þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Wisconsin | ||
(State or other jurisdiction of | 39-0178960 | |
incorporation or organization) | (IRS Employer Identification No.) |
Title of each class | Name of each exchange on which registered | |
Class A Nonvoting Common Stock, Par | New York Stock Exchange | |
Value $.01 per share |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
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PART I
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PART II
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PART III
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PART IV
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Exhibit 10.37 | ||||||||
Exhibit 10.38 | ||||||||
Exhibit 10.39 | ||||||||
Exhibit 10.40 | ||||||||
Exhibit 10.41 | ||||||||
Exhibit 21 | ||||||||
Exhibit 23 | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 | ||||||||
EX-101 INSTANCE DOCUMENT | ||||||||
EX-101 SCHEMA DOCUMENT | ||||||||
EX-101 CALCULATION LINKBASE DOCUMENT | ||||||||
EX-101 LABELS LINKBASE DOCUMENT | ||||||||
EX-101 PRESENTATION LINKBASE DOCUMENT | ||||||||
EX-101 DEFINITION LINKBASE DOCUMENT |
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Item 1.
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Item 1A.
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Item 1B.
Item 2.
Table of Contents
Item 3.
Item 4.
Table of Contents
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
Item 5.
2011
2010
2009
High
Low
High
Low
High
Low
$
38.49
$
29.60
$
34.75
$
24.37
$
29.41
$
21.33
$
37.71
$
33.37
$
35.28
$
27.19
$
23.08
$
14.61
$
33.78
$
30.83
$
31.22
$
26.77
$
31.07
$
16.38
$
31.33
$
25.35
$
33.06
$
27.08
$
39.68
$
25.18
2012
2011
2010
1st Qtr
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
$
0.185
$
0.18
$
0.18
$
0.18
$
0.18
$
0.175
$
0.175
$
0.175
$
0.175
0.16835
0.16335
0.18
0.18
0.18
0.15835
0.175
0.175
0.175
Table of Contents
Among Brady Corporation, The S&P 500 Index,
The S&P SmallCap 600 Index and The Russell 2000 Index
*
7/31/2006
7/31/2007
7/31/2008
7/31/2009
7/31/2010
7/31/2011
100.00
105.28
112.28
92.53
89.61
104.98
100.00
116.13
103.25
82.64
94.08
112.56
100.00
114.10
104.66
84.49
100.69
125.58
100.00
112.13
104.61
82.91
98.20
121.68
Table of Contents
Item 6.
Years Ended July 31, 2007 through 2011
2011
2010
2009
2008
2007
$
1,339,597
$
1,259,096
$
1,208,702
$
1,523,016
$
1,362,631
656,196
623,297
577,583
744,195
657,044
43,001
42,621
34,181
40,607
35,954
441,815
435,906
397,180
495,904
449,103
9,188
15,314
25,849
494,004
493,841
457,210
536,511
485,057
162,192
129,456
120,373
207,684
171,987
3,990
1,168
1,800
4,888
2,875
(22,124
)
(21,222
)
(24,901
)
(26,385
)
(22,934
)
(18,134
)
(20,054
)
(23,101
)
(21,497
)
(20,059
)
144,058
109,402
97,272
186,187
151,928
35,406
27,446
27,150
53,999
42,540
$
108,652
$
81,956
$
70,122
$
132,188
$
109,388
$
2.04
$
1.55
$
1.32
$
2.41
$
2.00
$
2.03
$
1.53
$
1.31
$
2.39
$
1.98
$
0.72
$
0.70
$
0.68
$
0.60
$
0.56
$
0.70
$
0.68
$
0.66
$
0.58
$
0.54
$
456,406
$
375,184
$
286,955
$
390,524
$
303,359
1,861,505
1,746,231
1,583,267
1,850,513
1,698,857
331,914
382,940
346,457
457,143
478,575
1,156,192
1,005,027
951,092
1,021,808
891,012
$
167,350
165,238
126,645
225,554
136,018
48,827
53,022
54,851
60,587
53,856
(20,532
)
(26,296
)
(24,027
)
(26,407
)
(51,940
)
(1)
(2)
Item 7.
Table of Contents
Acquisition:
Segment
Date Completed
Asia Pacific
November 2010
Divestiture:
Segment
Date Completed
Americas
Europe
December 2010
Table of Contents
Acquisitions:
Segment
Date Completed
Europe
October 2009
Americas
December 2009
Europe
March 2010
Table of Contents
Table of Contents
Asia-
Total
Corporate and
Total
(Dollars in thousands)
Americas
Europe
Pacific
Regions
Eliminations
Company
$
577,428
$
404,955
$
357,214
$
1,339,597
$
1,339,597
551,185
380,121
327,790
1,259,096
1,259,096
534,440
367,156
307,106
1,208,702
1,208,702
3.2
%
4.7
%
0.4
%
2.9
%
2.9
%
1.1
%
0.6
%
6.9
%
2.5
%
2.5
%
0.5
%
1.2
%
1.7
%
1.0
%
1.0
%
4.8
%
6.5
%
9.0
%
6.4
%
6.4
%
0.1
%
(0.3
)%
0.8
%
0.2
%
0.2
%
1.6
%
1.4
%
5.9
%
2.7
%
2.7
%
1.4
%
2.4
%
0.0
%
1.3
%
1.3
%
3.1
%
3.5
%
6.7
%
4.2
%
4.2
%
$
145,516
$
112,047
$
50,105
$
307,668
$
(15,742
)
$
291,926
125,169
103,316
52,105
280,590
(14,131
)
266,459
114,404
99,875
42,575
256,854
(7,952
)
248,902
Years ended:
July 31,
July 31,
July 31,
(Dollars in thousands)
2011
2010
2009
$
307,668
$
280,590
$
256,854
(15,742
)
(14,131
)
(7,952
)
(120,546
)
(121,689
)
(102,680
)
(9,188
)
(15,314
)
(25,849
)
3,990
1,168
1,800
(22,124
)
(21,222
)
(24,901
)
144,058
109,402
97,272
(35,406
)
(27,446
)
(27,150
)
$
108,652
$
81,956
$
70,122
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Payments Due by Period
Less than
1-3
3-5
More than
Uncertain
Contractual Obligations
Total
1 Year
Years
Years
5 Years
Timeframe
$
393,178
$
61,264
$
122,528
$
85,028
$
124,358
$
57,026
18,350
23,303
12,816
2,557
76,558
61,771
8,072
6,715
79,230
19,404
29,143
17,219
13,464
22,343
22,343
15,011
1,054
2,232
2,538
9,187
$
643,346
$
161,843
$
185,278
$
124,316
$
149,566
$
22,343
(1)
(2)
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Item 7A.
Table of Contents
Item 8.
