Summary
Parker-Hannifin Corporation (PH) announced a change in its Board of Directors with the election of James R. Verrier, effective April 1, 2016. Mr. Verrier will serve as a Director until the October 2016 Annual Meeting of Shareholders. His appointment is a standard board addition and does not appear to involve any related-party transactions. Investors should note that Mr. Verrier will be compensated under the company's existing non-employee director compensation plan. This includes an award of restricted stock units (RSUs) which vest on the later of one year from the grant date or the next Annual Meeting of Shareholders. These RSUs earn dividend equivalents, also vesting at the same time, and will be pro-rated for Mr. Verrier's initial term. This move signifies continuity in board governance.
Key Highlights
- 1James R. Verrier elected as a Director, effective April 1, 2016.
- 2Mr. Verrier's term as Director will expire at the October 2016 Annual Meeting of Shareholders.
- 3No disclosed transactions between Mr. Verrier and the Company under Item 404(a) of Regulation S-K.
- 4Mr. Verrier is eligible to participate in the company's non-employee Director compensation arrangements.
- 5Compensation includes an award of restricted stock units (RSUs) with specific vesting conditions.
- 6RSUs vest on the later of one year from grant date or the next Annual Meeting of Shareholders.
- 7RSUs earn dividend equivalents that also vest on the same date and will be pro-rated for Mr. Verrier.