Form 8-K dated January 25, 2006
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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): January 25, 2006
P
&
F
INDUSTRIES, INC.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
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1-5332
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22-1657413
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(State
or Other Jurisdiction of
Incorporation)
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(Commission
File No.)
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(IRS
Employer Identification
Number)
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300
Smith Street, Farmingdale, New York 11735
(Address
of Principal Executive Offices) (Zip Code)
Registrant's
telephone number, including area code: (631)
694-1800
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 (see
General
Instruction A.2. below):
G
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
G
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
G
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17CFR 240.14d-2(b))
G
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
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Item
1.02.
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Termination
of a Material Definitive
Agreement.
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On
January 25, 2006, the P&F Industries, Inc. (the “Company”) terminated its
Executive Incentive Bonus Plan (the “Executive Incentive Bonus Plan”), subject
to the payment of awards for fiscal 2005 which have not yet been determined.
The
Executive Incentive Bonus Plan previously was filed as Exhibit 10.4 to the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31,
2001.
The
Executive Incentive Bonus Plan was terminated because the benefit provided
thereunder is intended to be superseded by the benefit under a new bonus plan
which the Company intends to submit to stockholders for approval at the
Company’s next annual meeting.
The
Executive Incentive Bonus Plan provided for the payment of a cash bonus to
the
Company’s Chief Executive Officer, Vice President of Finance and other selected
key executives based upon a percentage of the Company’s pre-tax profits and
determined through a formula and other conditions as set forth
therein.
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.
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P
& F INDUSTRIES, INC.
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| Date: January
31, 2006 |
/s/ |
Joseph
A. Molino, Jr. |
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Joseph
A. Molino, Jr.
Vice
President,
Chief
Operating Officer and
Chief
Financial Officer
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