Page
33
34
35
36
37
38
Table of Contents
Brady Corporation
Milwaukee, WI
September 27, 2011
Table of Contents
2011
2010
(Dollars in thousands)
$
389,971
$
314,840
228,483
221,621
62,152
52,906
14,550
13,146
27,484
28,620
104,186
94,672
35,647
37,839
758,287
668,972
800,343
768,600
89,961
103,546
53,755
39,103
19,244
20,808
6,406
6,265
104,644
101,138
305,557
289,727
11,226
9,873
427,833
407,003
287,918
261,501
139,915
145,502
$
1,861,505
$
1,746,531
$
98,847
$
96,702
69,798
67,285
7,612
7,537
9,954
10,138
54,406
50,862
61,264
61,264
301,881
293,788
331,914
382,940
71,518
64,776
705,313
741,504
513
513
35
35
307,527
304,205
789,100
718,512
(50,017
)
(66,314
)
113,898
50,905
(4,864
)
(2,829
)
1,156,192
1,005,027
$
1,861,505
$
1,746,531
Table of Contents
2011
2010
2009
(In thousands, except per share amounts)
$
1,339,597
$
1,259,096
$
1,208,702
683,401
635,799
631,119
656,196
623,297
577,583
43,001
42,621
34,181
441,815
435,906
397,180
9,188
15,314
25,849
494,004
493,841
457,210
162,192
129,456
120,373
3,990
1,168
1,800
(22,124
)
(21,222
)
(24,901
)
(18,134
)
(20,054
)
(23,101
)
144,058
109,402
97,272
35,406
27,446
27,150
$
108,652
$
81,956
$
70,122
$
2.06
$
1.56
$
1.33
$
2.04
$
1.55
$
1.32
$
0.72
$
0.70
$
0.68
$
2.04
$
1.55
$
1.32
$
2.03
$
1.53
$
1.31
$
0.70
$
0.68
$
0.66
52,639
52,402
52,559
53,133
52,946
52,866
Table of Contents
Earnings
Accumulated
Additional
Retained
Other
Total
Common
Paid-In
in the
Treasury
Comprehensive
Comprehensive
Stock
Capital
Business
Stock
Income
Other
Income
(In thousands, except per share amounts)
$
548
$
292,769
$
639,059
$
(33,234
)
$
128,161
$
(5,495
)
70,122
$
70,122
(75,110
)
(75,110
)
$
(4,988
)
(1,995
)
3,678
(1,744
)
1,003
1,336
8,099
(40,267
)
(33,492
)
(2,347
)
$
548
$
298,466
$
673,342
$
(69,823
)
$
53,051
$
(4,492
)
81,956
$
81,956
(2,146
)
(2,146
)
$
79,810
(2,788
)
6,505
(2,512
)
(459
)
1,663
1,318
9,721
(2,537
)
(34,368
)
(2,418
)
$
548
$
304,205
$
718,512
$
(66,314
)
$
50,905
$
(2,829
)
108,652
$
108,652
62,993
62,993
$
171,645
(5,684
)
13,877
(1,964
)
2,420
(2,035
)
1,140
9,830
(35,575
)
(2,489
)
$
548
$
307,527
$
789,100
$
(50,017
)
$
113,898
$
(4,864
)
Table of Contents
2011
2010
2009
(Dollars in thousands)
$
108,652
$
81,956
$
70,122
48,827
53,022
54,851
(8,161
)
(6,834
)
(8,640
)
(4,394
)
9,830
9,721
7,731
2,155
2,260
2,469
7,680
(29,479
)
53,389
(2,886
)
426
34,749
5,624
(3,502
)
(2,423
)
(3,365
)
52,410
(75,930
)
3,388
5,258
(9,673
)
167,350
165,238
126,645
(7,970
)
(30,431
)
3,514
(1,528
)
(1,405
)
12,980
(20,532
)
(26,296
)
(24,027
)
(5,542
)
6,248
(39
)
1,798
2,874
(22,631
)
(48,681
)
(19,044
)
(38,064
)
(36,786
)
(35,839
)
8,193
3,717
1,683
(61,264
)
(44,893
)
(87,224
)
94,915
(2,537
)
(40,267
)
(439
)
859
1,336
(91,574
)
15,275
(160,311
)
21,986
(5,148
)
(17,489
)
75,131
126,684
(70,199
)
314,840
188,156
258,355
$
389,971
$
314,840
$
188,156
$
21,298
$
21,626
$
26,047
35,851
30,870
48,766
$
4,624
$
15,366
$
(1,446
)
(5,201
)
4,792
20,266
$
7,970
$
30,431
$
Table of Contents
Table of Contents
Asset Category
Range of Useful Lives
10 to 33 Years
5 Years
3 to 10 Years
Asia-
Americas
Europe
Pacific
Total
$
410,135
$
166,251
$
174,787
$
751,173
13,370
6,896
20,266
1,513
(9,958
)
5,606
(2,839
)
$
425,018
$
163,189
$
180,393
$
768,600
4,792
4,792
(3,696
)
(8,380
)
(12,076
)
4,256
16,429
18,342
39,027
$
425,578
$
171,238
$
203,527
$
800,343
Table of Contents
July 31, 2011
July 31, 2010
Weighted
Weighted
Average
Gross
Average
Gross
Amortization
Carrying
Accumulated
Net Book
Amortization
Carrying
Accumulated
Net Book
Period (Years)
Amount
Amortization
Value
Period (Years)
Amount
Amortization
Value
5
$
9,784
$
(8,556
)
$
1,228
5
$
9,314
$
(7,855
)
$
1,459
7
9,448
(6,599
)
2,849
7
8,823
(5,685
)
3,138
7
165,566
(119,977
)
45,589
7
152,720
(95,996
)
56,724
4
16,432
(15,760
)
672
4
15,239
(14,356
)
883
N/A
39,623
39,623
N/A
41,342
41,342
$
240,853
$
(150,892
)
$
89,961
$
227,438
$
(123,892
)
$
103,546
Table of Contents
Table of Contents
2011
2010
2009
Performance-
Performance-
Performance-
Based
Service-Based
Based
Service-Based
Based
Service-Based
Black-Scholes Option Valuation Assumptions
Options
Options
Options
Options
Options
Options
6.57
5.91
6.57
5.94
N/A
5.96
39.39
%
40.22
%
38.72
%
39.88
%
N/A
36.07
%
1.96
%
1.94
%
3.02
%
3.01
%
N/A
2.03
%
2.35
%
1.65
%
3.03
%
2.63
%
N/A
1.75
%
$
28.43
$
29.13
$
28.73
$
28.68
N/A
$
21.26
$
28.35
$
29.13
$
29.78
$
28.68
N/A
$
21.26
$
9.87
$
9.59
$
8.70
$
8.77
N/A
$
6.30
Table of Contents
Amortization
of gain on
post-
Unrealized
retirement
Foreign
Accumulated
(loss) gain on
medical,
currency
other
cash flow
dental and
translation
comprehensive
hedges
vision plan
adjustments
income
$
(971
)
$
2,493
$
126,639
$
128,161
918
(551
)
(75,477
)
(75,110
)
$
(53
)
$
1,942
$
51,162
$
53,051
(268
)
(585
)
(1,293
)
(2,146
)
$
(321
)
$
1,357
$
49,869
$
50.905
(833
)
831
62,995
62,993
$
(1,154
)
$
2,188
$
112,864
$
113,898
Table of Contents
Table of Contents
$
1,876
415
4,792
1,846
487
9,416
1,446
$
7,970
Table of Contents
$
5,313
743
20,266
7,970
1,340
35,632
5,201
$
30,431
2011
2010
$
15,277
$
14,311
666
662
694
795
(955
)
967
(671
)
(834
)
(169
)
(455
)
$
15,011
$
15,277
Table of Contents
2011
2010
$
1,054
$
1,060
13,957
14,217
$
15,011
$
15,277
2011
2010
$
3,131
$
2,252
503
585
$
3,634
$
2,837
Years Ended July 31,
2011
2010
2009
$
666
$
662
$
672
(82
)
(64
)
(70
)
694
795
842
(76
)
(206
)
(308
)
393
$
1,202
$
1,187
$
1,529
One-Percentage
One-Percentage
Point Increase
Point Decrease
$
13
$
(12
)
185
(170
)
$
1,054
1,084
1,148
1,234
1,304
7,791
Table of Contents
Years Ended July 31,
2011
2010
2009
$
29,913
$
4,423
$
(383
)
114,145
104,979
97,655
$
144,058
$
109,402
$
97,272
Years Ended July 31,
2011
2010
2009
$
5,784
$
474
$
3,486
37,384
32,800
31,223
399
1,006
1,081
43,567
34,280
35,790
(5,161
)
(4,604
)
(7,633
)
(3,746
)
(1,942
)
(1,693
)
746
(288
)
686
(8,161
)
(6,834
)
(8,640
)
$
35,406
$
27,446
$
27,150
Table of Contents
July 31, 2011
Assets
Liabilities
Total
$
5,328
$
(37
)
$
5,291
18
(3,038
)
(3,020
)
892
892
1,979
(75
)
1,904
8,429
(2,363
)
6,066
16,646
(5,513
)
11,133
2,189
(7,672
)
(5,483
)
1,964
(33,798
)
(31,834
)
2,807
2,807
23,654
23,654
6,764
6,764
62,638
62,638
(27,476
)
(27,476
)
2,453
2,453
74,993
(41,470
)
33,523
$
91,639
$
(46,983
)
$
44,656
July 31, 2010
Assets
Liabilities
Total
$
6,666
$
$
6,666
16
(2,299
)
(2,283
)
1,910
7
1,917
2,033
2,033
6,512
(1,519
)
4,993
17,137
(3,811
)
13,326
1,734
(9,270
)
(7,536
)
1,970
(26,969
)
(24,999
)
7,953
7,953
22,100
22,100
7,573
7,573
48,140
48,140
(27,510
)
(27,510
)
199
(6,429
)
(6,230
)
62,159
(42,668
)
19,491
$
79,296
$
(46,479
)
$
32,817
Table of Contents
Years Ended July 31,
2011
2010
2009
35.0
%
35.0
%
35.0
%
0.0
%
0.6
%
1.6
%
(6.3
)%
(9.8
)%
(8.6
)%
0.8
%
1.8
%
(6.5
)%
(2.6
)%
(3.4
)%
3.8
%
(0.5
)%
5.8
%
(1.1
)%
(0.3
)%
(1.5
)%
(1.1
)%
0.9
%
(1.0
)%
24.6
%
25.1
%
27.9
%
$
16,017
2,526
4,056
(934
)
(944
)
60
(1,319
)
$
19,462
1,989
3,934
(6,672
)
(194
)
(1,054
)
203
$
17,668
5,147
2,387
(291
)
(2,803
)
(728
)
963
$
22,343
(1)
Table of Contents
Jurisdiction
Open Tax Years
F09 F11
F08 F11
F03 F11
F09 F11
Table of Contents
Table of Contents
2011
2010
$
43,194
$
45,615
64,791
52,132
56,250
75,000
130,714
156,857
98,229
114,600
$
393,178
$
444,204
$
(61,264
)
$
(61,264
)
$
331,914
$
382,940
Years Ending July 31,
$
61,264
61,264
61,264
42,514
42,514
124,358
$
393,178
July 31, 2011
July 31, 2010
Shares
Shares
(thousands)
Shares
Shares
(thousands)
Authorized
Issued
Amount
Authorized
Issued
Amount
5,000,000
5,000,000
5,000
5,000
10,000
10,000
30,000
30,000
100,000,000
51,261,487
$
513
100,000,000
51,261,487
$
513
10,000,000
3,538,628
35
10,000,000
3,538,628
35
$
548
$
548
Table of Contents
Unearned
Shares Held
Restricted
Deferred
in Rabbi
Stock
Compensation
Trust, at cost
Total
$
(6,182
)
$
13,643
$
(12,956
)
$
