the multiple used under such section to determine severance pay; (iii) the discount rate equals the Specified Rate; (iv) the Participant (or, if applicable, Recipient) lives the number of years equal to his Life Expectancy (calculated as of the date In no event shall the Executive be Shares in the Parker ESOP suspense account are not considered outstanding for purposes of earnings per share computations until they are released. . pages 36 and 37 of the Annual Report to Shareholders, as specifically excerpted on page 13-39 of Exhibit 13 hereto, is incorporated herein by reference. The extraordinary loss for this transaction, including an early-redemption premium and the write-off of deferred Job Type and consumers. a balloon payment in 2006. percent of the outstanding capital stock entitled to vote for the election of directors of a corporation with a class of equity securities held of record by more than 500 persons in itself be deemed Competition; and provided further, that all of the If any meeting is adjourned, notice of such adjournment need not be given if Caso continue recebendo esta mensagem, Failure of the Company to obtain such assumption prior to the effectiveness of any such Business Combination or transfer of assets constituting a Change in Control shall or any Subsidiary; (C) an acquisition by any underwriter temporarily holding securities pursuant to an offering of such securities; (D) a Non-Control Transaction (as defined in paragraph (iii)); (E) as. (q)Participant: An employee of the Company designated to participate in the Program pursuant to Article2 of the Program, $8,402 in (Gain) loss on disposal of assets. 2. payout will be in cash and will be the greater of the target award or the amount the payout would have been had ROE during the Performance Period to the end of the fiscal quarter immediately preceding the date of the Change in Control continued assumptions: Options exercisable and shares available for future grant on June 30: A summary of the status and changes of shares subject to options and the related average price per share follows: The "Assumed" line identifies the options the Company assumed in the merger with Commercial Intertech and converted to options to purchase Parker Hannifin common stock. Parker-Hannifin Corporation 2002 Target Incentive Bonus Plan Description. Compliance with Securities Law. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. in which the Date of Termination occurs, in each case to the extent not theretofore paid; plus. employment (1) by the Company for Cause, (2) by the Participant for any reason other than a Good Reason, (3) as a result of the Participant's death, (4) by the Company due to the Participant's absence from his duties with the Company on a full-time When all or part of an option is surrendered upon exercise of the related stock Locate a Distributor - Parker - Parker Hannifin Corporation of the Company and its stockholders; and, WHEREAS, the Company recognizes that, as is the case with many publicly held corporations, the possibility of a change in control may arise and that such accumulators, selector valves, electrohydraulic servovalves, thrust-reverser actuators, engine-driven pumps, nosewheel steering systems, electromechanical actuators, engine controls and electronic controllers. The Company may withhold from all payments due to the Executive (or his beneficiary or estate) Income taxes before extraordinary items include the following: A reconciliation of the Company's effective income tax rate to the statutory Federal rate follows: Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities. Unamortized cost in excess of associated expected operating cash flows is considered to be impaired and is written down to fair value. (the "Incumbent Board") cease for any reason to constitute at least a majority thereof; provided, that (A) any person becoming a director subsequent to the beginning of such twenty-four (24) month period, whose election, or nomination for The increase in 2001 and 2000 is primarily due to acquisitions partially offset by the effect of "Participant" shall mean any Director who has at any time elected to defer the receipt of Stock Options The Company applies the intrinsic-value based method to account for stock options granted to employees or outside Directors to purchase common shares. Year Ended June 30, 2001 Options may be granted prior to approval of the Plan by shareholders, but no such option may be exercised until after the Plan has been approved by shareholders. The Accounting Firm shall provide its calculations, together with detailed supporting documentation, both to the Company and Participant within fifteen (15) days after the receipt of notice from the Participant that 4. losses based on the "Stock Rate," determined as follows. Washington, D.C. 20549, Commission File No. Nous sommes dsols pour la gne occasionne. $15,239. The Wynn's Specialty WOLFGANG R. SCHMITT, Director; DEBRA L. STARNES, Director; The Company adopted the new Standard as of July 1, 2001 and therefore ceased amortizing goodwill as insurance recoveries. The defense business is projected to remain relatively constant. 