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: February 9, 2005
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(Date of earliest event reported)
The Eastern Company
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(Exact name of Registrant as specified in its charter)
Connecticut 0-599 06-0330020
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(State of (Commission File Number) (IRS Employer
incorporation) Identification No.)
112 Bridge Street, Naugatuck, Connecticut 06770
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(Address of principal executive offices) (Zip Code)
(203) 729-2255
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(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report.)
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)
[ ] 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)
[ ] Pre-commencement communications pursuant to Rule 4d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 3e-4( c) under the
Exchange Act (17 CFR 240.13e-4( c))
Section 1 - Registrant's Business and Operations
ITEM 1.01 - Entry into a Material Definitive Agreement
On February 9, 2005, The Compensation Committee (the
"Committee") of the Board of Directors of The Eastern Company
(the "Company") approved the 2005 Executive Incentive Program
under the Company's Executive Incentive Plan (the "Plan") for
the Named Executive Officers, Leonard F. Leganza, President
and Chief Executive Officer and John L. Sullivan III, Vice
President, Secretary and Treasurer.
The 2005 Executive Incentive Plan is based on both Division
Earnings (75%) and Working Capital (25%) achievements. Under
the Plan Mr. Leganza and Mr. Sullivan can earn their
incentive, with unlimited potential, based on achieving those
targets.
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.
The Eastern Company
Date: February 25, 2005 By: /s/John L. Sullivan III
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John L. Sullivan III
Vice President, Secretary & Treasurer