(5,495
)
690,539
690,539
(1,655
)
1,223
(432
)
1,294
(1,294
)
1,435
1,435
$
(4,747
)
$
13,282
$
(13,027
)
$
(4,492
)
671,650
671,650
(1,247
)
1,536
289
813
(813
)
1,374
1,374
$
(3,373
)
$
12,848
$
(12,304
)
$
(2,829
)
614,988
614,988
(1,421
)
1,375
(46
)
666
(666
)
(2,835
)
(2,835
)
846
846
$
(5,362
)
$
12,093
$
(11,595
)
$
(4,864
)
560,078
560,078
Table of Contents
Weighted
Average
Options
Exercise
Option Price
Outstanding
Price
$
9.59 $40.37
3,985,205
$
29.43
17.23 35.42
614,000
21.26
9.59 38.19
(138,934
)
15.75
20.95 38.31
(479,665
)
35.02
$
13.31-$40.37
3,980,606
$
27.96
24.78 33.28
1,446,500
29.08
14.16 31.54
(241,403
)
18.16
15.28 38.31
(76,967
)
31.91
$
13.31-$40.37
5,108,736
$
28.69
28.35 37.95
1,365,500
28.86
14.16 29.78
(417,888
)
19.62
16.39 38.31
(330,331
)
31.37
$
13.31 $40.37
5,726,017
$
29.24
Options Outstanding and
Options Outstanding
Exercisable
Weighted Average
Weighted
Shares
Weighted
Number of Shares
Remaining
Average
Exercisable
Average
Range of
Outstanding at
Contractual Life
Exercise
at July 31,
Exercise
Exercise Prices
July 31, 2011
(in years)
Price
2011
Price
200,000
1.6
$
13.31
200,000
$
13.31
3,900,515
7.2
26.68
1,516,313
24.07
1,625,502
5.0
37.33
1,600,502
37.34
5,726,017
6.4
29.24
3,316,815
29.83
Table of Contents
Corporate
and
Americas
Europe
Asia-Pacific
Total Region
Eliminations
Total Company
$
577,428
$
404,955
$
357,214
$
1,339,597
$
$
1,339,597
41,638
3,054
24,500
69,192
(69,192
)
15,682
8,147
15,515
39,344
9,483
48,827
145,516
112,047
50,105
307,668
(15,742
)
291,926
735,003
333,977
389,465
1,458,445
403,060
1,861,505
8,212
2,626
8,620
19,458
1,074
20,532
$
551,185
$
380,121
$
327,790
$
1,259,096
$
$
1,259,096
43,136
4,456
18,188
65,780
(65,780
)
21,142
8,088
15,749
44,979
8,043
53,022
125,169
103,316
52,105
280,590
(14,131
)
266,459
754,753
313,204
362,653
1,430,610
315,921
1,746,531
8,502
1,535
9,946
19,983
6,313
26,296
$
534,440
$
367,156
$
307,106
$
1,208,702
$
$
1,208,702
45,853
4,310
18,534
68,697
(68,697
)
22,022
8,467
15,957
46,446
8,405
54,851
114,404
99,875
42,575
256,854
(7,952
)
248,902
703,559
298,717
341,605
1,343,881
239,386
1,583,267
8,422
3,326
5,848
17,596
6,431
24,027
Table of Contents
Years Ended July 31,
2011
2010
2009
$
307,668
$
280,590
$
256,854
(15,742
)
(14,131
)
(7,952
)
(120,546
)
(121,689
)
(102,680
)
(9,188
)
(15,314
)
(25,849
)
3,990
1,168
1,800
(22,124
)
(21,222
)
(24,901
)
144,058
109,402
97,272
(35,406
)
(27,446
)
(27,150
)
$
108,652
$
81,956
$
70,122
Revenues*
Long-Lived Assets**
Years Ended July 31,
As of Years Ended July 31,
2011
2010
2009
2011
2010
2009
$
535,412
$
521,318
$
510,703
$
488,571
$
507,481
$
519,932
164,640
156,842
199,893
118,945
118,953
123,078
708,737
646,716
566,589
422,703
391,214
375,905
(69,192
)
(65,780
)
(68,483
)
$
1,339,597
$
1,259,096
$
1,208,702
$
1,030,219
$
1,017,648
$
1,018,915
*
**
Table of Contents
Years ended July 31,
2011
2010
2009
$
108,652
$
81,956
$
70,122
(223
)
(147
)
(144
)
$
108,429
$
81,809
$
69,978
(820
)
(816
)
(823
)
(6
)
(11
)
(11
)
$
107,603
$
80,982
$
69,144
52,639
52,402
52,559
494
544
307
53,133
52,946
52,866
$
2.06
$
1.56
$
1.33
$
2.04
$
1.55
$
1.32
$
2.04
$
1.55
$
1.32
$
2.03
$
1.53
$
1.31
$
18,350
12,636
10,667
7,338
5,478
2,557
$
57,026
Table of Contents
Fair Value Measurements Using Inputs
Considered as
Quoted Prices
in Active
Markets
Significant
for
Other
Significant
Identical
Observable
Unobservable
Assets
Inputs
Inputs
Fair
Balance Sheet
(Level 1)
(Level 2)
(Level 3)
Value
Classification
$
10,897
$
$
$
10,897
Other assets
16
16
Prepaid expenses and other current assets
3
3
Prepaid expenses and other current assets
$
10,897
$
19
$
$
10,916
$
$
830
$
$
830
Other current liabilities
5,295
5,295
Other current liabilities
2
2
Other current liabilities
107,985
107,985
Long term obligations, less current maturities
$
$
114,112
$
$
114,112
$
8,757
$
$
$
8,757
Other assets
156
156
Prepaid expenses and other current assets
24
24
Prepaid expenses and other current assets
$
8,757
$
180
$
$
8,937
$
$
829
$
$
829
Other current liabilities
64
64
Other current liabilities
97,747
97,747
Long term obligations, less current maturities
$
$
98,640
$
$
98,640
Table of Contents
Table of Contents
Employee
Asset
Related
Write-offs
Other
Total
$
$
$
$
21,279
2,101
2,469
25,849
(368
)
(2,101
)
(2,469
)
(1,178
)
(1,178
)
(15,288
)
(1,592
)
(16,880
)
$
4,445
$
$
877
$
5,322
10,850
2,260
2,204
15,314
(2,260
)
(2,260
)
(9,240
)
(2,975
)
(12,215
)
$
6,055
$
$
106
$
6,161
6,341
2,155
692
9,188
(2,155
)
(2,155
)
(10,189
)
(749
)
(10,938
)
$
2,207
$
$
49
$
2,256
Table of Contents
Asset Derivatives
Liability Derivatives
July 31, 2011
July 31, 2010
July 31, 2011
July 31, 2010
Derivatives designated as
Balance Sheet
Balance Sheet
Balance Sheet
Balance Sheet
hedging instruments
Location
Fair Value
Location
Fair Value
Location
Fair Value
Location
Fair Value
Prepaid expenses and other current assets
$
16
Prepaid expenses and other current assets
$
156
Other current liabilities
$
830
Other current liabilities
$
829
Prepaid expenses and other current assets
$
Prepaid expenses and other current assets
$
Other current liabilities
$
5,295
Other current liabilities
$
Prepaid expenses and other current assets
$
Prepaid expenses and other current assets
$
Long term obligations, less current maturities
$
107,985
Long term obligations, less current maturities
$
97,747
$
16
$
156
$
114,110
$
98,576
Prepaid expenses and other current assets
$
3
Prepaid expenses and other current assets
$
24
Other current liabilities
$
2
Other current liabilities
$
64
$
3
$
24
$
2
$
64
Amount of Gain
or (Loss)
Location of
Amount of Gain
Amount of Gain or (Loss)
Reclassified From
Gain or (Loss)
or (Loss)
Recognized in OCI on
Location of Gain or
Accumulated OCI
Recognized in
Recognized in
Derivative
(Loss) Reclassified
Into Income
Income on
Income on Derivative
Derivatives in
(Effective Portion)
From Accumulated
(Effective Portion)
Derivative
(Ineffective Portion)
Cash Flow Hedging
As of July 31,
OCI into Income
Year Ended July 31,
(Ineffective
Year Ended July 31,
Relationships
2011
2010
(Effective Portion)
2011
2010
Portion)
2011
2010
$
(1,535
)
$
(493
)
Cost of goods sold
$
(1,781
)
$
(80
)
Cost of goods sold
$
$
$
(1,535
)
$
(493
)
$
(1,781
)
$
(80
)
$
$
Table of Contents
Amount of Gain
or (Loss)
Location of
Amount of Gain
Amount of Gain or (Loss)
Reclassified From
Gain or (Loss)
or (Loss)
Recognized in OCI on
Location of Gain or
Accumulated OCI
Recognized in
Recognized in
Derivatives in
Derivative
(Loss) Reclassified
Into Income
Income on
Income on Derivative
Net Investment
(Effective Portion)
From Accumulated
(Effective Portion)
Derivative
(Ineffective Portion)
Hedging
As of July 31,
OCI into Income
Year Ended July 31,
(Ineffective
Year Ended July 31,
Relationships
2011
2010
(Effective Portion)
2011
2010
Portion)
2011
2010
$
(4,589
)
$
6,248
Investment and other income net
$
$
Investment and other income net
$
$
$
(13,070
)
$
(2,833
)
Investment and other income net
$
$
Investment and other income net
$
$
$
(17,659
)
$
3,415
$
$
$
$
Location of Gain or
Amount of Gain or
(Loss) Recognized
(Loss) Recognized in
in Income on
Income on Derivative
Derivatives Not Designated as Hedging Instruments
Derivative
2011
2010
Other income (expense)
$
(945
)
$
(40
)
$
(945
)
$
(40
)
Quarters
First
Second
Third
Fourth
Total
$
329,588
$
329,009
$
337,896
$
343,104
$
1,339,597
164,512
159,010
167,638
165,036
656,196
41,603
37,080
40,871
42,638
162,192
26,281
24,199
28,589
29,583
108,652
$
0.50
$
0.46
$
0.54
$
0.56
$
2.06
0.50
0.46
0.54
0.56
2.04
$
318,486
$
295,829
$
321,887
$
322,894
$
1,259,096
157,443
146,918
160,197
158,739
623,297
35,557
23,902
35,914
34,083
129,456
21,668
15,001
23,695
21,592
81,956
$
0.41
$
0.29
$
0.45
$
0.41
$
1.56
0.41
0.29
0.45
0.41
1.55
*
**
Table of Contents
Item 9.
