Document:

EX-10.1

EXHIBIT 10.1

SEVERANCE, RELEASE AND RESTRICTIVE COVENANTS AGREEMENT

THIS RELEASE AND RESTRICTIVE COVENANTS AGREEMENT (“Agreement”) is made and entered into on
this 7th day of February, 2005, by and between John Douglas Whisenant (“Employee”)
and The Williams Companies, Inc. (“Company”).

WHEREAS, Company and Employee have agreed that Employee’s employment will be terminated
effective February 7, 2005; and

WHEREAS, Employee may or may not have claims related to his employment or the termination of
his employment with the Company for which Employee may or may not claim certain entitlements; and

WHEREAS, the Company or its subsidiaries or affiliates are engaged in business interests
related to natural gas transportation; and

WHEREAS, the Employee’s association with Company and its subsidiaries and affiliates has given
him access to and familiarity with confidential information of Company and its subsidiaries and
affiliates related to such business interests; and

WHEREAS, Employee acknowledges that the business and services of Company and its subsidiaries
and affiliates are highly specialized and that it is essential for the proper protection of their
businesses that Employee be restrained from unfairly competing with the business interests with
which he has been involved or from disclosing their confidential information; and

WHEREAS, the parties wish to resolve all issues between them by mutual agreement and therefore
enter into the following Agreement.

NOW, THEREFORE, in consideration of the releases, agreements and payments made herein and
other good and valuable considerations, the receipt and sufficiency of which are hereby
acknowledged, Company and Employee agree as follows:

1. Severance Payment It is the intention of Company and Employee by this Agreement
to release Company from any and all liability of any nature whatsoever; accordingly, seven days
after counsel for Company receives the fully executed original of this Agreement, Company will pay
to Employee a severance payment of EIGHT HUNDRED FIFTY THOUSAND and no/100 DOLLARS ($850,000.00)
less deductions required by law.

2. Release In consideration of this payment, Employee, for himself, his attorneys,
and his heirs, executors, administrators, successors and assigns, does hereby fully, finally and
forever release and discharge Company and its parent company, subsidiaries, affiliates,
predecessors, successors and assigns and their respective officers, directors, employees,
representatives, agents and fiduciaries, de facto or de jure
(“Released Parties”) of and from any and all charges, claims, actions (in law or in equity), suits,
demands, losses, expenses, damages, debts, liabilities, obligations, disputes, proceedings, or any
other manner of liability (known or unknown) including without limitation those arising from, in
whole or in part, the employment relationship between Company and Employee or the termination
thereof which exist, or have heretofore accrued, fixed or contingent, known or unknown, including
without limitation any claims arising under 42 U.S.C. § 1981, 42 U.S.C. § 1983, 42 U.S.C. § 1985,
42 U.S.C. § 1986, the Equal Pay Act, 29 U.S.C. § 206(d), the National Labor Relations Act, as
amended, 29 U.S.C. § 160, et seq., the Americans With Disabilities Act, 42 U.S.C. §
12101, et seq., the Employee Retirement Income Security Act of 1974, as amended,
(“ERISA”), 29 U.S.C. § 1001, et seq., the Age Discrimination in Employment Act, 42
U.S.C. § 601, et seq., Title VII of the Civil Rights Act of 1964 as amended by the
Civil Rights Act of 1991, 42 U.S.C. § 2000e, et seq., the Family and Medical Leave
Act, 29 U.S.C. § 2601 et seq., and claims of wrongful discharge, defamation,
infliction of emotional distress, termination in violation of public policy, retaliatory discharge,
including those based on workers’ compensation retaliation under state statutes, discrimination on
the basis of handicap, or claims arising under any federal or state statute or common law. This
Agreement does not release or discharge any claim or rights which might arise out of the actions of
Company after the date Employee signs this Agreement.

3. Confidentiality/Company Property/Restrictive Covenants In further consideration of
the payment provided in Section 1 herein, Employee agrees as follows:

(a) Confidentiality/Company Property Employee acknowledges his continuing
obligations to maintain confidentiality of Released Parties confidential and proprietary
information, and he shall not use for his personal benefit, or disclose, communicate or
divulge to, or use for the direct or indirect benefit of any person, firm, association or
company other than the Released Parties any confidential information regarding the
employees, business methods, business strategies and plans, policies, procedures,
techniques, research or development projects or results, trade secrets, or other knowledge
or processes of or developed by the Released Parties, or any other confidential information
relating to or dealing with the business operations, employees or activities of Released
Parties, made known to Employee or learned or acquired by Employee while in the employ of
Company or any of its subsidiaries or affiliates.

