<SEC-DOCUMENT>0000950123-11-090124.txt : 20111014
<SEC-HEADER>0000950123-11-090124.hdr.sgml : 20111014
<ACCEPTANCE-DATETIME>20111014164413
ACCESSION NUMBER:		0000950123-11-090124
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20111007
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20111014
DATE AS OF CHANGE:		20111014

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000080420
		STANDARD INDUSTRIAL CLASSIFICATION:	SWITCHGEAR & SWITCHBOARD APPARATUS [3613]
		IRS NUMBER:				880106100
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12488
		FILM NUMBER:		111142244

	BUSINESS ADDRESS:	
		STREET 1:		8550 MOSLEY DR
		STREET 2:		POST OFFICE BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075
		BUSINESS PHONE:		7139446900

	MAIL ADDRESS:	
		STREET 1:		8550 MOSLEY DRIVE P O BOX 12818
		STREET 2:		8550 MOSLEY DRIVE P O BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROCESS SYSTEMS INC
		DATE OF NAME CHANGE:	19780926
</SEC-HEADER>
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>h85109e8vk.htm
<DESCRIPTION>FORM 8-K
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DATE OF REPORT (Date of earliest event reported): October&nbsp;7, 2011</B>
</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>POWELL INDUSTRIES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact Name of Registrant as Specified in Its Charter)</I></DIV>


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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-12488</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>88-0106100</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(State or other jurisdiction of <BR>
incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Commission File Number)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(I.R.S. Employer<BR>
Identification Number)</I></TD>
</TR>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD align="center" valign="top"><B>8550 Mosley Drive <BR>
Houston, Texas</B><BR>
<I>(Address of Principal <BR>
Executive Offices)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77075-1180</B><BR>
<I>(Zip Code)</I></TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(713)&nbsp;944-6900</B><BR>
<I>(Registrant&#146;s Telephone Number, Including Area Code)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>N/A</B><BR>
<I>(Former Name or Former Address, if Changed Since Last Report)</I></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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:
</DIV>


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    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17CFR230.425)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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    <TD style="font-size: 6pt">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17CFR240.14a-12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Action (17CFR240.14D-2(b))&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
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    <TD width="1%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17CFR240.13e-4(c))&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;5.02 &#151; Departure of Directors and Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously reported, Patrick L. McDonald resigned from his roles as President and Chief
Executive Officer and as a Director of Powell Industries, Inc. (the &#147;Company&#148;) effective September
14, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with Mr.&nbsp;McDonald&#146;s resignation, Mr.&nbsp;McDonald and the Company entered into a
Severance Agreement and Release on October&nbsp;7, 2011 (the &#147;Severance Agreement&#148;). The Severance
Agreement provides, among other things, that as severance compensation Mr.&nbsp;McDonald will be
provided the following severance benefits: (i)&nbsp;a lump sum payment of $1,220,000 to be paid on
October&nbsp;17, 2011 (the &#147;Effective Date&#148;); (ii) $1,170,000 to be paid in 48 equal semi-monthly
installments of $24,375, with the first such installment to be due and payable within 30&nbsp;days after
the Effective Date and semi-monthly thereafter until paid in full; and (iii)&nbsp;the unvested portion
of the restricted stock award of 8,000 shares granted to Mr.&nbsp;McDonald on October&nbsp;1, 2009 and the
unvested portion of the restricted stock award of 7,601 shares granted to Mr.&nbsp;McDonald on October
1, 2010, granted under the terms of the Company&#146;s 2006 Equity Incentive Plan will vest on the
Effective Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Severance Agreement includes a release of all claims arising out of or relating to Mr.
McDonald&#146;s employment with the Company and the termination of that employment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until October&nbsp;14, 2011, Mr.&nbsp;McDonald is entitled to revoke his acceptance of the Severance
Agreement. If he revokes his acceptance, the Severance Agreement will be of no further force or
effect and Mr.&nbsp;McDonald will not be entitled to the severance benefits described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing description of the terms and conditions of the Severance Agreement is only a summary
and is qualified in its entirety by the full text of such agreement, a copy of which, assuming Mr.
McDonald does not revoke his acceptance, will be filed as an exhibit to the Company&#146;s Annual Report
on Form 10-K for the fiscal year ended September&nbsp;30, 2011.
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 thereunto duly authorized.
</DIV>


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</TR>
<TR>
    <TD valign="top" align="left">Date: October 14, 2011&nbsp;</TD>
    <TD colspan="3" align="left">POWELL INDUSTRIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Don R. Madison
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Don R. Madison&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President<BR>
Chief Financial and Administrative Officer<BR>
(Principal Financial Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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