Item 9A.
Table of Contents
Brady Corporation
Milwaukee, WI
September 27, 2011
Table of Contents
Item 9B.
Item 10.
Name
Age
Title
53
President, CEO and Director
49
Senior V.P., CFO
50
President Brady Asia-Pacific and V.P., Brady Corporation
52
President Brady Europe and V.P., Brady Corporation
55
President Brady Americas and V.P., Brady Corporation
46
Senior V.P. Human Resources
46
V.P. and Chief Technology Officer
49
V.P. and Chief Information Officer
57
V.P. and Chief Accounting Officer
40
V.P. and Treasurer
67
Director
44
Director
69
Director
48
Director
64
Director
53
Director
56
Director
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Item 11.
a)
b)
c)
Table of Contents
Table of Contents
Consolidated
Earnings
Working
Segment Organic
Segment
Net Organic
Per Share
Capital
Sales
Profit
Target
Name
Sales Growth
Growth
Improvement
Growth (1)
(1)
Payout
10.0
%
80.0
%
10.0
%
NA
NA
100.0
%
10.0
%
80.0
%
10.0
%
NA
NA
70.0
%
NA
40.0
%
10.0
%
10.0
%
40.0
%
70.0
%
10.0
%
80.0
%
10.0
%
NA
NA
70.0
%
NA
40.0
%
10.0
%
10.0
%
40.0
%
70.0
%
(1)
Name
Bonus ($)
Salary %
1,632,548
205.8
%
523,349
144.1
%
341,190
95.6
%
462,338
144.1
%
462,461
128.4
%
Consolidated
Earnings Per
Working
Segment
Actual
Name
Organic Sales
Share (1)
Capital
Organic Sales
Segment Profit
Payout
58.0
%
250.0
%
0.0
%
NA
NA
205.8
%
58.0
%
250.0
%
0.0
%
NA
NA
205.8
%
NA
250.0
%
0.0
%
94.0
%
68.0
%
136.6
%
58.0
%
250.0
%
0.0
%
NA
NA
205.8
%
NA
250.0
%
100.0
%
62.8
%
168.0
%
183.5
%
(1)
Table of Contents
Plan Component
Target
Actual Performance
5
%
2.9
%
5
%
3.1% - 4.7
%
10
%
32.6
%
10
%
8.4% - 16.8
%
5
%
0.0
%
5
%
0.0% - 4.0
%
Table of Contents
Table of Contents
Table of Contents
100,000 shares
30,000 shares
30,000 shares
30,000 shares
30,000 shares
Table of Contents
Patrick W. Allender
Elizabeth P. Pungello
Table of Contents
Non-Equity
Restricted
Option
Incentive Plan
All Other
Fiscal
Salary
Stock Awards
Awards
Compensation
Compensation
Total
Name And Principal Position
Year
($)
($)(1)
($)(2)
($)(3)
($)(4)
($)
2011
793,269
2,803,500
2,470,157
1,632,548
223,329
7,922,803
2010
768,269
1,868,047
1,193,891
127,590
3,957,797
2009
750,000
389,421
179,761
1,319,182
2011
363,285
(22,050
)
914,386
523,349
93,163
1,872,133
2010
339,659
833,224
369,481
65,242
1,607,606
2009
318,269
194,710
65,322
578,301
2011
356,818
(22,050
)
790,878
341,190
92,158
1,558,994
2010
334,827
833,224
188,441
118,801
1,475,293
2009
325,710
194,710
86,787
607,207
2011
320,935
(12,600
)
667,370
462,338
75,398
1,513,441
2010
307,235
659,100
334,210
45,579
1,346,124
2009
300,000
161,000
66,321
527,321
2011
360,071
(22,050
)
790,878
462,461
73,093
1,664,453
2010
343,244
833,224
234,505
53,695
1,464,668
2009
326,843
194,710
65,265
586,818
(1)
(2)
(3)
Table of Contents
(4)
Retirement
Group Term
Long-term
Personal
Temporary/
Plan
Life
Company
Care
Liability
Total
Fiscal
Contributions
Insurance
Car
Insurance
Insurance
Disability
Other
Total
Name
Year
($)
($)
($)
($)
($)
($)
($)
($)
2011
158,281
2,740
24,057
5,141
2,654
23,760
6,696
223,329
2010
61,923
3,042
28,070
5,141
2,654
23,760
3,000
127,590
2009
116,284
3,042
27,698
4,863
2,654
23,760
1,460
179,761
2011
57,931
828
25,311
3,737
5,356
93,163
2010
27,157
713
29,995
3,737
3,640
65,242
2009
32,528
890
26,401
4,863
640
65,322
2011
57,091
3,267
31,800
92,158
2010
85,162
2,695
30,944
118,801
2009
52,114
1,749
32,924
86,787
2011
50,793
732
16,074
3,506
4,293
75,398
2010
25,966
653
13,560
2,630
2,770
45,579
2009
42,132
670
14,974
5,755
2,790
66,321
2011
47,059
820
14,436
5,501
5,277
73,093
2010
27,648
724
16,422
5,501
3,400
53,695
2009
40,038
919
18,309
4,863
1,136
65,265
(4)
All Other
All Other
Exercise
Stock
Option
or Base
Grant
Awards:
Awards:
Price of
Date Fair
Number of
Number of
Stock
Value
Compen-
Shares of
Securities
or
of
sation
Estimated Future Payouts Under
Stock
Under-
Option
Stock and
Committee
Non-Equity Incentive Plan Awards (1)
or
lying
Awards
Option
Grant
Approval
Threshold
Maximum
Units
Options
Options
Awards
Name
Date
Date
($)
Target ($)
($)
(#)
(#)
(2)(3) & (4) (#)
($)
8/1/2010
7/19/2010
793,269
1,983,173
8/2/2010
7/19/2010
100,000
28.35
2,835,000
8/2/2010
7/19/2010
150,000
28.35
1,473,548
9/24/2010
9/8/2010
100,000
29.10
996,609
1/8/2008
7/20/2011
50,000
32.20
(31,500
)
8/1/2010
7/19/2010
254,300
635,749
8/2/2010
7/19/2010
52,500
28.35
515,742
9/24/2010
9/8/2010
40,000
29.10
398,644
1/8/2008
7/20/2011
35,000
32.20
(22,050
)
8/1/2010
7/19/2010
249,773
624,432
8/2/2010
7/19/2010
45,000
28.35
442,064
9/24/2010
9/8/2010
35,000
29.10
348,813
1/8/2008
7/20/2011
35,000
32.20
(22,050
)
8/1/2010
7/19/2010
224,654
561,636
8/2/2010
7/19/2010
37,500
28.35
368,387
9/24/2010
9/8/2010
30,000
29.10
298,983
1/8/2008
7/20/2011
20,000
32.20
(12,600
)
8/1/2010
7/19/2010
252,050
630,124
8/2/2010
7/19/2010
45,000
28.35
442,064
9/24/2010
9/8/2010
35,000
29.10
348,813
1/8/2008
7/20/2011
35,000
32.20
(22,050
)
Table of Contents
(1)
(2)
(3)
(4)
(5)
Option Awards (1)
Stock Awards
Equity
Equity Incentive
Incentive Plan
Plan Awards;
Equity Incentive
Number of
Number of
Awards:
Number of
Plan Awards:
Securities
Securities
Number of
Unearned
Market or Payout
Underlying
Underlying
Securities
Shares, Units or
Value of Unearned
Unexercised
Unexercised
Underlying
Option
Other Rights
Shares, Units or
Options
Options
Unexercised
Exercise
That Have Not
Other Rights That
Exercisable
Unexercisable
Unearned
Price
Option
Vested
Have Not Vested
Name
(#)
(#)
Options (#)
($)
Expiration Date
(#)
($)
200,000
13.3100
2/24/2013
72,000
17.3250
11/20/2013
60,000
22.6325
8/2/2014
60,000
28.8425
11/18/2014
60,000
33.8900
8/1/2015
50,000
37.8300
11/30/2015
50,000
38.1900
11/30/2016
50,000
38.3100
12/4/2017
33,334
16,666
(2)
20.9500
12/4/2018
28,334
99,166
(3)
29.7800
8/3/2019
23,334
46,666
(5)
28.7300
9/25/2019
150,000
(6)
28.3500
8/2/2020
100,000
(7)
29.1000
9/24/2020
50,000
(4)
1,480,000
100,000
(8)
2,960,000
Table of Contents
Option Awards (1)
Stock Awards
Equity
Equity Incentive
Incentive Plan
