Summary
This 8-K filing from Parker-Hannifin Corporation (PH) on April 24, 2017, details a special equity award granted to Catherine A. Suever, the company's principal financial officer and principal accounting officer. The award consists of 2,150 restricted stock units (RSUs), granted in recognition of her increased responsibilities and leadership as acting Chief Financial Officer during a critical period. These RSUs are designed to vest in full on April 19, 2020, contingent upon Ms. Suever remaining an active full-time employee. The award includes provisions for immediate vesting in the event of death, disability, or a qualifying termination following a change in control, underscoring the company's commitment to retaining key financial leadership. Investors should note that while Ms. Suever will receive dividend equivalents, she will not have voting rights or receive dividends on the underlying shares until vesting.
Key Highlights
- 1Parker-Hannifin granted 2,150 Restricted Stock Units (RSUs) to Catherine A. Suever.
- 2Ms. Suever holds the positions of Principal Financial Officer and Principal Accounting Officer.
- 3The award recognizes increased responsibilities and leadership, specifically her role as acting Chief Financial Officer.
- 4The RSUs are subject to a three-year vesting period, expiring on April 19, 2020.
- 5Vesting is contingent on Ms. Suever remaining an active full-time employee.
- 6The award includes accelerated vesting in cases of death, disability, or qualifying termination after a change in control.
- 7Ms. Suever will receive dividend equivalents but no voting rights or dividends until the RSUs vest.