
                  the Managing Director for six (6) months as of the termination
                  notice. Any
                  holidays not yet taken shall be set off against the time period
                  during
                  which the Managing Director is suspended/relieved from work. Any
                  suspension period shall not count for calculating a possible bonus
                  or
                  payment exceeding his gross base salary.


              


      

      


      
        	10.3  	
                Notice
                  of extraordinary termination, effective immediately, may be given
                  for
                  compelling reasons. Such reasons shall specifically be deemed to
                  exist in
                  case the Managing Director violates Articles 2, 3 and 8 of this
                  Service
                  Contract. The right of both Parties to terminate extraordinarily
                  for other
                  reasons remains unaffected.

              


      

      


      
        	10.4  	
                Notice
                  of termination must be given in writing. A revocation of appointment
                  as
                  Managing Director shall at the same time be deemed as termination
                  of this
                  Contract with notice period, provided that no termination for cause
                  is
                  made.

              


      

      


      11.
        Forfeiture clause

      


      
        	11.1  	
                All
                  mutual claims arising out of the Service Contract and such claims
                  which
                  are related to the Service Contract, shall lapse if they are not
                  asserted
                  against the other party to the contract in writing within two months
                  after
                  the due date.

              


      

      


      11.2 If
        the
        other party rejects the claim in writing or if a written response is not
        given
        within two weeks after the assertion of the claim, the claim shall lapse
        if it
        is not asserted before the courts within two months after receipt of the
        rejection or after expiry of the two week-period.

      


      12.
        Final provisions

      


      
        	12.1  	
                This
                  Service Contract represents the entire agreement and understanding
                  of the
                  parties. It supersedes and replaces all other previous contracts
                  of
                  employment as issued by the Company or its affiliates. An amendment
                  to
                  this contract is the Peter Maske Benefit summary August 1, 2003
                  attached
                  to this contract. 

              


      

       

      
        	12.2  	
                Any
                  amendments of or additions to this Service Contract shall be made
                  in
                  writing in order to be effective.

              


      

      


      
        	12.3  	
                If
                  one of the provisions of this Service Contract is held to be invalid,
                  the
                  remaining provisions shall remain valid, and the invalid provision
                  shall
                  be replaced by such valid one which shall have the closest admissible
                  economic effect. The same shall apply in the event that the Contract
                  is
                  found to be incomplete.

              


      

      


      
        	12.4  	
                In
                  the event of disputes in connection with this Service Contract,
                  the place
                  of jurisdiction shall be the European seat of the
                  Company.

              


      


      
        
           

          
          

        

        
          -
            63
            -

          
            

          

        

        
          
          

        

      


      


      
        	12.5  	
                This
                  Service Contract shall be governed and construed in accordance
                  with the
                  laws of Germany.

              


      

      


      
        	12.6  	
                The
                  Managing Director has received an executed copy of this Service
                  Contract.

              


      

      


      Wittlich,
        Germany August 1, 2003  Wittlich,
        Germany August 1, 2003

      


      ___________________________  ________________________

      Company      Managing
        Director


      


      Amendment
        to Managing Director Service Contract ( 12.1 )

      
 

      Peter
        Maske Compensation and Benefit Summary August 1, 2003

      


      Effective
        with your re-assignment to Germany and the European Operations your salary
        and
        benefits will be adjusted as follows:

      


      
        	·  	
                In
                  order to maintain the net compensation level due to the tax differential
                  between the U.S. and Germany your annual base salary will be $260,000.00
                  USD payable at the current EURO
                  exchange.

              


      

      


      
        	·  	
                You
                  will retain your pension benefits earned between 1999 and 2003
                  in the Cash
                  Balance Pension Plan and Franklin Electric Basic Pension
                  Plan.

              


      

      


      
        	·  	
                You
                  will start accruing additional pension benefits in the German Plan
                  effective August 1, 2003 until your retirement. This benefit will
                  be a
                  continuation to the pension benefits you have earned under the
                  German Plan
                  1974 - 1999.

              


      

      


      
        	·  	
                The
                  FE EUROPA GmbH Pension Plan is
                  attached.

              


      

      


      
        	·  	
                If
                  there is a termination of employment and it is effected in connection
                  with
                  a change in control of Franklin Electric Co., Inc. (the Company),
                  the
                  Company will be required to pay you your annual compensation for
                  two years
                  from the date of termination or change in control, whichever is
                  earlier,
                  and to continue to provide you with certain health benefits under
                  the
                  Company’s benefit plan in which you were a participant at the time of your
                  termination of employment. These health benefits will run concurrent
                  with
                  any compensation payments.

              


      

       

       

      
        
          
          

        

        
          -
            64
            -