Provided, this restriction shall not apply if the information has been previously
released by Company or if Employee has obtained advance, written consent signed by the
Chairman President – CEO of The Williams Companies, Inc. to release the same.

Employee agrees that no later than the execution of this Agreement, he will return to
Company all property of Company and its subsidiaries or affiliates in any form in his
possession or control, directly or indirectly, including but not limited to cell phones,
personal computers, computer disks, credit cards, security access cards, vehicle, graphs,
charges, photographs, books, manuals and presentations, all other documents and recordings
whether in written, electronic or other form. Employee represents and agrees that he has
not directly or indirectly retained copies of any of the same in any form.

(b) Non-Compete For a two year period following Employee’s termination of
employment, and, absent prior written consent of the Chairman President – CEO of The
Williams Companies, Inc., Employee shall not engage in the same activities he performed for
Company, or its subsidiaries or affiliates for himself or as a principal, partner, director,
officer, agent, employee, consultant or otherwise in any business which is involved in
business activities which are the same as or similar to and in competition with business
activities of Company or its subsidiaries or affiliates.

(c) Employee acknowledges that the restrictions contained in the foregoing
subparagraphs (a) and (b), in view of the nature of the business in which Company is engaged
and the nature of the services provided by Employee, are reasonable and necessary in order
to protect the legitimate interest of Company, and that any violation thereof would result
in irreparable injuries to Company, and Employee therefore acknowledges that, in the event
of his violation of any of these restrictions, Company shall be entitled to obtain from any
court of competent jurisdiction preliminary and permanent injunctive relief as well as
damages and an equitable accounting of all earnings, profits and other benefits arising from
such violation, which rights shall be cumulative and in addition to any other rights or
remedies to which Company may be entitled.

4. Nondisparagement The Company agrees not to disparage Employee and Employee agrees
not to disparage the Company or the Company’s officers, directors, employees, shareholders and
agents, in any manner likely to be harmful to the Parties or their business, business reputation or
personal reputation; provided that Employee and the Company may respond accurately and fully to any
question, inquiry or request for information when required by legal process or as necessary to
enforce this Agreement.

5. Employee’s Covenants By signing this Agreement, Employee covenants, agrees,
represents and warrants that:

(a) Upon reasonable request of Company, Employee shall consult with Company in the
orderly transition of business matters in which Employee participated during his employment
with Company and/or with respect to any litigation, legal proceedings or other disputes
arising in connection with such business matters, including, but not limited to, matters
with respect to Company’s response to inquiries initiated by governmental entities or other
third parties and defense of certain lawsuits against Company and such other matters as
shall be reasonably requested from time to time by Company’s General Counsel.

(b) He has not filed and will not in the future file any lawsuits, complaints,
petitions or accusatory pleadings against any of the Released Parties with any governmental
agency or in any court, based upon, arising out of or in any way related to any event or
events occurring prior to the signing of this Agreement, including, without limitation, his
employment with any of the Released Parties or the termination thereof.

(c) This Agreement specifically includes, without limitation, all claims asserted by or
on behalf of Employee against any of the Released Parties, together with all claims which
might have been asserted by or on behalf of Employee in any suit, claim (known or unknown),
charge or grievance against any of the Released Parties for or on account of any matter or
things whatsoever up to and including the date Employee signs this Agreement;

(d) Employee represents that he has not heretofore assigned or transferred, or
purported to assign or transfer, to any person or entity, any claim or any portion thereof
or interest therein and acknowledges that this Agreement shall be binding upon Employee and
upon his heirs, administrators, representatives, executors, successors, and assigns, and
shall inure to the benefit of the Released Parties and each of them, and to their heirs,
administrators, representatives, executors, successors, and assigns.