Plan Awards;
Equity Incentive
Number of
Number of
Awards:
Number of
Plan Awards:
Securities
Securities
Number of
Unearned
Market or Payout
Underlying
Underlying
Securities
Shares, Units or
Value of Unearned
Unexercised
Unexercised
Underlying
Option
Other Rights
Shares, Units or
Options
Options
Unexercised
Exercise
That Have Not
Other Rights That
Exercisable
Unexercisable
Unearned
Price
Option
Vested
Have Not Vested
Name
(#)
(#)
Options (#)
($)
Expiration Date
(#)
($)
8,000
16.0000
10/16/2011
10,000
16.3875
11/14/2012
10,000
17.3250
11/20/2013
20,000
22.6325
8/2/2014
30,000
28.8425
11/18/2014
30,000
33.8900
8/1/2015
25,000
37.8300
11/30/2015
25,000
38.1900
11/30/2016
25,000
38.3100
12/4/2017
16,667
8,333
(2)
20.9500
12/4/2018
11,667
40,833
(3)
29.7800
8/3/2019
11,667
23,333
(5)
28.7300
9/25/2019
52,500
(6)
28.3500
8/2/2020
40,000
(7)
29.1000
9/24/2020
35,000
(4)
1,036,000
14,000
17.3250
11/20/2013
30,000
22.6325
8/2/2014
30,000
28.8425
11/18/2014
30,000
33.8900
8/1/2015
25,000
37.8300
11/30/2015
25,000
38.1900
11/30/2016
25,000
38.3100
12/4/2017
16,667
8,333
(2)
20.9500
12/4/2018
11,667
40,833
(3)
29.7800
8/3/2019
11,667
23,333
(5)
28.7300
9/25/2019
45,000
(6)
28.3500
8/2/2020
35,000
(7)
29.1000
9/24/2020
35,000
(4)
1,036,000
25,000
38.1900
11/30/2016
25,000
38.3100
12/4/2017
16,667
8,333
(2)
20.9500
12/4/2018
10,000
35,000
(3)
29.7800
8/3/2019
10,000
20,000
(5)
28.7300
9/25/2019
37,500
(6)
28.3500
8/2/2020
30,000
(7)
29.1000
9/24/2020
20,000
(4)
592,000
7,500
16.3875
11/14/2012
14,000
17.3250
11/20/2013
30,000
22.6325
8/2/2014
30,000
28.8425
11/18/2014
30,000
33.8900
8/1/2015
25,000
37.8300
11/30/2015
25,000
38.1900
11/30/2016
25,000
38.3100
12/4/2017
16,667
8.333
(2)
20.9500
12/4/2018
11,667
40,833
(3)
29.7800
8/3/2019
11,667
23,333
(5)
28.7300
9/25/2019
45,000
(6)
28.3500
8/2/2020
35,000
(7)
29.1000
9/24/2020
35,000
(4)
1,036,000
(1)
(2)
(3)
(4)
(5)
Table of Contents
(6)
(7)
(8)
Option Awards
Number of Shares
Acquired on
Value Realized
Name
Exercise (#)
on Exercise ($)
76,000
1,518,095
8,000
128,760
None
None
None
None
None
None
Table of Contents
Executive
Registrant
Aggregate
Aggregate
Aggregate
Contributions in
Contributions in
Earnings in
Withdrawals/
Balance at
Last Fiscal Year
Last Fiscal Year
Last Fiscal Year
Distributions
Last Fiscal Year
Name
($)
($)
($)
($)
End ($)
69,648
138,681
424,023
3,844,683
322,045
37,870
169,524
1,332,339
51,057
32,115
41,071
383,877
13,561
27,121
75,046
713,419
Table of Contents
Restricted Stock
Stock Option
Excise Tax
Legal Fee
Award Acceleration
Acceleration
Reimbursement
Reimbursement
Base Salary ($)(1)
Bonus ($) (2)
Gain $(3)
Gain $ (4)
($)
($) (5)
Total ($)
1,897,445
4,440,000
422,260
1,663,980
25,000
10,848,685
(1)
(2)
(3)
(4)
(5)
Restricted Stock
Stock Option
Excise Tax
Legal Fee
Award Acceleration
Acceleration
Reimbursement
Reimbursement
Base Salary ($)(1)
Bonus ($) (2)
Gain $(3)
Gain $ (4)
($)
($) (5)
Total ($)
311,739
1,036,000
178,006
358,880
25,000
2,649,625
(1)
(2)
(3)
(4)
(5)
Table of Contents
Restricted Stock
Stock Option
Excise Tax
Legal Fee
Award Acceleration
Acceleration
Reimbursement
Reimbursement
Base Salary ($)(1)
Bonus ($) (2)
Gain $(3)
Gain $ (4)
($)
($) (5)
Total ($)
300,562
1,036,000
166,131
322,231
25,000
2,571,560
(1)
(2)
(3)
(4)
(5)
Restricted Stock
Stock Option
Excise Tax
Legal Fee
Award Acceleration
Acceleration
Reimbursement
Reimbursement
Base Salary ($) (1)
Bonus ($) (2)
Gain $ (3)
Gain $ (4)
($)
($) (5)
Total ($)
373,905
592,000
151,356
315,928
25,000
2,108,189
(1)
(2)
(3)
(4)
(5)
Table of Contents
Restricted Stock
Stock Option
Excise Tax
Legal Fee
Award Acceleration
Acceleration
Reimbursement
Reimbursement
Base Salary ($) (1)
Bonus ($) (2)
Gain $ (3)
Gain $ (4)
($)
($) (5)
Total ($)
278,610
1,036,000
166,131
347,133
25,000
2,582,874
(1)
(2)
(3)
(4)
(5)
Unvested Shares
Unvested Stock
of Restricted
Options
Stock
Restricted Stock
In-the
Stock Option
as of
Award Acceleration
Money as of
Acceleration
Name
July 31, 2011
Gain $ (1)
July 31, 2011
Gain $ (2)
150,000
4,440,000
313,332
422,260
35,000
1,036,000
124,166
178,006
35,000
1,036,000
111,666
166,131
20,000
592,000
95,833
151,356
35,000
1,036,000
111,666
166,131
(1)
(2)
Table of Contents
Table of Contents
Fees Earned
or Paid in
Option
Name
Cash ($)
Awards ($) (1)
Total ($)
71,000
83,600
154,600
27,250
83,600
110,850
75,500
83,600
159,100
93,500
83,600
177,100
92,500
83,600
176,100
100,000
83,600
183,600
87,000
83,600
170,600
77,000
181,739
258,739
(1)
(2)
(3)
Item 12.
Amount of
Beneficial
Percent of
Title of Class
Name and Address of Beneficial Owner
Ownership
Ownership(2)
Brady Corporation Class B Common Stock Trust(1)
1,769,304
50
%
c/o Elizabeth P. Pungello
2002 S. Hawick Ct.
Chapel Hill, NC 27516
William H. Brady III Revocable Trust of 2003(3)
1,769,304
50
%
c/o William H. Brady III
249 Rosemont Ave.
Pasadena, CA 91103
(1)
(2)
(3)
Table of Contents
Amount of
Beneficial
Percent of
Title of Class
Name of Beneficial Owner & Nature of Beneficial Ownership
Ownership(4)
Ownership
Elizabeth P. Pungello(1)
1,352,095
2.6
%
Frank M. Jaehnert(2)
925,161
1.8
Peter C. Sephton
305,402
0.6
Thomas J. Felmer
298,808
0.6
Matthew O. Williamson
285,973
0.5
Robert L. Tatterson
129,833
0.2
Conrad G. Goodkind
91,510
0.2
Frank W. Harris
72,245
0.1
Patrick W. Allender
39,736
0.1
Chan W. Galbato
32,694
0.1
Bradley C. Richardson
25,083
*
Gary S. Balkema
11,468
*
All Officers and Directors as a Group (17 persons)(3)
4,105,264
7.8
Elizabeth P. Pungello(1)
1,769,304
50.0
%
*
(1)
(2)
(3)
(4)
Table of Contents
As of July 31, 2011
Number of securities
remaining available for
Number of securities
future issuance under
to be issued upon
Weighted-average
equity compensation
exercise of
exercise price of
plans (excluding
outstanding options,
outstanding options,
securities reflected in
warrants and rights
warrants and rights
column (a))
Plan Category
(a)
(b)
(c)
5,799,017
$
29.24
737,000
None
None
None
5,799,017
$
29.24
737,000
Item 13.