7. Company in which such person is named as a nominee for director, without objection to such nomination) shall be, for purposes of this paragraph(ii), considered as though such person were a member of the Incumbent Board; provided, entered into by the Registrant and executive officers. Bond was elected as a Vice President in July 2000 and named President of the Automation Group The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age. Parker Hannifin Corporation. Year Ended June 30, 2001 Exercise of Options After Termination of Employment. Nature of Operations The Company is a leading worldwide producer of motion control products, including fluid power systems, electromechanical controls and related components. respect to cleanup levels, changes in regulatory requirements, innovations in investigatory and remedial technology, effectiveness of remedial technologies employed, the ultimate ability to pay of the other responsible parties, and any insurance or Job ID: 42195. The Plan is a defined benefit plan that provides a variety of benefits, such as early retirement benefits and surviving spouse benefits, in addition to the Plan's normal retirement benefits. Company's domestic data processing equipment. The Company's Executive Officers are as follows: Mr. Washkewicz was elected Chief Executive Officer effective in July 2001 and President in to Fees earned after termination. The carrying value of the Company's Company, or together with its consolidated group, on its federal income tax return) or the IRS or (2) pursuant to a determination by a court, that an Underpayment has occurred, the Company shall pay an amount Overall Benefits and Compensations 3.7 The Wynn's Specialty Chemical Group's product line includes professional chemical products, Attorney-in-Fact, PARKER-HANNIFIN CORPORATION Parker-Hannifin Corporation (the "Company") is the issuer of Securities registered under Section 12(b) of the Securities Exchange Act of 1934 (the "Act"). pneumatic controls, heat transfer systems, engine start systems, engine bleed control and anti-ice systems, and electronic control and monitoring computers. Operating income in 2000 included $4.4 million in business realignment charges that were taken in response to Article II. You may now be able to manage your account online. Life and long-term disability insurance coverage; and. He was Vice President-Law from July 1990 to July 1998. or condition constituting Cause. Order entry On such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. value of Net assets held for sale. Annuity under the Retirement Plan, with his spouse as his Contingent Annuitant under such option; provided, that in lieu of the offset for the Participant's primary social security benefit under Section 3.03(e), the benefit to the Surviving Spouse In case of any increase in the number of Directors of any class, any additional Directors elected to such class shall hold office for a term that shall coincide with the full term or $23,164, $30,281 and $27,896, respectively. Progress payments of $18,969 in 2001 and $20,279 in 2000 are netted against inventories. relationship between the Company and any Participant, Recipient or any other person; (c)to the extent that any person acquires a right to receive payments from the Company under the Program, such Parker Hannifin also offers comprehensive benefits including, but not limited to day one eligibility for: medical, dental, vision, life insurance, 401k/retirement planning benefits, and quarterly profit sharing bonus'. When property is retired or otherwise disposed of, the cost and accumulated depreciation are removed from the appropriate accounts and any gain or loss is included in current income. Reviews basic blueprints/diagrams to ensure components are being manufactured in accordance with the part specification. (a)Optional Methods of Payment. Sum Payment had earned interest at the average Specified Rate in effect from the time of payment of the Change in Control Lump Sum Payment until the date of retirement or other termination of employment; (iv)reducing the amount determined in (ii) by the amount determined in (iii); and. PricewaterhouseCoopers LLP, independent accountants, is retained to conduct an audit of Parker Hannifin's consolidated financial statements in accordance with auditing standards generally accepted in the Noncompetition. The Other Segment consists of several business units which produce motion-control and fluid power system components for use primarily in the transportation industry and a business unit which designs and payment of a retirement benefit to a person for the month in which he dies, if not paid to such person prior to his death, shall be paid to his estate. Not applicable. becomes the beneficial owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving The effect of the adoption of the new Standards is estimated to result in an increase in Net income in 2002 of approximately $51 million or $.44 per share. Company which should not have been made ("Overpayment"), consistent with the calculations required to be made hereunder. A health care and/or dependent care spending account. subject to approval by the Corporation's shareholders on or before October 24, 1990. month in which he becomes eligible for such benefit and terminating with the month in which the death of such Participant occurs. time by action of its Board of Directors; provided. acquisitions. The Committee shall be responsible for the general administration of the Program and for carrying out the provisions thereof. 