(e) Employee waives all rights to recovery for any damages or compensation awarded as a
result of any suit or proceeding by any third party or governmental agency on Employee’s
behalf related to claims released in Section 2 herein;

(f) Employee shall keep confidential the existence of this Agreement, its terms,
contents, conditions, proceedings and negotiations, he will make no statements or
representations relating thereto, except to his attorney or tax advisor, his spouse or as
may be required by law, and this paragraph 5(f) is a separate agreement, the breach of which
will constitute a material breach of this Agreement. Provided, Employee is not restricted
hereunder from revealing the existence and parameters of the Restrictive Covenants of
Section 3 to any future employer or potential future employer.

(g) Employee does not now, and agrees that he will not in the future, seek
re-employment with or by any of the Released Parties unless specifically requested by one of
the Released Parties to work for it (other than as an independent contractor). Employee
acknowledges and understands that he is not now and will not ever in the future be eligible
for such employment, unless otherwise requested as aforementioned, and he agrees that such
ineligibility is fair and just under all of the relevant facts and circumstances.

6. No Admission of Liability Notwithstanding the provisions of this Agreement and
the payments to be made by Company to Employee hereunder, Company does not admit any manner of
liability to Employee but has entered into this Agreement as a means of settling any and all
disputes between Company and Employee.

7. Independent Advice Employee has been encouraged to seek independent legal and tax
advice concerning the provisions of this Agreement in general and, after such advice and
consultation, Employee has freely and knowingly entered into this Agreement. Employee
acknowledges, understands and affirms that:

(a) This Agreement is a binding legal document; and

(b) Employee voluntarily signs and enters into this Agreement without reservation after
having given the matter full and careful consideration.

(c) Employee acknowledges that he has been provided with the opportunity of at least
twenty-one (21) days in which to consider this Agreement and that he has been advised to
consult with an attorney before signing this Agreement. If Employee elects to take less that
twenty-one days to consider this Agreement, he does so knowingly, willingly and on advice of
counsel, with full understanding that he is waiving a statutory right to take the full
twenty-one days. Employee warrants that after careful review and study of this Agreement, he
understands that the terms set forth herein are those actually agreed upon. Further,
Employee acknowledges and understands that he has seven (7) days from his execution of this
Agreement to revoke or rescind it and that after the expiration of such seven (7) day period
this Agreement is effective and enforceable and may not be revoked.

8. Indemnity Except in the event of negligence or mistake solely attributable to
Company, Employee agrees to indemnify, save, defend and protect Company from and against any and
all claims, assessments or reallocations which may be attempted or made by the Internal Revenue
Service in respect of the allocation of the payment made hereunder and agrees to pay to Company any
assessed taxes for FICA, FUTA, unemployment compensation or other tax or assessment, including any
penalties associated therewith.

Subject to Article VIII of the By-Laws of The Williams Companies, Inc. and/or the terms of any
applicable insurance policies and/or employee benefit plans, Company will defend and indemnify
Employee with regard to claims brought against Employee by third parties and arising from actions
taken by Employee in his capacity as an officer and agent of Company. Employee’s release of claims
herein does not include any claims against Company for indemnification pursuant to such By-Laws
and/or the terms of any applicable insurance policies and/or employee benefit plans.

9. No Release of Vested Benefit Employee does not, by this Agreement, release or
discharge any right to any vested, deferred benefit in any qualified employee benefit plan which
provides for retirement, pension, savings, thrift and/or employee stock ownership, as such terms
are used under ERISA, maintained by any of the Released Parties which employed Employee.
Provided, Employee agrees that he is not entitled to any other severance payment or
compensation except as set forth in Section 1 herein.

10. Entire Agreement; Miscellaneous This Agreement constitutes the entire agreement
between the parties hereto pertaining to the facts and matters stated herein and supersedes any and
all prior understandings, agreements or representations or understandings, whether written or oral,
prior to the date hereof. This Agreement and the rights and obligations hereunder shall be
construed in all respects in accordance with the internal laws of the State of Oklahoma without
reference to the conflict of laws provisions thereof. Should any provision of this Agreement be
found or declared or determined by a court of competent jurisdiction to be invalid, the validity of
the remaining parts, terms or provisions shall not be affected thereby and any such invalid part,
term or provision shall be deemed not to be a part of this Agreement. Any litigation concerning
this Agreement or the facts or matters described herein shall be brought only in a court of
competent jurisdiction in Tulsa County, Tulsa, Oklahoma.

