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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
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    Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the fiscal year ended June 27, 2010.
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    Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 Commission File Number 0-25150
 STRATTEC SECURITY CORPORATION
  Wisconsin
    
    39-1804239(State of Incorporation)
    
    (I.R.S. Employer Identification No.)
 3333 West Good Hope Road, Milwaukee, WI 53209
 (414) 247-3333  (Registrants telephone number, including area code)
  Title of each class
    
    Name of exchange on which registeredCommon Stock, $.01 par value
    
    The NASDAQ Stock Market
 (Title of Class)
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  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller Reporting Company þ(do not check if a smaller reporting company)
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TABLE OF CONTENTS  PART IItem 1. BusinessItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 2. PropertiesItem 3. Legal ProceedingsItem 4. [Removed and Reserved]PART IIItem 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem 6. Selected Financial DataItem 7. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 7A. Quantitative and Qualitative Disclosures About Market RiskItem 8. Financial Statements and Supplementary DataItem 9. Changes In and Disagreements with Accountants on Accounting and Financial DisclosureItem 9A. Controls and ProceduresItem 9B. Other InformationPART IIIItem 10. Directors and Executive Officers and Corporate GovernanceItem 11. Executive CompensationItem 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder MattersItem 13. Certain Relationships and Related Transactions and Director IndependenceItem 14. Principal Accountant Fees and ServicesPART IVItem 15. Exhibits and Financial Statement SchedulesSIGNATURESEX-13EX-23.1EX-23.2EX-31.1EX-31.2EX-32    Table of Contents     Part of the Form 10-KDocument
    
    into which incorporatedPortions of the Annual Report to Shareholders for the
fiscal year ended June 27, 2010
    
    I, II, IVPortions of the Proxy Statement dated September 1, 2010, for the
Annual Meeting of Shareholders to be held on October 5, 2010.
    
    III
 PROSPECTIVE INFORMATION
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PART I
 
 Item 1. Business
  Emerging Technologies
   Sources and Availability of Raw Materials
  Patents, Trademarks and Other Intellectual Property
    Dependence Upon Significant Customers
  3




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Sales and Marketing
   4




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Competition
    Research and Development
  Customer Tooling
  Environmental Compliance
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Employees
  Available Information
  
 Item 1A. Risk Factors
  
 Item 1B.
    
    Unresolved Staff Comments
  
 Item 2.
    
    Properties
  Location
    
    Type
    
    Sq. Ft.
    
    Owned or LeasedMilwaukee, Wisconsin
    
    Headquarters and General Offices; Component
Manufacturing and Service Parts Distribution
    
    
    352,000
    
    
    OwnedJuarez, Chihuahua Mexico
    
    Subsidiary Offices and Assembly
    
    
    97,000
    
    
    OwnedJuarez, Chihuahua Mexico
    
    Subsidiary Offices, Key Finishing, Injection
Molding and Assembly Operations
    
    
    140,000
    
    
    OwnedEl Paso, Texas
    
    Finished Goods Warehouse
    
    
    38,000
    
    
    Leased**Troy,Michigan
    
    Sales and Engineering Office
for Detroit Customer Area
    
    
    18,900
    
    
    Leased**
 
 **
    
    Leased unit within a complex.  
 Item 3. Legal Proceedings
  
 Item 4.
    
    [Removed and Reserved]
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PART II
 
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
    
 Item 6. Selected Financial Data
  
 Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 8. Financial Statements and Supplementary Data
   
 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure
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Item 9A. Controls and Procedures
     
 Item 9B.
    
    Other Information
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PART III
 
 Item 10. Directors and Executive Officers and Corporate Governance
   
 Item 11.
    
    Executive Compensation
   
 Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Shareholder
Matters
  Equity Compensation Plan Information
  Number of
    
    
    
    
    
    
    Number ofcommon shares to be
    
    
    
    
    
    
    common sharesissued upon exercise
    
    
    Weighted-average
    
    
    available for futureof outstanding
    
    
    exercise price of
    
    
    issuance underoptions,
    
    
    outstanding options,
    
    
    equityPlan Category
    
    warrants, and rights
    
    
    warrants, and rights
    
    
    compensation plansEquity compensation
plans approved by
shareholders
    
    
    297,650
    
    
    $
    33.01
    
    
    
    250,893Equity compensation
plans not approved
by shareholders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    297,650
    
    
    $
    33.01
    
    
    
    250,893
 
 Item 13.
    
