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PH > SEC Filings for PH > Form 8-K on 19-Aug-2014All Recent SEC Filings

Show all filings for PARKER HANNIFIN CORP



Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 13, 2014, the Human Resources and Compensation Committee of the Board of Directors of Parker-Hannifin Corporation (the "Company") adopted the Profitable Growth Incentive Plan (the "Plan"). The Plan replaces the Company's Volume Incentive Plan in its entirety. The participants in the Plan include Robert W. Bond, Vice President and President, Fluid Connectors Group and named executive officer, and certain other group and division staff (collectively, the "Participants"). The Plan is designed to reward Participants for organic sales growth and sales growth through acquisitions, encouraging operations expected to result in sustainable growth.
Under the terms of the Plan, the annual General RONA bonus for the Participants will be adjusted after every fiscal year on the basis of a multiplier (the "PG RONA Multiplier") that is determined by the three-year compound annual growth rate of external customer sales for the applicable operating group or division ("3-year CAGR").
The following table sets forth the multiplier to be applied to, and which will adjust, the General RONA bonuses under the Plan after each fiscal year:
3-year CAGR: ? -5% 3% - 5% 8% ? 15% Applicable PG RONA Multiplier: 90.00% 100.00% 105.00% 130.00%

As set forth in the table above, the Plan provides for negative adjustments for a 3-year CAGR that falls below 3%; however, the negative adjustments will not become effective until the fiscal year ending in 2016. All other elements of the Plan are effective for the fiscal year ending in 2015.

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