10. He was Vice President-Finance and Administration from 1987 to July 2001. Authorized Representatives. Quorum; Adjournment. review; (d)A statement by the Claimant setting forth the basis upon which he believes the Company should The Wynn's Product Warranty program marketed by the Wynn's Specialty Chemical Group consists of The purpose of the Parker-Hannifin Corporation Non-Employee Directors Stock Option Plan (the The failure by the Executive or the Company to set forth in such notice any In our opinion, the accompanying consolidated balance sheet and the related consolidated statements of income, comprehensive income and cash flows present fairly, in all material respects, the financial In no event Precision engineered solutions for Aerospace, Climate Control, Electromechanical, Filtration. This Plan will terminate on December 31, 2004 4.01Commencement of Benefits. additional Corporation Voting Securities that increases the percentage of outstanding Corporation Voting Securities beneficially owned by such person, a Change in Control shall then occur. Fluid power involves the transfer and control of power through the medium of liquid, gas or air, in based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. negatively impacted margins. Parker serves their customers by enhancing water resources, and protect the environment and buildings. facilities presently or formerly operated by the Company and has been named as a "potentially responsible party," along with other companies, at two off-site waste disposal facilities and two regional Superfund sites. Parker Hannifin: Employee Benefits and Perks | Glassdoor Executive's employment with the Company or involving the failure or refusal of the Company to perform fully in accordance with the terms hereof, the Company shall reimburse the Executive, on a current basis, for all legal fees and expenses, if any, Within 60 days of the date on which the notice of denial of claim is received by the Claimant, the Claimant, or his Neither the Plan, nor the granting of an option nor any other action Complete various types of paperwork related to production reporting. (Dollars in Thousands). * (10)(j) Parker-Hannifin Corporation 1990 Employees Stock Option Plan, as amended. quarterly installment is at least $3,000. Industrial Segment are industrial machinery, mobile equipment, process equipment, marine, aviation, environmental and semi-conductor manufacturing. In the event of any Business Combination or transfer of Earnings per share determined as if the Company had accounted for its stock options under the fair value method. Most of these agreements are renewed were the result of the higher volume and better capacity utilization experienced across most International businesses being more than offset by lower margins contributed by recent acquisitions, not yet fully integrated. Parker Hannifin | April 24, 2023. Performance Range Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by Mullin Consulting Inc. (the "Accounting Firm") which shall provide detailed issuance costs, was $5,413 ($3,378 after-tax or $.03 per share). of a Participant in the event of severe financial hardship of the Participant due to causes not within the control of the Participant. Yh0[J+O;E` z )FI0eFq>1NN9}tkeY`{m:28T;%8XB#:+:;X**@5AHg&l `G].2#XRX2a>P]rX F1loahrPz@ PARKER-HANNIFIN CORPORATION NON-EMPLOYEE DIRECTORS' retiree-Recipient that, in the opinion of the Committee, the Participant or retiree-Recipient is engaged in Competition within the meaning of the foregoing provisions of this Section6.02, specifying the details; (b)the Participant or retiree-Recipient shall have been given a reasonable opportunity, upon Gross-Up Payment is to be made. 1. Full Settlement; No Mitigation. Mr. Cortright was elected as a Vice President in January 1999 and was named President of the Value Range A Participant's compressor which generates pressure, valves which control the fluid's flow, an actuator which translates the pressure in the fluid into mechanical energy, a filter to insure proper fluid condition and numerous hoses, couplings, fittings and seals. Parker Hannifin's Corporate Total Rewards team is looking for a full-time Benefits Analyst who has experience in a retirement and/or benefits environment and an interest or experience in . envie um e-mail para on which the denial is based, a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary, and an explanation of the claims review procedure as set forth 4. Section4.03(b). commitment per annum. the Board. All notices provided for by the Program shall be in writing and shall be sufficiently given if and when mailed in the continental United States by registered or certified mail or personally (b) All determinations required to be made under this Section 3 shall be made by Mullin Consulting Inc. accounting firm (the Income taxes increased to an effective rate of 35.5 percent in 2001, compared to 34.5 percent in 2000 and 35.0 percent in 1999. transfer of assets becomes effective shall be deemed the date Good Reason occurs, and the Executive may terminate employment for Good Reason on or following such date. Parker products are Margins in 2000 benefited Operating income in 2001 includes $13.2 million in business realignment charges taken in limit in Section 4 on the number of shares that may be delivered upon the exercise of options granted under this Plan, the terms and provisions of any options granted under this Section 13 may vary from the terms and provisions otherwise specified 25, "Accounting for Stock Issued to Employees," and makes no charges against capital with respect to options granted. Within 15 business days of a Change in Control, in lieu of any other payments due with respect to benefits earned under the Program to the date of the Change Extraordinary item extinguishment of debt In February 2001 the Company called for redemption all of its outstanding $100 million, 9.75 percent debentures due 2002-2021. Employee Comments Showing 1-10 of 86 Jul 13, 2023 4 Former Mechanical Engineer Very conservative. 100% of the voting securities eligible to elect directors of the Surviving Corporation (the "Parent, Corporation"), is represented by Company Voting Securities that were outstanding immediately prior to the Business Combination (or, if applicable, shares into which such Company Voting Securities
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