    Certain Relationships and Related Transactions and Director Independence
  
 Item 14.
    
    Principal Accountant Fees and Services
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PART IV
 
 Item 15.
    
    Exhibits and Financial Statement Schedules
  (1)(i)
    
    Financial Statements  The following financial statements of the Company,
included on pages 25 through 46 of the Companys 2010 Annual Report to Shareholders,
are incorporated by reference in Item 8 of this Form 10-K annual report:Reports of Independent Registered Public Accounting Firm
(Deloitte & Touche LLP)Consolidated Balance Sheets  as of June 27, 2010 and June 28, 2009Consolidated Statements of Operations and Comprehensive Income (Loss)  years ended
June 27, 2010, June 28, 2009 and June 29, 2008Consolidated Statements of Shareholders Equity  years ended June 27, 2010, June
28, 2009 and June 29, 2008Consolidated Statements of Cash Flows  years ended June 27, 2010, June 28, 2009 and
June 29, 2008Notes to Financial Statements(ii)
    
    The following are included at pages 11 and 12 in this Form 10-K Report.Report of Independent Registered Public Accounting Firm
(Deloitte & Touche LLP  as of June 27, 2010 and for the year
ended June 27, 2010)Report of Independent Registered Public Accounting Firm
(Grant Thornton LLP  as of June 28, 2009 and for each of the two
years in the period ended June 28, 2009)(2)
    
    Financial Statement ScheduleAll schedules have been omitted because they are not applicable or are not required, or
because the required information has been included in the Financial Statements or Notes thereto.(3)
    
    Exhibits. See Exhibit Index beginning on
page 14.
 (b)
    
    ExhibitsSee Exhibit Index and the exhibits attached hereto or previously filed as described in
the Exhibit Index beginning on page 14.(c)
    
    Financial Statement SchedulesNone required.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    Internal Control  Integrated Framework
  
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
       /s/ GRANT THORNTON LLPGRANT THORNTON LLP
Milwaukee, WI  12




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SIGNATURES
  STRATTEC SECURITY CORPORATIONBy:
    /s/ Harold M. Stratton IIHarold M. Stratton IIChairman and Chief Executive Officer   Signature
    
    Title
    
    Date/s/ Harold M. Stratton II

Harold M. Stratton II
    
    Chairman, Chief Executive Officer,
and Director
(Principal Executive Officer)
    
    September 1, 2010/s/ Frank J. Krejci
    
    President, Chief Operating Officer,
    
    August 17, 2010Frank J. Krejci
    
    and Director/s/ Michael J. Koss
    
    Director
    
    August 17, 2010Michael J. Koss/s/ Robert Feitler
    
    Director
    
    August 17, 2010Robert Feitler/s/ David R. Zimmer
    
    Director
    
    August 17, 2010David R. Zimmer/s/ Patrick J. Hansen

Patrick J. Hansen
    
    Senior Vice President, Chief
Financial Officer,
Secretary and Treasurer

(Principal Financial and
Accounting Officer)
    
    September 1, 2010
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##### Table of Contents



EXHIBIT INDEX TO ANNUAL REPORT
 ON FORM 10-K
 Exhibit3.1 (1)
    
    Amended and Restated Articles of Incorporation of the Company
    
    *3.2 (2)
    
    By-laws of the Company
    
    *4.1 (5)
    
    Promissory Note dated as of October 31, 2009 by and between the Company
and M&I Bank
    
    *10.1 (2)**
    
    Amended STRATTEC SECURITY CORPORATION Stock Incentive Plan
    
    *10.2 (2)**
    
    Form of Restricted Stock Grant Agreement
    
    *10.3(3)**
    
    Amended STRATTEC SECURITY CORPORATION Economic Value Added Plan for
Executive Officers and Senior Managers
    
    *10.4 (3) **
    
    Amended STRATTEC SECURITY CORPORATION Economic Value Added Plan for
Non-employee Members of the Board of Directors
    
    *10.5 (6) **
    
    Amended STRATTEC SECURITY CORPORATION Supplemental Executive
Retirement Plan
    
    *10.6 (6)**
    
    Employment Agreement between the Company and Harold M. Stratton II made as of
May 5, 2010.
    
