Form 4: Franklin Electric Co. Inc: Director Victor Grizzle Reports Stock Unit Acquisition
SEC Form 4
Director Victor Grizzle reports acquisition of stock units related to deferred compensation plan.
Summary
- On February 20, 2025, Victor Grizzle, a director of Franklin Electric Co. Inc., acquired 23.59 stock units.
- These stock units are related to dividends that would have been paid on deferred shares under the Nonemployee Directors' Deferred Compensation Plan.
- Mr. Grizzle can elect to receive his deferred compensation in shares of Franklin common stock or in cash upon distribution.
Sentiment
Score: 7
Explanation: The document is a standard regulatory filing, indicating a neutral sentiment. The acquisition of stock units is part of a pre-existing compensation plan, suggesting stability and adherence to corporate governance.
Future Outlook
The document outlines the terms of the Nonemployee Directors' Deferred Compensation Plan, indicating that Mr. Grizzle's deferred compensation will be distributed upon retirement, leaving the Board, or electing to receive payment per the plan's terms, at which point he can choose to receive shares or cash.
Industry Context
This filing is a routine disclosure related to director compensation and is typical for publicly traded companies. It provides transparency regarding the compensation structure for board members.
Stakeholder Impact
- The disclosure provides transparency to shareholders regarding director compensation.
- The deferred compensation plan may incentivize directors to focus on long-term company performance.
Key Dates
| Date | Description |
|---|---|
| February 11, 2000 | Date of original Board of Directors approval of the Nonemployee Directors' Deferred Compensation Plan |
| May 6, 2020 | Date the Nonemployee Directors' Deferred Compensation Plan was amended and restated |
| 02/20/2025 | Date of transaction: Mr. Grizzle was credited with 23.59 Stock Units for dividends that would have been paid on such deferred shares. |
| 02/21/2025 | Date of signature on the Form 4 filing. |
Keywords
stock units, director, deferred compensation, Franklin Electric, FELE, Grizzle, Form 4, beneficial ownership
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