Document:

2015.01.03 EX 10.10

EXHIBIT 10.10

SECOND AMENDMENT TO THE
FRANKLIN ELECTRIC CO., INC.
PENSION RESTORATION PLAN

WHEREAS, Franklin Electric Co., Inc. (the “Company”) maintains the Franklin Electric Co., Inc. Pension Restoration Plan (the “Plan”) for designated employees; and 
WHEREAS, the Company has delegated the right to amend the Plan to the Chief Financial Officer and Vice President-Global Human Resources (the “Amending Officers”) and the Amending Officers now deem it appropriate to do so.
NOW THEREFORE BE IT RESOLVED, that the Plan is hereby amended, effective as of February 22, 2013:
 1.    The last sentence of Section 4(b) of the Plan is amended to read as follows:
“As used in Section 4(b), “Actuarial Equivalent” shall be determined in accordance with the definition of Actuarial Equivalent in effect under the Cash Balance Plan on January 1, 2005, on the following basis: (i) the Applicable Mortality Table in effect on the date of such termination of employment shall be used; and (ii) the lesser of the Applicable Interest Rate in effect on either the date of such termination of employment, or the date the monthly annuity payments commence or a lump sum payment is made, without regard to Section 3(d), as applicable, shall be used.” 
3.    The first sentence of Section 8 of the Plan is amended to insert the phrase “by action of its Board of Directors or its delegate” immediately following the phrase “to amend the Plan.”
4.    Section 9.6 of the Plan is amended to add a new sentence to read as follows:
“Notwithstanding anything to the contrary, the Company may make distributions to someone other than the Participant if such payment is necessary to comply with a domestic relations order, as defined in Code Section 414(p)(1)(B), involving the Participant.”
IN WITNESS WHEREOF, this Second Amendment has been duly executed as of this 19th day of December, 2013.
FRANKLIN ELECTRIC CO., INC.

 /s/ John J. Haines                
John J. Haines
Chief Financial Officer

 /s/ Thomas J. Strupp                
Thomas J. Strupp
Vice President-Global Human Resources2015.01.03 EX 10.13

EXHIBIT 10.13
SECOND AMENDMENT TO THE
FRANKLIN ELECTRIC CO., INC.
SUPPLEMENTAL RETIREMENT AND
DEFERRED COMPENSATION PLAN

WHEREAS, Franklin Electric Co., Inc. (the “Company”) maintains the Franklin Electric Co., Inc. Supplemental Retirement and Deferred Compensation Plan (the “Plan”) for designated employees; and
WHEREAS, the Company has delegated the right to amend the Plan to the Chief Financial Officer and Vice President-Global Human Resources (the “Amending Officers”) and the Amending Officers now deem it appropriate to do so.
NOW, THEREFORE, BE IT RESOLVED, that Section 7.2 of the Plan is hereby amended, effective as of February 22, 2013, to read as follows: 
		
	“7.2
	Right to Amend.  The MOCC, the Board or its delegate may, in its sole discretion, amend this Plan and the related Deferral Agreements at any time.”

IN WITNESS WHEREOF, this Second Amendment has been duly executed as of this 19th day of December, 2013.
FRANKLIN ELECTRIC CO.
 /s/ John J. Haines                    
John J. Haines
Chief Financial Officer

/s/ Thomas J. Strupp                    
Thomas J. Strupp
Vice President-Global Human Resources2015.01.03 EX 10.14

EXHIBIT 10.14
THIRD AMENDMENT TO THE
FRANKLIN ELECTRIC CO., INC.
SUPPLEMENTAL RETIREMENT AND
DEFERRED COMPENSATION PLAN

WHEREAS, Franklin Electric Co., Inc. (the “Company”) maintains the Franklin Electric Co., Inc. Supplemental Retirement and Deferred Compensation Plan (the “Plan”) for designated employees; and
WHEREAS, the Company has delegated the right to amend the Plan to the Chief Financial Officer and Vice President-Global Human Resources (the “Amending Officers”); and
WHEREAS, the Amending Officers now deem it appropriate to amend the Plan to reflect current procedures for the crediting of earnings and losses to Plan sub-accounts and the making of investment election changes.
NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended, effective as of January 1, 2012, as follows:
1.    Section 5.4(a) is hereby amended to read as follows:
		
	(a)
	A Participant's Account shall be credited or debited with investment earnings or losses in the following manner: 

(i)  The sub-accounts to which a Participant’s Salary Deferrals, Award Deferrals, Restoration Contributions and/or transferred Pension Restoration Plan Account are credited will be credited or debited with the same investment earnings or losses with which such sub-accounts would have been credited or debited assuming they had been actually invested in one or more investment funds made available by the Committee and selected by the Participant.  Investment earnings or losses will be credited (A) as of each Valuation Date, in the case of the sub-accounts holding Restoration Contributions and Pension Restoration Plan Accounts and (B) as of the end of each month in the case of the sub-accounts holding Salary Deferrals and Award Deferrals.

