Franklin Electric transfers $30M pension liability via annuity; expects ~$60M settlement charge

FRANKLIN ELECTRIC CO INC

Entered agreement with Principal Life Insurance to buy group annuity for ~684 participants, reducing U.S. pension liabilities by ~$30M.
Settled $59.9M in lump sum payouts to 1,405 participants on July 9, 2025.
Expects non-cash pension settlement charge of ~$60M pre-tax (~$40M after-tax, approx. $1 EPS) in Q3 2025.
Annuity purchase funded by Plan assets; no additional contributions expected; closing targeted by July 29, 2025.
Insurer will assume benefit payments for transferred participants starting July 29 and Oct 1, 2025.

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