11. Binding Effect This Agreement is binding upon and shall inure to the benefit of
the parties hereto and their respective successors, assigns, personal representatives, officers,
directors, agents, attorneys, parents, subsidiaries and affiliates.

1

EMPLOYEE FURTHER STATES THAT HE HAS CAREFULLY READ THIS DOCUMENT AND KNOWS AND UNDERSTANDS THE
CONTENTS HEREOF AND THAT HE SIGNS THIS AGREEMENT AS HIS OWN FREE ACT AND DEED. THE PROVISIONS OF
THIS AGREEMENT SHALL BE EFFECTIVE THE DATE ON WHICH EMPLOYEE SIGNS THIS AGREEMENT.

	 	 	 
	WITNESS:

	 	JOHN DOUGLAS WHISENANT

/s/ John Douglas Whisenant
	
 
	 	 

	 	 	 	Date signed: February 7, 2005

THE WILLIAMS COMPANIES, INC.

By: /s/ Michael P. Johnson

	 	 	 	Title: Senior Vice President & Chief

Administrative Officer 

Date signed: February 7, 2005

2

A C K N O W L E D G M E N T

I HEREBY ACKNOWLEDGE that The Williams Companies, Inc., in accordance with the Age
Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act of 1990,
informed me in writing that:

(1) I should consult with an attorney before signing the Severance, Release and
Restrictive Covenant Agreement (“Release”) which was provided to me today;

(2) I may review the Release for a period of up to twenty-one (21) days prior to
signing the Release. If I choose to take less than twenty-one (21) days to review the
Release, I do so knowingly, willingly and on advice of counsel.

(3) For a period of seven days following the signing of the Release, I may revoke the
Release, and that the Release will not become effective or enforceable until the seven day
revocation period has elapsed; and

(4) The sums paid under the Release will not be paid to me until the seven day
revocation period has elapsed.

I HEREBY FURTHER ACKNOWLEDGE receipt of this Severance and Release Agreement on the
13th day of January, 2005.

WITNESS:

/s/ Eleanor A. Whisenant

/s/ John Douglas Whisenant

3Exhibit 10-14

Exhibit
10.14

Managing
Director Service Contract

Between

Franklin
Electric Co., Inc

400 East
Spring Street 

Bluffton,
Indiana 46714

USAFranklin
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
CEO
Shareholders
of the
Company intends to
appoint Mr. Maske as Managing Director of the Company as of August 1, 2003. On
this basis, the Parties agree to
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 (Geschäftsführer). In addition, he shall have the title
      “President Franklin Electric Europa”.act
      as 

	
      1.2
	
      The
      Managing Director shall represent the
Company.

	
      1.3
	
      The
      CEO
      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 CEOShareholders,
      and in accordance with the law. He will also comply with the Company’s
      policies, in particular with the Franklin policy on business
      ethics.

	
      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.

- 43
-

 

	
      2.3.
	
      During
      the term of this Service Contract and for an additional two (3years
      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
      CEO
      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
      CEO
      Shareholders
      furthermore
      reserves
      the right to issue at any time directions of a general nature or for
      specific cases.

 

	
      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 $260,000 USD$
      USD,
      payable in EURO’S determined at the average exchange rate for the month,
      and distributed in twelve (12) equal installments 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. The
      Managing Director may elect to convert the gross base salary to a EURO
      denomination one time during the term of the contract at the then current
      exchange rate. After that election, the base salary will remain in that
      currency for the term 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
      CEOCompany.

 

	
      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.

 

	
      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.

- 44
-

	
      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
      Plan from 1974 - 1999.

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.

- 45
-

	
      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.

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 organization 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 fulfillment 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 agrees, however, that his personal data be processed by
      the Company and its affiliates. 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 therefore. 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.

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 materialize during or outside
      normal business hours of the
Company

 

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      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.

	
      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.

	
      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.

 

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-

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

	 	 
	
      /s/
      Gary Ward
		
      /s/
      Peter Christian Maske
	
	
      Company
	
      Managing
      Director

	
      /s/
      R. Scott Trumbull
		 

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-

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.

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