Table of Contents
Item 14.
2011
2010
(Dollars in thousands)
$
1,374
$
1,425
949
549
2,323
1,974
479
723
275
281
754
1,004
$
3,077
$
2,978
(1)
(2)
2011
2010
.3 to 1
.5 to 1
Item 15.
Table of Contents
Exhibit
Number
Description
3.1
3.2
*10.1
*10.2
*10.3
*10.4
*10.5
*10.6
*10.7
*10.8
10.9
*10.10
*10.11
*10.12
*10.13
10.14
*10.15
*10.16
10.17
*10.18
*10.19
*10.20
*10.21
*10.22
*10.23
10.24
10.25
10.26
*10.27
*10.28
*10.29
*10.30
*10.31
*10.32
10.33
*10.34
*10.35
*10.36
*10.37
*10.38
*10.39
*10.40
*10.41
21
Table of Contents
Exhibit
Number
Description
23
31.1
31.2
32.1
32.2
101
*
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
Table of Contents
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
Year ended July 31,
Description
2011
2010
2009
(Dollars in thousands)
$
7,137
$
7,931
$
10,059
1,287
2,005
1,278
52
80
(2,293
)
(2,879
)
(3,406
)
$
6,183
$
7,137
$
7,931
$
15,944
$
22,288
$
22,148
3,750
1,646
5,138
632
129
(7,317
)
(8,119
)
(4,998
)
$
13,009
$
15,944
$
22,288
Table of Contents
Brady Corporation
By:
/s/ Thomas j. felmer
Thomas J. Felmer
Senior Vice President & Chief Financial Officer
(Principal Financial Officer)
Signature
Title
President and Chief Executive Officer; Director
(
Principal Executive Officer
)
Vice President and Chief Accounting Officer
(Principal Accounting Officer)
Director
Director
Director
Director
Director
Director
Director
*
1. |
Number of Shares Optioned; Option Price
|
2. |
Conditions of Exercise of Options During Employees Lifetime; Vesting of Option
|
YOY EPS Growth | CAGR | 1st Vesting Opportunity | 2nd Vesting Opportunity | |||||||||||||
|
||||||||||||||||
Year 1:
|
10 | % | No | Yes (after year three) | ||||||||||||
|
||||||||||||||||
Year 2:
|
16 | % | 13 | % | Yes | N/A | ||||||||||
|
||||||||||||||||
Year 3:
|
30 | % | 18 | % | Yes | N/A |
YOY EPS Growth | CAGR | 1st Vesting Opportunity | 2nd Vesting Opportunity | |||||||||||||
|
||||||||||||||||
Year 1:
|
30 | % | Yes | N/A | ||||||||||||
|
||||||||||||||||
Year 2:
|
15 | % | 22 | % | Yes | N/A | ||||||||||
|
||||||||||||||||
Year 3:
|
3 | % | 15 | % | No | Yes |
-2-
3. |
Termination of Employment
|
(a) |
is terminated by the death of the Employee, any unexercised, unexpired Stock
Options granted hereunder to the Employee shall be 100% vested and fully exercisable,
in whole or in part, at any time within one year after the date of death, by the
Employees personal representative or by the person to whom the Stock Options are
transferred under the Employees last will and testament or the applicable laws of
descent and distribution;
|
||
(b) |
dies within 90 days after termination of employment by the Corporation or its
Affiliates, other than for cause, any unexercised, unexpired Stock Options granted
hereunder to the Employee and exercisable as of the date of such termination of
employment shall be exercisable, in whole or in part, at any time within one year after
the date of death, by the Employees personal representative or by the person to whom
the Stock Options are transferred under the Employees last will and testament or the
applicable laws of descent and distribution;
|
||
(c) |
is terminated as a result of the disability of the Employee (a disability means
that the Employee is disabled as a result of sickness or injury, such that he or she is
unable to satisfactorily perform the material duties of Employees job, as determined
by the Board of Directors, on the basis of medical evidence satisfactory to it), any
unexercised, unexpired Stock Options granted hereunder to the Employee shall become
100% vested and fully exercisable, in whole or in part, at any time within one year
after the date of disability;
|
||
(d) |
is terminated as a result of the Employees retirement (after age 55 with ten
years of employment with the Corporation or a Subsidiary or after age 65), any
unexercised, unexpired Stock Options granted hereunder to the Employee shall continue
to vest as provided in paragraph 2 hereof and any option that is or becomes vested may
be exercised in whole or in part prior to the expiration date of such option.
|
4. |
Deferral of Exercise
|
-3-
5. |
Method of Exercising Option
|
6. |
Method of Payment
|
7. |
Expiration Date
|
8. |
Withholding Taxes
|
9. |
Method of Valuation of Stock
|
-4-
10. |
No Rights in Shares Until Certificates Issued
|
11. |
Option Not Transferable
|
12. |
Prohibition Against Pledge, Attachment, Etc.
|
13. |
Changes in Stock
|
14. |
Dissolution or Merger
|
-5-
15. |
Notices
|
16. |
Provisions of Plan and Corporate Records Controlling
|
17. |
Wisconsin Contract
|
-6-
(a) |
Administrator
means the administrator as described in
Section 4.01.
|
||
(b) |
Affiliates
means any subsidiary corporation or
parent corporation as such terms are defined in Section 424 of the Code.
|
||
(c) |
Agreement
means a written agreement (including any
amendment or supplement thereto) between the Corporation and a Participant
specifying the terms and conditions of an Award.
|
||
(d) |
Award
shall mean the grant of any form of Stock
Option, Restricted Stock, Restricted Stock Units or Unrestricted Stock.
|
||
(e) |
Board
shall mean the Board of Directors of the
Corporation.
|
(f) |
Code
shall mean the Internal Revenue Code of 1986, as
amended from time to time.
|
||
(g) |
Committee
shall mean the committee described in
Section 4.01.
|
||
(h) |
Corporation
shall mean Brady Corporation, a Wisconsin
corporation.
|
||
(i) |
Corporation Stock
shall mean the Corporations Class
A Non-Voting Common Stock, $.01 par value, and such other stock and securities
as may be substituted therefor pursuant to Section 3.02.
|
||
(j) |
Eligible Individual
shall mean any director or
regular salaried employee of the Corporation or an Affiliate, who satisfies the
requirements of Section 5.01.
|
||
(k) |
Exercise Period
shall mean the period of time
provided pursuant to Section 6.05 within which a Stock Option may be exercised.
|
||
(l) |
Fair Market Value
on any date shall mean, with
respect to Corporation Stock, if the stock is then listed and traded on a
registered national securities exchange, or is quoted in the NASDAQ National
Market System, the average of the high and low sale prices recorded in
composite transactions for such date (rounding up to the nearest cent) or, if
such date is not a business day or if no sales of Corporation Stock shall have
been reported with respect to such date, the next preceding business date with
respect to which sales were reported. In the absence of reported sales or if
the stock is not so listed or quoted, but is traded in the over-the-counter
market, Fair Market Value shall be the average of the closing bid and asked
prices for such shares on the relevant date.
|
||
(m) |
Participant
means an Eligible Individual who has been
granted an Award under this Plan.
|
||
(n) |
Performance Goals
means the performance goals
established by the Administrator prior to the grant of any Award of Stock
Options, Restricted Stock or Restricted Stock Units intended to qualify as
performance-based compensation under Section 162(m) of the Code. Performance
Goals may be established at the Company or business unit level and may be based
upon the attainment of goals relating to one or more of the following business
criteria measured on an absolute basis or in terms of growth or reduction:
revenue, expenses, net income (pre-tax or after-tax), earnings per share,
return on equity, return on assets, return on tangible book value, operating
income, earnings before interest, taxes, depreciation and amortization
(EBITDA), loss ratio, expense ratio, increase in stock price, total shareholder
return, economic value added and operating cash flow. The Administrator may
establish other subjective or objective performance goals, including individual
goals, which it deems appropriate. In measuring the degree of
|
-2-
attainment of a
Performance Goal, Unusual and Unforeseen Charges may be included or excluded as determined by the
Administrator in its discretion or as otherwise provided in an Award
Agreement. Unusual and Unforeseen Charges may include but are not limited
to any one of the following events creating positive or negative adjustments
to the attainment of a performance metric so long as the inclusion or
exclusion would not jeopardize the status of the compensation as
performance-based compensation under Section 162(m) of the Code: (i)
restructurings, discontinued operations, impairment of goodwill or
long-lived assets, follow on stock offerings, extraordinary items, and other
unusual or non-recurring charges, (ii) an event either not directly related
to the operations of the Corporation or not within the reasonable control of
the Corporations management, (iii) the cumulative effects of tax or
accounting changes in accordance with generally accepted accounting
principles, (iv) changes in tax regulations or laws, or (v) the effect of a
merger or acquisition.
|
|||
(o) |
Person
means any individual or entity, and the heirs,
personal representatives, executors, administrators, legal representatives,
successors and assigns of such Person as the context may require.
|
||
(p) |
Plan
shall mean the Brady Corporation 2012 Omnibus
Incentive Stock Plan, as set forth herein, as it may be amended from time to
time.
|
||
(q) |
Restricted Stock
means shares of Corporation Stock
granted to a Participant under Article VII.
|
||
(r) |
Restricted Stock Unit
means an Award granted to a
Participant under Article VIII.
|
||
(s) |
Stock Option
means an option to purchase a stated
number of shares of Corporation Stock at the price set forth in an Agreement.
