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| AIT > SEC Filings for AIT > Form 8-K on 26-Oct-2012 | All Recent SEC Filings |
26-Oct-2012
Change in Directors or Principal Officers, Submission of Matt
On October 22, 2012, the Executive Organization & Compensation Committee of the Board of Directors of Applied Industrial Technologies, Inc. ("Applied") approved the following:
1. The Second Amendment to the Applied Industrial Technologies, Inc.
Supplemental Executive Retirement Benefits Plan (Restated Post-2004 Terms)
("SERP") (attached as Exhibit 10.1). The Second Amendment narrows the
benefits available to active SERP participants upon a change in control of
Applied by (a) eliminating the provision of additional service credit, and
(b) capping age credit to age 55. In addition, the Second Amendment adopts
a double-trigger approach to change in control benefits for active
participants. There are currently six active SERP participants. The
description of the Second Amendment under this item is qualified in its
entirety by reference to Exhibit 10.1 to this report.
2. An Amendment to the Severance Agreement between Neil A. Schrimsher and Applied (attached as Exhibit 10.2). The Amendment modifies the timing of severance payments under the Severance Agreement in the event any payment is deemed to be deferred compensation under Section 409A of the Internal Revenue Code. The description of the Amendment under this item is qualified in its entirety by reference to Exhibit 10.2 to this report.
An annual meeting of the shareholders of Applied was held on October 23, 2012. At that meeting, there were 42,006,028 shares of common stock entitled to vote. The shareholders voted on the matters submitted to the meeting as follows (as rounded):
1. Election of four persons to be directors of Class I for a term of three years:
Shares As To
Which Voting
Shares Voted For Authority Broker
Name Election Withheld Non-Votes
Peter A. Dorsman 36,967,378 1,003,225 1,780,395
J. Michael Moore 36,529,654 1,440,949 1,780,395
Vincent K. Petrella 36,778,190 1,192,413 1,780,395
Dr. Jerry Sue Thornton 36,457,374 1,513,229 1,780,395
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The terms of the Class II directors, including William G. Bares, L. Thomas Hiltz, Edith Kelly-Green and Dan P. Komnenovich, and Class III directors, including Thomas A. Commes, John F. Meier, Neil A. Schrimsher and Peter C. Wallace, continued after the meeting.
2. A nonbinding advisory vote to approve the compensation of Applied's named executive officers as described in Applied's proxy statement dated September 7, 2012:
Shares Voted Shares Abstained Broker
Shares Voted For Against From Voting Non-Votes
36,557,130 1,260,029 153,444 1,780,395
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3. Ratification of the Audit Committee's appointment of Deloitte & Touche LLP as Applied's independent auditors for the fiscal year ending June 30, 2013.
Shares Voted For Shares Voted Against Shares Abstained From
Ratification Ratification Voting
34,969,246 4,679,226 102,526
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(d) Exhibits.
10.1 Second Amendment to the Applied Industrial Technologies, Inc. Supplemental Executive Retirement Benefits Plan (Restated Post-2004 Terms)
10.2 Amendment to the Severance Agreement between Neil A. Schrimsher and Applied Industrial Technologies, Inc.
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