(ii)  The sub-account to which a Participant’s SERP Contributions are credited will be credited with interest at an annual rate equal to the greater of (A) 4.5% or (B) the rate of interest on 30-year Treasury Securities for the month of November last preceding the first day of the Plan Year for which each SERP Contribution is made.  Such interest will be credited as of the December 31st of each Plan Year, based on the value of the Participant’s SERP Contribution sub-account calculated as of the prior January 1st of that same Plan Year. 

(iii)  Notwithstanding Section 5.4(a)(i), for the period beginning on January 1, 2012 and ending on December 31, 2012, the sub-account to which a Participant’s transferred Pension Restoration Plan Account is credited will be credited with interest at an annual rate equal to the greater of (A) 4.5% or (B) the rate of interest on 30-year Treasury Securities for the month of November 2011.

2.    Section 5.6 is hereby amended to read as follows:
		
	5.6.
	Changing Investment Elections.  A Participant may change his election in Section 5.4 with respect to his future Award Deferrals, Salary Deferrals and/or Restoration Contributions or may reallocate the current balance of any or all of his sub-accounts listed in Section 5.4(a)(i), thereby changing the investment fund or funds used to measure the future investment 

performance of his existing sub-account balance, by filing an appropriate written form or by such other means as approved by the Committee from time to time.  Any such change will be effective (a) as of the first day of the month following the date the change election is received, in the case of Award Deferrals, Salary Deferrals and the related sub-accounts; and (b) as of the Valuation Date next following the date the change election is received in the case of Restoration Contributions, the Restoration Contribution sub-account or the Pension Restoration Plan Account sub-account.

IN WITNESS WHEREOF, this Third Amendment has been duly executed as of this 30th day of June, 2014.
FRANKLIN ELECTRIC CO.

By:  /s/ John J. Haines                    
John J. Haines
Chief Financial Officer

By: /s/ Thomas J. Strupp                
Thomas J. Strupp
Vice President-Global Human Resources
And Member, Employee Benefits
Committee2015.01.03 EX 10.42

EXHIBIT 10.42
AMENDMENT NO. 2
Dated as of February 27, 2015
to
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
Dated as of December 14, 2011
THIS AMENDMENT NO. 2 (this “Amendment”) is made as of February 27, 2015 by and among (i) Franklin Electric Co., Inc., an Indiana corporation (the “US Borrower”), Franklin Electric B.V., a Netherlands private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) (the “Dutch Borrower” and, together with the US Borrower, the “Borrowers”), (ii) the financial institutions listed on the signature pages hereof and (iii) JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent’), under that certain Second Amended and Restated Credit Agreement dated as of December 14, 2011 by and among the Borrowers, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.
WHEREAS, the Borrowers have requested that the requisite Lenders and the Administrative Agent agree to make certain amendments to the Credit Agreement; and
WHEREAS, the Borrowers, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative Agent hereby agree to enter into this Amendment.
1.Amendments to the Credit Agreement.  Effective as of the Amendment No. 2 Effective Date (as defined below), the parties hereto agree that the Credit Agreement is hereby amended as follows:

(a)The definition of “Sanctioned Country” set forth in Section 1.01 of the Credit Agreement is amended and restated in its entirety to read as follows:
“Sanctioned Country” means a country or territory which is itself at any time subject to or the target of any comprehensive embargo under any Sanctions (as of the Amendment No. 2 Effective Date, Crimea, Cuba, Iran, North Korea, Sudan and Syria).
(b)Section 1.01 of the Credit Agreement is amended to add the following definition thereto in the appropriate alphabetical order:
“Amendment No. 2 Effective Date” means February 27, 2015.
(c)Section 2.17 of the Credit Agreement is amended to insert the following as a new clause (i) thereof:
(i) For purposes of determining withholding Taxes imposed under FATCA, from and after the Amendment No. 2 Effective Date, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