A Stock Option may be either a Nonqualified Stock Option or an Incentive Stock
Option.
|
||
(t) |
Unrestricted Stock
means shares of Corporation Stock
granted to a Participant under Article IX.
|
-3-
(a) |
designate the Eligible Individuals to whom Awards shall be
granted;
|
||
(b) |
grant Awards in such form and amount as the Administrator shall
determine;
|
||
(c) |
impose such limitations, restrictions and conditions upon any
such Award as the Administrator shall deem appropriate, including conditions
(in addition to those contained in this Plan) (i) on the exercisability of all
or any portion of a Stock Option, (ii) on the transferability or forfeitability
of Restricted Stock or (iii) requiring an Eligible Individual to retain all or
a portion of the Corporation Stock for a period of time following the exercise of a Stock Option, the vesting of Restricted Stock or the payment
of Restricted Stock Units;
|
-4-
(d) |
prescribe the form of Agreement with respect to each Award;
|
||
(e) |
waive in whole or in part any limitations, restrictions or
conditions imposed upon any such Award as the Administrator shall deem
appropriate (including accelerating the time at which any Stock Option may be
exercised or the time at which Restricted Stock may become transferable or
nonforfeitable);
|
||
(f) |
make adjustments in the terms and conditions of a Performance
Goal in recognition of unusual or nonrecurring events affecting the Company or
the financial statements of the Company or of changes in applicable laws,
regulations, or accounting principles, whenever the Administrator determines
that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan, provided that no such adjustment shall be authorized to the
extent that such adjustment would be inconsistent with the Plans or any
Performance Award meeting the requirements of Section 162(m) of the Code; and
|
||
(g) |
determine the extent to which leaves of absence for
governmental or military service, illness, temporary disability and the like
shall not be deemed interruptions of continuous service.
|
-5-
Years After | ||||
Date of Grant | Percentage of Shares | |||
|
||||
Less than 1
|
0 | % | ||
|
||||
1 but less than 2
|
33-1/3 | % | ||
|
||||
2 but less than 3
|
66-2/3 | % | ||
|
||||
3 or more
|
100 | % |
-6-
(a) |
The aggregate Fair Market Value of Corporation Stock
(determined as of the date the stock option is granted) with respect to which
ISOs are exercisable for the first time during a calendar year may not exceed
$100,000. To the extent that the value of the stock subject to options exceeds
that amount, the excess shall be considered to be NSOs, with the determination
to be made in the order the options are granted.
|
||
(b) |
Employees who own, directly or indirectly, within the meaning
of Code Section 425(d), more than 10% of the voting power of all classes of
stock of the Corporation or any parent or subsidiary corporation shall not be
eligible to receive an ISO hereunder unless the purchase price per share under
such option is at least 110% of the Fair Market Value of the stock subject to
the option and such option by its terms is not exercisable after the expiration
of five (5) years from the date such option is granted
|
||
(c) |
To obtain favorable ISO tax treatment, the option must be
exercised while the Participant is an employee, or within three months after
the Participants termination as an employee; provided that, in the case of
termination on account of disability (as defined in Section 22(e)(3) of the
Code), the exercise period may be extended to one year; and further provided
that the employment requirement is waived in the case of the participants
death.
|
-7-
(a) |
Any Restricted Stock Award granted hereunder may be evidenced
in such manner as the Administrator may deem appropriate, including, without
limitation, book-entry registration or issuance of a stock certificate or
certificates.
|
||
(b) |
Until the applicable restrictions lapse, the Participant shall
not be permitted to sell, assign, transfer, exchange, pledge, hypothecate or
otherwise dispose of or encumber shares of Restricted Stock.
|
||
(c) |
Unless and until a forfeiture of the Restricted Stock, the
Participant shall have, with respect to the shares of Restricted Stock, all of
the rights of a shareholder of the Corporation, including the right to vote the
shares (if applicable) and the right to receive any cash dividends. Unless
otherwise determined by the Administrator, cash dividends shall be
automatically paid in cash and dividends payable in Corporation Stock shall be
paid in the form of additional Restricted Stock.
|
||
(d) |
Except to the extent otherwise provided in the applicable
Restricted Stock Agreement and (e) below, all shares still subject to
restriction shall be forfeited by the Participant upon termination of a
Participants service for any reason.
|
||
(e) |
In the event of hardship or other special circumstances of a
Participant whose service is involuntarily terminated (other than for cause),
the Administrator may waive in whole or in part any or all remaining
restrictions with respect to such Participants shares of Restricted Stock.
|
||
(f) |
If and when the applicable restrictions lapse, unlegended
certificates for such shares shall be delivered to the Participant.
|
||
(g) |
Each Award shall be confirmed by, and be subject to the terms
of, a Restricted Stock Agreement.
|
-8-
-9-
(a) |
if the Participants service is terminated by the death of the
Participant, any unexercised, unexpired Stock Options granted hereunder to the
Participant shall be 100% vested and fully exercisable, in whole or in part, at
any time within one year after the date of death, by the Participants personal
representative or by the person to whom the Stock Options are transferred under
the Participants last will and testament or the applicable laws of descent and
distribution;
|
||
(b) |
if the Participant dies within 90 days after termination of
service by the Corporation or its Affiliates, other than for cause, any
unexercised, unexpired Stock Options granted hereunder to the Participant and
exercisable as of the date of such termination of service shall be exercisable,
in whole or in part, at any time within one year after the date of death, by
the Participants personal representative or by the person to whom the Stock
Options are transferred under the Participants last will and testament or the
applicable laws of descent and distribution;
|
||
(c) |
if the Participants service is terminated as a result of the
disability of the Participant (a disability means that the Participant is
disabled as a result of sickness or injury, such that he or she is unable to
satisfactorily perform the material duties of his or her job, as determined by
the Board of Directors, on the basis of medical evidence satisfactory to it),
any unexercised, unexpired Stock Options granted hereunder to the Participant
shall become 100% vested and fully exercisable, in whole or in part, at any
time within one year after the date of disability;
|
-10-
(d) |
Notwithstanding (a), (b), or (c) if a directors service
terminates for any reason after serving on the Board for at least three years
or an employees service is terminated as a result of the Participants
retirement (after age 55 with ten years of service with the Corporation or an
Affiliate or after age 65), any unexercised, unexpired Stock Options granted
hereunder to the Participant shall continue to vest as provided in Section 6.05
hereof and any Stock Option that is or becomes vested may be exercised in whole
or in part prior to the expiration date of such Stock Option; and
|
||
(e) |
if the Participants service is terminated by the Company or an
Affiliate for any reason other than the Participants death, disability or
retirement of the Participant or for cause, any unexercised, unexpired Stock
Options granted hereunder and exercisable as of the date of such termination of
service shall be exercisable in whole or in part at any time within 90 days
after such date of termination.
|
-11-
-12-
1. |
Number of Shares Optioned; Option Price
|
2. |
Conditions of Exercise of Options During Employees Lifetime; Vesting of Option
|
Maximum | ||||
Percentage | ||||
of Shares For | ||||
Number of Completed Years After | Which Option is | |||
Date of Grant of this Option | Exercisable | |||
|
||||
Less than 1
|
Zero | |||
At least 1 but less than 2
|
33-1/3 | % | ||
At least 2 but less than 3
|
66-2/3 | % | ||
At least 3
|
100 | % |
3. |
Termination of Employment
|
(a) |
is terminated by the death of the Employee, any unexercised, unexpired Stock
Options granted hereunder to the Employee shall be 100% vested and fully exercisable,
in whole or in part, at any time within one year after the date of death, by the
Employees personal representative or by the person to whom the Stock Options are
transferred under the Employees last will and testament or the applicable laws of
descent and distribution;
|
||
(b) |
dies within 90 days after termination of employment by the Corporation or its
Affiliates, other than for cause, any unexercised, unexpired Stock Options granted
hereunder to the Employee and exercisable as of the date of such termination of
employment shall be exercisable, in whole or in part, at any time within one year after
the date of death, by the Employees personal representative or by the person to whom
the Stock Options are transferred under the Employees last will and testament or the
applicable laws of descent and distribution;
|
||
(c) |
is terminated as a result of the disability of the Employee (a disability means
that the Employee is disabled as a result of sickness or injury, such that he or she is
unable to satisfactorily perform the material duties of Employees job, as determined
by the Board of Directors, on the basis of medical evidence satisfactory to it), any
unexercised, unexpired Stock Options granted hereunder to the Employee shall become
100% vested and fully exercisable, in whole or in part, at any time within one year
after the date of disability; or
|
||
(d) |
is terminated as a result of the Employees retirement (after age 55 with ten
years of employment with the Corporation or an Affiliate or after age 65), any
unexercised, unexpired Stock Options granted hereunder to the Employee shall continue
to vest as provided in paragraph 2 hereof and any option that is or becomes vested may
be exercised in whole or in part prior to the expiration date of such option.
