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
Date
of
Report (Date of earliest event reported): March 9,
2006
REGAL-BELOIT
CORPORATION
(Exact
name of registrant as specified in its charter)
|
Wisconsin
|
1-7283
|
39-0875718
|
|
(State
of other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
200
State Street, Beloit, Wisconsin 53511
(Address
of principal executive office)
(608)
364-8800
Registrant’s
telephone number, including area code
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:
□
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
□
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
□
Precommencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
□
Precommencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
1.01. Entry into a Material Definitive
Agreement.
On
March
6, 2006, the Board of Directors of REGAL-BELOIT Corporation (the “Company”)
granted to James L. Packard, the Executive Chairman of the Company, the right
to
receive a cash bonus equal to 50,000 times any increase in the closing sale
price of one share of the Company’s common stock from January 26, 2006 to
December 29, 2006. Any cash bonus earned pursuant to this arrangement will
be
paid in January 2007. The Company’s Board of Directors also agreed to purchase
the automobile currently leased by the Company for use by Mr. Packard and to
transfer ownership of the automobile to Mr. Packard for no additional
consideration upon his retirement. The Company will also pay any taxes resulting
from the transfer of the automobile to Mr. Packard. Mr. Packard has provided
notice to the Company that he intends to retire as an executive officer and
as a
director of the Company effective as of December 31, 2006.
Item
5.02. Departure of Directors or
Principal Officers; Election of Directors; Appointment of Principal
Officers.
James
L.
Packard, the Executive Chairman of the Company, has provided notice to the
Company that he intends to retire as an executive officer of the Company
effective as of December 31, 2006. Mr. Packard has also provided notice to
the
Company that he intends to retire as a director of the Company effective as
of
the same date, assuming that he is re-elected as a director at the Company’s
2006 annual meeting of shareholders.
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.
| REGAL-BELOIT CORPORATION | ||
| |
|
|
| Date: March 9, 2006 | By: | /s/ David A. Barta |
|
David A. Barta |
||
| Vice President, Chief Financial Officer | ||