(d)Section 3.19(b) of the Credit Agreement is amended and restated in its entirety to read as follows:
(b)    None of such Borrower or to the best of its knowledge its Subsidiaries or their respective directors, officers, employees, agents or representatives acting or benefiting in any capacity in connection with this Agreement (i) is a Designated Person; (ii) is a Person that is owned or controlled by a Designated Person; (iii) is located, organized or resident in a Sanctioned Country; or (iv) has directly or indirectly engaged in, or is now directly or indirectly engaged in, any dealings or transactions (1) with any Designated Person, (2) in any Sanctioned Country in violation of applicable Sanctions, or (3) otherwise in violation of Sanctions applicable to any party to this Agreement.
(e)The Administrative Agent and the Lenders party hereto hereby waive any noncompliance prior to the date hereof with Sections 3.19(b), 4.02 and Section 6.15 of the Credit Agreement solely as a result of the Specified Transactions.

2.Conditions of Effectiveness.  The effectiveness of this Amendment (the “Amendment No. 2 Effective Date”) is subject to the receipt by the Administrative Agent of counterparts of (a) this Amendment duly executed by the Borrowers, the Required Lenders and the Administrative Agent and (b) the Consent and Reaffirmation attached hereto duly executed by the Guarantors.

3.Representations and Warranties of the Borrowers.  Each Borrower hereby represents and warrants as follows:

(a)This Amendment and the other Loan Documents to which such Borrower is a party (any such Loan Document as modified hereby) constitute legal, valid and binding obligations of such Borrower, enforceable against such Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(b)As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing and (ii) the representations and warranties of the Borrowers set forth in the Credit Agreement (as amended hereby) are true and correct in all material respects, except (1) to the extent any such representation or warranty is stated to relate to an earlier date and (2) for changes in the Schedules to the Credit Agreement reflecting transactions after the Effective Date permitted by the Credit Agreement.

4.Reference to and Effect on the Credit Agreement.
(a)Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.
(b)The Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.
(c)Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.  Furthermore, this Amendment and the subject matter hereof shall not constitute a course of dealing or a consent to any departure by any Borrower from any other term or requirement of the Credit Agreement or any other Loan Document or create any implication that the Administrative Agent or the Lenders would be willing under any circumstances in the future to provide the Borrowers with any additional waivers, amendments or other accommodations.
(d)This Amendment is a Loan Document. 

5.Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of Illinois.

6.Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

7.Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Signatures delivered by electronic transmission shall have the same force and effect as manual signatures delivered in person.
[Signature Pages Follow]

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

FRANKLIN ELECTRIC CO., INC.,
as a Borrower

By:____________________________________
Name:
Title:

FRANKLIN ELECTRIC B.V.,
as a Borrower

By: Orangefield Trust (Netherlands) B.V., its Director A

By:____________________________________
Name:

By:____________________________________
Name:

By:____________________________________
Name: John Jay Haines
Title: Director B

JPMORGAN CHASE BANK, N.A.,
individually as a Lender and as Administrative Agent

By:_______________________________________
Name:
Title:

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender

By:_______________________________________
Name:
Title:

BANK OF AMERICA, N.A.,
as a Lender

By:_______________________________________
Name:
Title:

HSBC BANK USA, N.A.,
as a Lender

By:_______________________________________
Name:
Title:

DEUTSCHE BANK AG NEW YORK BRANCH,
as a Lender

By:_______________________________________
Name:
Title:

By:_______________________________________
Name:
Title:

CONSENT AND REAFFIRMATION
Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 2 to the Second Amended and Restated Credit Agreement dated as of December 14, 2011 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”) by and among Franklin Electric Co., Inc., Franklin Electric B.V., the financial institutions from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), which Amendment No. 2 is dated as of February 27, 2015 (the “Amendment”).  Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement.   Without in any way establishing a course of dealing by the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Credit Agreement and any other Loan Document executed by it and acknowledges and agrees that such Credit Agreement and each and every such Loan Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.  All references to the Credit Agreement contained in the above‐referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment.
Dated:  February 27, 2015

	
		
	FRANKLIN FUELING SYSTEMS, INC.
FRANKLIN ELECTRIC INTERNATIONAL, INC.
INTELLIGENT CONTROLS, INC.
each as a Guarantor

By: _________________________
Name:
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00241-of-00352.parquet"}]]