Summary
This 8-K filing from Parker-Hannifin Corporation (PH) is an amendment to a previous filing, primarily correcting a typographical error in an exhibit related to executive compensation. The key events reported are the retirement notification from Executive Vice President John D. Myslenski, effective March 31, 2008, and the subsequent authorization of stock option awards with tandem stock appreciation rights (SARs) to executive officers, including Mr. Myslenski. Additionally, the Compensation Committee approved various bonus awards under the company's Performance Bonus Plan for fiscal year 2008, including annual cash incentives tied to free cash flow margin and return on net assets, as well as long-term incentive awards based on revenue growth, EPS growth, and return on invested capital.
Key Highlights
- 1Amendment filed to correct a typographical error in Exhibit 10.3.
- 2Executive Vice President John D. Myslenski announced his retirement effective March 31, 2008.
- 3Grant of stock options with tandem Stock Appreciation Rights (SARs) to executive officers on August 15, 2007.
- 4Approval of annual bonus awards for fiscal year 2008, tied to free cash flow margin, for certain executive officers.
- 5Approval of long-term incentive (LTI) awards for the 2008-09-10 performance period, based on revenue growth, EPS growth, and ROIC.
- 6Approval of Return on Net Asset (RONA) bonus awards for fiscal year 2008 for two named executive officers.