|
4. |
Deferral of Exercise
|
-2-
5. |
Method of Exercising Option
|
6. |
Method of Payment
|
7. |
Expiration Date
|
8. |
Withholding Taxes
|
9. |
Method of Valuation of Stock
|
-3-
10. |
No Rights in Shares Until Certificates Issued
|
11. |
Option Not Transferable
|
12. |
Prohibition Against Pledge, Attachment, Etc.
|
13. |
Changes in Stock
|
-4-
14. |
Dissolution or Merger
|
15. |
Notices
|
16. |
Provisions of Plan Controlling
|
17. |
Wisconsin Contract
|
-5-
1. |
Number of Shares Optioned; Option Price
|
2. |
Conditions of Exercise of Options During Employees Lifetime; Vesting of Option
|
YOY EPS Growth | CAGR | 1st Vesting Opportunity | 2nd Vesting Opportunity | |||||||||||||
|
||||||||||||||||
Year 1:
|
10 | % | No | Yes (after year three) | ||||||||||||
|
||||||||||||||||
Year 2:
|
16 | % | 13 | % | Yes | N/A | ||||||||||
|
||||||||||||||||
Year 3:
|
30 | % | 18 | % | Yes | N/A |
YOY EPS Growth | CAGR | 1st Vesting Opportunity | 2nd Vesting Opportunity | |||||||||||||
|
||||||||||||||||
Year 1:
|
30 | % | Yes | N/A | ||||||||||||
|
||||||||||||||||
Year 2:
|
15 | % | 22 | % | Yes | N/A | ||||||||||
|
||||||||||||||||
Year 3:
|
3 | % | 15 | % | No | Yes |
-2-
3. |
Termination of Employment
|
(a) |
is terminated by the death of the Employee, any unexercised, unexpired Stock
Options granted hereunder to the Employee shall be 100% vested and fully exercisable,
in whole or in part, at any time within one year after the date of death, by the
Employees personal representative or by the person to whom the Stock Options are
transferred under the Employees last will and testament or the applicable laws of
descent and distribution;
|
||
(b) |
dies within 90 days after termination of employment by the Corporation or its
Affiliates, other than for cause, any unexercised, unexpired Stock Options granted
hereunder to the Employee and exercisable as of the date of such termination of
employment shall be exercisable, in whole or in part, at any time within one year after
the date of death, by the Employees personal representative or by the person to whom
the Stock Options are transferred under the Employees last will and testament or the
applicable laws of descent and distribution;
|
||
(c) |
is terminated as a result of the disability of the Employee (a disability means
that the Employee is disabled as a result of sickness or injury, such that he or she is
unable to satisfactorily perform the material duties of Employees job, as determined
by the Board of Directors, on the basis of medical evidence satisfactory to it), any
unexercised, unexpired Stock Options granted hereunder to the Employee shall become
100% vested and fully exercisable, in whole or in part, at any time within one year
after the date of disability;
|
||
(d) |
is terminated as a result of the Employees retirement (after age 55 with ten
years of employment with the Corporation or a Subsidiary or after age 65), any
unexercised, unexpired Stock Options granted hereunder to the Employee shall continue
to vest as provided in paragraph 2 hereof and any option that is or becomes vested may
be exercised in whole or in part prior to the expiration date of such option.
|
4. |
Deferral of Exercise
|
-3-
5. |
Method of Exercising Option
|
6. |
Method of Payment
|
7. |
Expiration Date
|
8. |
Withholding Taxes
|
9. |
Method of Valuation of Stock
|
-4-
10. |
No Rights in Shares Until Certificates Issued
|
11. |
Option Not Transferable
|
12. |
Prohibition Against Pledge, Attachment, Etc.
|
13. |
Changes in Stock
|
-5-
14. |
Dissolution or Merger
|
15. |
Notices
|
16. |
Provisions of Plan and Corporate Records Controlling
|
17. |
Wisconsin Contract
|
-6-
Maximum Percentage | ||||
Number of Completed Years | of Shares for Which | |||
After Date of Grant of this Option | Option is Exercisable | |||
|
||||
Less than 1
|
Zero | |||
At least 1 but less than 2
|
33-1/3 | % | ||
At least 2 but less than 3
|
66-2/3 | % | ||
At least 3
|
100 | % |
-2-
-3-
-4-
Percentage | ||||||||
of Voting | ||||||||
State (Country) | Securities | |||||||
Name of Company | Of Incorporation | Owned | ||||||
|
||||||||
Brady Corporation
|
Wisconsin | Parent | ||||||
Tricor Direct, Inc.
|
Delaware | 100 | % | |||||
Doing Business As:
|
||||||||
Seton
|
||||||||
Seton Name Plate Company
|
||||||||
D&G Sign and Label
|
||||||||
Seton Identification Products
|
||||||||
Emedco
|
||||||||
Champion America
|
||||||||
DAWG, Inc.
|
||||||||
Worldmark of Wisconsin Inc.
|
Delaware | 100 | % | |||||
Brady Investment Co.
|
Nevada | 100 | % | |||||
AIO Acquisition Inc.
|
Delaware | 100 | % | |||||
Doing Business As:
|
||||||||
All-In-One Products
|
||||||||
Personnel Concepts
|
||||||||
Personnel Concepts Limited
|
||||||||
Personnel Concepts Ltd.
|
||||||||
PC Limited
|
||||||||
USA Printing & Mailing
|
||||||||
Dual Core LLC
|
Wisconsin | 100 | % | |||||
Doing Business As:
|
||||||||
Identicard Systems Worldwide
|
||||||||
Brady People ID
|
||||||||
JAM Plastics
|
||||||||
PromoVision Palomino
|
||||||||
Temtec
|
||||||||
Stopware
|
||||||||
BIG Badges
|
||||||||
Brady Mexico Holding LLC
|
Delaware | 100 | % | |||||
Brady Precision Converting, LLC
|
Wisconsin | 100 | % | |||||
Doing Business As Brady Medical
|
||||||||
Clement Communications, Inc.
|
Pennsylvania | 100 | % | |||||
Visual Wear LLC
|
Massachusetts | 100 | % | |||||
Doing Business As 1888LANYARD.com
|
||||||||
Brady International Co.
|
Wisconsin | 100 | % | |||||
Brady Worldwide, Inc.
|
Wisconsin | 100 | % | |||||
Also Doing Business As:
|
||||||||
Brandon International
|
||||||||
Varitronic Systems
|
||||||||
Sorbent Products Company
|
||||||||
TISCOR
|
||||||||
Electromark
|
||||||||
Brady Australia Holdings Pty. Ltd.
|
Australia | 100 | % | |||||
Brady Australia Pty. Ltd.
|
Australia | 100 | % | |||||
Seton Australia Pty. Ltd.
|
Australia | 100 | % | |||||
Accidental Health & Safety Pty. Ltd.
|
Australia | 100 | % | |||||
Trafalgar First Aid Pty. Ltd.
|
Australia | 100 | % | |||||
Carroll Australasia Pty. Ltd.
|
Australia | 100 | % |
Percentage
of Voting
State (Country)
Securities
Name of Company
Of Incorporation
Owned
Australia
100
%
Australia
100
%
Australia
100
%
Australia
100
%
Belgium
100
%
Belgium
100
%
Brazil
100
%
Brazil
100
%
Canada
100
%
Canada
100
%
Cayman Islands
100
%
China
100
%
China
100
%
China
100
%
China
100
%
China
100
%
China
100
%
China
100
%
China
100
%
China
100
%
Denmark
100
%
France
100
%
France
100
%
France
100
%
Germany
100
%
Germany
100
%
Germany
100
%
Germany
100
%
Hong Kong
100
%
Hong Kong
100
%
Hong Kong
100
%
India
100
%
Italy
100
%
Japan
100
%
Luxembourg
100
%
Luxembourg
100
%
Malaysia
100
%
Mexico
100
%
Mexico
100
%
Netherlands
100
%
Netherlands
100
%
Netherlands
100
%
Netherlands
100
%
Norway
100
%
Philippines
100
%
Poland
100
%
Percentage
of Voting
State (Country)
Securities
Name of Company
Of Incorporation
Owned
Singapore
100
%
Singapore
100
%
Singapore
100
%
Singapore
100
%
Singapore
100
%
Slovakia
100
%
South Korea
100
%
Spain
100
%
Sweden
100
%
Sweden
100
%
Sweden
100
%
Sweden
100
%
Sweden
100
%
Thailand
100
%
Turkey
100
%
United Arab Emirates
100
%
United Kingdom
100
%
United Kingdom
100
%
United Kingdom
100
%
United Kingdom
100
%
United Kingdom
100
%
United Kingdom
100
%
/s/ FRANK M. JAEHNERT | ||||
(Frank M. Jaehnert) | ||||
President and Chief Executive Officer | ||||
/s/ THOMAS J. FELMER | ||||
(Thomas J. Felmer) | ||||
Senior Vice President and Chief Financial Officer | ||||
/s/ FRANK M. JAEHNERT | ||||
(Frank M. Jaehnert) | ||||
President and Chief Executive Officer | ||||
/s/ THOMAS J. FELMER | ||||
(Thomas J. Felmer) | ||||
Senior Vice President and Chief Financial Officer | ||||