Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
On December 18, 2020, the Board of Directors (the "Board") of Franklin Electric
Co., Inc. (the "Company") adopted and approved an Executive Severance Policy
(the "Policy"), effective January 1, 2021, for employees of the Company who are
appointed as Executive Officers by the Board.
The Policy provides for the payment of severance and other benefits to eligible
employees in the event of a termination of employment with the Company without
cause, as defined in the Policy. The Policy is not intended to amend or modify
any severance benefits contained in any individual agreements between the
Company and any Executive Officer. In the event of a qualifying termination, and
subject to the Executive Officer's execution of a general release of claims
against the Company, the Severance Plan provides the following payments and
benefits to the Executive Officers:
•A lump sum payment equal to the one and one-half times the sum of the annual
base pay plus target bonus in the case of the Chief Executive Officer, and one
times annual base pay plus target bonus for all other Executive Officers;
•A lump sum payment equal to a pro-rata portion of the Executive Officer's
annual bonus in effect on the employment termination date, based on the level of
achievement of the Company's performance goals, as approved by the Management
Organization and Compensation Committee of the Board for the year in which the
Executive's termination of employment occurs;
•Accelerated vesting of stock-based awards not otherwise eligible for
accelerated vesting under the terms of an applicable stock award agreement, and
the removal of all restrictions on time-based awards of restricted stock or
restricted stock units; and
•Accelerated vesting of any performance-based stock awards or units; and
•Payment of COBRA premiums until the eighteen-month anniversary, in the case of
the Chief Executive Officer, or the one-year anniversary, in the case of all
other Executive Officers, of the termination date.

The above description is a summary of the terms of the Policy and is subject to
and qualified in its entirety by the terms of the Policy, a copy of which is
attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits:



    Exhibit Number           Description
99.1                           Franklin Electric Co., Inc. Executive

Severance Policy (amended and


                             restated effective January 1, 2021)
101                          Cover Page Interactive Data File - the cover page XBRL tags are embedded
                             within the Inline XBRL document.
104                          The cover page from this Current Report on

Form 8-K, formatted as Inline


                             XBRL

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