    *10.7 (6)**
    
    Change of Control Employment Agreement between the Company and Harold M.
Stratton II made as of May 5, 2010.
    
    *10.8 (6)**
    
    Employment Agreement between the Company and Frank J. Krejci made as of May
5, 2010.
    
    *10.9 (6)**
    
    Change of Control Employment Agreement between the Company and Frank J.
Krejci made as of May 5, 2010.
    
    *10.10 (6)**
    
    Employment Agreement between the Company and Patrick J. Hansen made as of
May 5, 2010.
    
    *10.11 (6)**
    
    Change of Control Employment Agreement between the Company and Patrick J.
Hansen made as of May 5, 2010.
    
    *10.12 (6)**
    
    Employment Agreement between the Company and Rolando J. Guillot made as of
May 5, 2010.
    
    *10.13 (6)**
    
    Change of Control Employment Agreement between the Company and Rolando J.
Guillot made as of May 5, 2010.
    
    *10.14 (6)**
    
    Employment Agreement between the Company and Kathryn E. Scherbarth made as
of May 5, 2010.
    
    *10.15 (6)**
    
    Change of Control Employment Agreement between the Company and Kathryn E.
Scherbarth made as of May 5, 2010.
    
    *10.16 (6)**
    
    Employment Agreement between the Company and Dennis A. Kazmierski made as of
May 5, 2010.
    
    *10.17 (6)**
    
    Change of Control Employment Agreement between the Company and Dennis A.
Kazmierski made as of May 5, 2010.
    
    *10.18 (6)**
    
    Employment Agreement between the Company and Brian J. Reetz made as of May
5, 2010.
    
    *10.19 (6)**
    
    Change of Control Employment Agreement between the Company and Brian J.
Reetz made as of May 5, 2010.
    
    *10.20 (6)**
    
    Employment Agreement between the Company and Richard P. Messina made as of
May 5, 2010.
    
    *10.21 (6)**
    
    Change of Control Employment Agreement between the Company and Richard P.
Messina made as of May 5, 2010.
    
    *13
    
    Annual Report to Shareholders for the year ended June 27, 2010
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Exhibit16 (7)
    
    Letter Regarding Change in Auditors
    
    *21(4)
    
    Subsidiaries of the Company
    
    *23.1
    
    Consent of Independent Registered Public Accounting Firm dated September 1, 201023.2
    
    Consent of Independent Registered Public Accounting Firm dated September 1, 201031.1
    
    Rule 13a-14(a) Certification for Harold M. Stratton II, Chairman and Chief Executive Officer31.2
    
    Rule 13a-14(a) Certification for Patrick J. Hansen, Chief Financial Officer32 (8)
    
    18 U.S.C. Section 1350 Certifications
 
 *
    
    Previously filed**
    
    Management contract or compensatory plan or arrangement(1)
    
    Incorporated by reference from Amendment No. 2 to the Form 10 filed on
February 6, 1995.(2)
    
    Incorporated by reference from the Form 8-K filed on October 7, 2005.(3)
    
    Incorporated by reference from the July 1, 2007 Form 10-K filed on August 30,
2007.(4)
    
    Incorporated by reference from the June 29, 2008 Form 10-K filed on August 29,
2008.(5)
    
    Incorporated by reference from the September 27, 2009 Form 10-Q filed on
November 5, 2009.(6)
    
    Incorporated by reference from the March 28, 2010 Form 10-Q filed on May 6,
2010.(7)
    
    Incorporated by reference
from the exhibit to the Form 8-K filed on
March 1, 2010(8)
    
    This certification is not filed for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended. 15