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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 10)*
NORTEK, INC.
(Name of Issuer)
Common Stock, par value $1.00 per share
Special Common Stock, par value $1.00 per share
(Title of Class of Securities)
65655910
(CUSIP Number)
Richard L. Bready COPY TO: Douglass N. Ellis, Jr., Esq.
c/o Nortek, Inc. Ropes & Gray
50 Kennedy Plaza One International Place
Providence, RI 02903 Boston, MA 02110
(401) 751-1600 (617) 951-7000
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 31, 1999
(Dates of Events which Require Filing of this Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition which is the subject
of this Schedule 13D, and is filing this schedule because of
Rule 13d-1(b)(3) or (4), check the following box [ ].
CUSIP No. 65655910 13D
1. Names of Reporting Persons/I.R.S. Identification
Nos.
of Above Persons (entities only)
Richard L. Bready
2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a)
(b)
3. SEC Use Only
4. Source of Funds (See Instructions)
N/A
5. Check if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e)
[ ]
6. Citizenship or Place of Organization
U.S.A.
Number of 7. Sole Voting Power
Shares Bene- 408,150 shares of Common Stock
ficially 1,084,531 shares of Special Common Stock
Owned by
Each Report- 8. Shared Voting Power
ing Person 236,800 shares of Common Stock
With 46,263 shares of Special Common Stock
9. Sole Dispositive Power
408,150 shares of Common Stock
1,084,531 shares of Special Common Stock
10. Shared Dispositve Power
236,800 shares of Common Stock
46,263 shares of Special Common Stock
11. Aggregate Amount Beneficially Owned by Each Reporting
Person
408,150 shares of Common Stock
1,084,531 shares of Special Common Stock
12. Check Box if the Aggregate Amount in Row (11) Excludes
Certain Shares (See Instructions) [X]
The amount set forth in row (11) excludes 236,800
shares of Common Stock and 46,263 shares of Special
Common Stock of which Bready disclaims beneficial
ownership.
13. Percent of Class Represented by Amount in Row (11)
12.1 percent of Common Stock (including the Special
Common Stock in the calculations)
85.9 percent of Special Common Stock
14. Type of Reporting Person (See Instructions)
IN
Item 1. Security and Issuer.
The class of equity securities to which this Statement
on Schedule 13D (the "Statement") relates is the Common
Stock, par value $1.00 per share (the "Common Stock") and
the Special Common Stock, par value $1.00 per share (the
"Special Common Stock"), each of Nortek, Inc., a Delaware
corporation (the "Issuer"). The principal executive offices
of the Issuer are located at 50 Kennedy Plaza, Providence,
Rhode Island 02903.
Item 2. Identity and Background.
(a) The person filing this Statement is Richard L.
Bready (hereinafter, "Bready" or the "Reporting Person").
(b) Bready's business address is Nortek, Inc., 50
Kennedy Plaza, Providence, Rhode Island 02903.
(c) Bready's present principal employment is as
chairman and chief executive officer of the Issuer.
(d) During the last five years, the Reporting Person
has not been convicted in any criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) During the last five years, the Reporting Person
has not been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction resulting in
his being subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
(f) Bready is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
This Amendment is necessary as a result of the recent
vesting of stock options held by Bready. On July 24, 1997,
Bready was granted options to purchase 150,000 shares of
Common Stock, of which, 50,000 became exercisable on
December 31, 1997, 50,000 became exercisable on December 31,
1998 and 50,000 became exercisable on December 31, 1999,
resulting in Bready being deemed the beneficial owner of
such shares. On September 2, 1998, Bready was granted
options to purchase 225,000 shares of Special Common Stock,
of which, 112,500 became exercisable immediately and 112,500
became exercisable on September 2, 1999, resulting in Bready
being deemed the beneficial owner of such shares. On
February 17, 1999, Bready was granted options to purchase
75,000 shares of Special Common Stock, of which, 37,500
became exercisable immediately and 37,500 will become
exercisable on February 17, 2000, resulting in Bready being
deemed the beneficial owner of such shares, given that the
options are exercisable within 60 days.
Item 4. Purpose of Transaction.
The Reporting Person has no present plans or proposals
which related to or would result in any of the actions
specified in clauses (a) through (j) of Item 4 of Schedule
13D.
Item 5. Interest in Securities of the Issuer.
(a-b) As of the close of business on May 20, 1999,
Bready directly owned (x) 1,084,531 shares of Special Common
Stock (including 711,349 such shares that Bready has a right
to acquire pursuant to certain employee stock options) and
(y) 408,150 shares of Common Stock (including 150,000 such
shares that Bready has a right to acquire pursuant to
certain employee stock options). These shares represent
12.1% of all outstanding shares (Common Stock and Special
Common Stock taken as a group) and 85.9% of the Special
Common Stock. Bready has both sole voting and dispositive
power with respect to these shares.
Various defined benefit pension plans of the Issuer and
certain of its subsidiaries held 236,800 shares of Common
Stock and 46,263 shares of Special Common Stock as of
December 29, 1999. Under the provisions of the trust
agreement governing such pension plans, the Issuer may
instruct the Trustee of such plans regarding the acquisition
and disposition of plan assets and the voting of securities
held by the trust relating to such pension plans. Bready
disclaims beneficial ownership of the shares held by such
pension plans.
(c) Not applicable.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings, or
Relationships with Respect to Securities of the
Issuer.
The Reporting Person presently has no contracts,
arrangements, understandings or relationships with any other
person with respect to any securities of the Issuer,
including but not limited to the transfer or voting of any
shares of Common Stock or Special Common Stock, finder's
fees, joint ventures, loan or option arrangements, puts or
calls, guarantees of profits, division of profits or loss,
or the giving or withholding of proxies.
Item 7. Material to the Filed as Exhibits.
Not applicable.
SIGNATURES
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set
forth in this Statement is true, complete and correct.
Dated: January 4, 2000
Richard L. Bready
/s/ Richard L. Bready
