Summary
This 8-K filing from Parker-Hannifin Corporation (PH) on January 30, 2017, details additional compensation approved for Catherine A. Suever, the principal financial officer, who is serving as acting Chief Financial Officer. The compensation is in recognition of the substantial increase in her duties and responsibilities. Key components of the additional compensation include a monthly salary supplement of $20,000, retroactive to November 1, 2016, and a special equity award of 2,150 restricted stock units (RSUs). These RSUs are subject to a three-year vesting period, contingent on continued full-time employment and will vest immediately under specific circumstances such as death, disability, or a qualifying termination following a change in control. This move signals the company's commitment to retaining key financial leadership during a period of increased responsibilities for Ms. Suever.
Key Highlights
- 1Catherine A. Suever, Principal Financial Officer, appointed Acting Chief Financial Officer.
- 2Additional compensation approved for Ms. Suever due to increased responsibilities.
- 3Monthly salary supplement of $20,000 approved, retroactive to November 1, 2016.
- 4Special equity award of 2,150 restricted stock units (RSUs) granted.
- 5RSUs vest in full on January 25, 2020, contingent on continued full-time employment.
- 6RSUs will vest immediately upon death, disability, or a Qualifying Termination following a Change in Control.
- 7Ms. Suever receives dividend equivalents on RSUs but no voting rights or direct dividends until vesting.