- Current report filing (8-K)
07 Januar 2009 - 12:00PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of
the Securities Exchange
Act of 1934
_________________
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Date of Report
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(Date of earliest
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event reported):
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December 31, 2008
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REGAL-BELOIT CORPORATION
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(Exact name of registrant as specified in its charter)
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Wisconsin
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1-7283
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39-0875718
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(State or other
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(Commission File
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(IRS Employer
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jurisdiction of
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Number)
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Identification No.)
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incorporation)
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200 State Street, Beloit, Wisconsin 53511-6254
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(Address of principal executive offices, including zip code)
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(608) 364-8800
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(Registrants telephone number, including area code)
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_________________
Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers
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The
Regal-Beloit Corporation (the Company) maintains the Regal Beloit Corporation
Target (Supplemental) Retirement Plan (the Supplemental Plan) which provides
supplemental retirement benefits to certain employees, including named executive officers,
in excess of the benefits that may be provided to them under the Companys qualified
retirement plans. The retirement benefit provided under the Supplemental Plan is an amount
equal to 2.0% of the participants final average compensation, multiplied by his or
her years of service (up to a maximum of 30) as of his or her retirement date, but reduced
by the participants Social Security retirement benefit and other retirement
plan benefits. The other retirement plan benefits include amounts
allocated to a hypothetical account maintained for the participant to which is credited
the same rate of employer contributions made under the Companys 401(k) plan, as
increased for earnings. Currently, the employer contributions allocated to a
participants hypothetical account each year is the sum of a Company matching
contribution equal to 1.5% of a participants salary plus a Company base contribution
equal to 2% of a participants salary.
Effective
January 1, 2009, the Company amended its 401(k) plan to change the rate of employer
contributions made to that plan. The Supplemental Plan is likewise amended effective
January 1, 2009, so that the rate of allocations made to the participants
hypothetical account under the Supplemental Plan is the same as the rate of employer
contributions made to the 401(k) plan. Accordingly, the Supplemental Plan is amended so
that the allocations made to a participants hypothetical account each year,
beginning with 2009, is the sum of a Company matching contribution equal to 3.5% of a
participants salary plus, if applicable, a Company base contribution equal to 2% or
1% of the participants salary (as specified for the participant under the 401(k)
plan).
The
Company also has in effect a deferral program (the Deferral Program) under the
Companys 1991 Flexible Stock Incentive Plan (the 1991 Plan) that allowed
employees, prior to January 1, 2005, to elect to defer the delivery of stock that would
have otherwise been issued upon their exercise of a stock option granted under the 1991
Plan until a future date, including termination of employment. Deferral elections are no
longer available under the Deferral Program and the only remaining deferral under the
Deferral Program is a 2001 deferral by Mr. Henry Knueppel of 83,821 shares of the
Companys common stock that would otherwise have been issued upon exercise of a stock
option granted to him under the 1991 Plan. The Company and Mr. Knueppel have agreed to
take action to terminate the Deferral Program and to deliver the remaining delayed
delivery shares to Mr. Knueppel on February 10, 2009.
The
description of the amendments to the Supplemental Plan set forth above is qualified by
reference to the Supplemental Plan, as amended, as filed herewith as Exhibit 10.1 and
incorporated herein by reference.
-1-
Item 9.01
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Financial
Statements and Exhibits
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(d)
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Exhibits
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The following exhibit is being filed herewith:
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(10.1)
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Regal
Beloit Corporation Target (Supplemental) Retirement Plan, as amended and
restated.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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REGAL-BELOIT CORPORATION
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Date: January 6, 2009
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By:
/s/ Paul J. Jones
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Paul J. Jones
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Vice President, General Counsel and Secretary
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-2-
REGAL-BELOIT CORPORATION
Exhibit Index to
Current Report on Form 8-K
Dated December 31, 2008
Exhibit
Number
(10.1)
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Regal
Beloit Corporation Target (Supplemental) Retirement Plan, as amended and
restated.
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-3-
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