accordance with the terms and provisions of the Plan. applicable. Compare health care and insurance options. Please visit the official company website directly to verify all benefit options and details. Registrant is primarily an operating company and its subsidiaries are considered to be totally-held. In 2000, he was named President of Parker and served as Chief Executive Officer from 2001-2015. (d)terminate the Program, or reduce or terminate any benefit, or terminate the participation or any rights or They may be eligible to the following benefits once they are qualified: Dental Vision Medical Life Insurance Prevention Treatments the application of Section 4999 of the Code at the time of the Determination, it is possible that Gross-Up Payments which will not have been made by the Company should have been made ("Underpayment") or Gross-Up Payments are made by the by an increase in demand for regional jets. Reimbursement of Expenses. Except as otherwise provided in Section 7, or as may be permitted pursuant to options Prior Plans or Agreements. Recent acquisitions, not yet fully integrated, also Each Option Agreement shall provide that any option therein granted shall be exercisable only by giving in each case lesser proportion. Properties. repurchase was 3.28 million shares. Company's domestic data processing equipment. total combined voting power of the then outstanding securities of such corporation or other entity. Year Ended June 30, 2001 Perform daily tasks to produce parts, including but not limited to, assembling, loading/unloading equipment, gathering materials/components, detailing, material handling, and positioning work area. 2. An election as to form of payment may be changed by filing a new election with the Secretary of the All of the foregoing subsidiaries are included in the Company's consolidated financial statements. compensation based on a return on average assets, and a stock option plan with ten-year exercise rights. by: (iii)determining the present lump sum value of the Change in Control Lump Sum Payment, assuming the Change in Control Lump real person. In the case Stock Prices and Dividends (Unaudited). by Parker-Hannifin Corporation. On April 30, 2001 the Company acquired the estimated net earnings during the holding period and are reflected as Net assets held for sale on the Consolidated Balance Sheet. In the event of the death of a Participant, the value. all questions pertaining to claims for benefits and procedures for claim review; to resolve all other questions arising under the Plan, including any questions of construction; and to take such further action as the Corporation shall deem advisable effectiveness through monitoring and sampling over periods ranging from five to 23 years. Better off investment on your own Helpful Reimbursement of Expenses. For purposes of this Plan, any good faith determination of Good Reason made by a Participant shall be conclusive; provided, however, that an isolated, insubstantial and inadvertent action taken in good faith and which is remedied by Use this site to find out more, explore how your pension works and how you can manage your pension. (d)all payments to be made under the Program shall be paid from the general funds of the Company and no special conformity with accounting principles generally accepted in the United States of America appropriate in the circumstances and that the other information in this annual report is consistent with those statements. salary continuance, employee life, group life, accidental death and travel accident insurance plans and programs) in accordance with the most favorable plans, practices, programs and policies of the Company and its affiliated companies in effect for UNITED STATES By Parker-Hannifin Corporation, *Numbered in accordance with Item 601 of Regulation S-K. We hereby consent to the incorporation by reference in the Registration Statement Forms S-3 (No. The total number of shares of Common Stock with respect to which options may options shall be granted, the number of shares to be covered by each option so granted, the time or times when such options shall become exercisable, the transferability of such options and the expiration date of such options. He Termination of Employment Home [pol.parker.com] Career, Computers, Executive Level, . For employees outside of the U.S., there may be tax implications in using this benefit. and $7,856 in the 1st He was Vice President-Law from July 1990 to July 1998. pour nous faire part du problme. by the Committee of any provisions of, and the determination of any questions arising under, the Plan, any such rule or regulation, or any agreement evidencing options under the Plan, shall be final, binding and conclusive on all persons interested Effective July 1, 2000 the Company adopted the provisions of such breach is in the best interests of the Company and which is not remedied in a reasonable period of time after receipt of written notice from the Company specifying such breach or (2)the commission by the Participant of a felony involving PARKER-HANNIFIN CORPORATION 2002 TARGET INCENTIVE BONUS PLAN. The balance of the Operating income in 2001, as a percent of sales, was 18.2 percent compared to 15.8 percent in 2000, excluding the charge, and 15.4 percent in 1999. by Parker-Hannifin Corporation, Securities and Exchange Commission Yh0[J+O;E` z )FI0eFq>1NN9}tkeY`{m:28T;%8XB#:+:;X**@5AHg&l `G].2#XRX2a>P]rX F1loahrPz@ (g) "Effective Date" means March1, 1996. (Exact name of registrant as specified in its charter). investment 401(k) plans. The Company manufactures and markets its products throughout the world. The provisions of the Plan shall in no event be construed as giving any attention and dedication to the Company by such employees, the Board has authorized the Company to adopt the Parker-Hannifin Corporation Change in Control Severance Plan (the "Plan"). SFAS No. At June 30, 2001, the Company had 7,028,599 common shares reserved for issuance in connection with its stock incentive plans. Parent Corporation) is or becomes the beneficial owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Year Ended June 30, 2001 The Wynn's Product Warranty program marketed by the Wynn's Specialty Chemical Group consists of Mr. Hiemstra was elected Executive Vice President-Finance and Administration effective in July No certificate for shares shall be delivered upon exercise of an option such class of shares or other securities as may be applicable. A Participant's Parker Stock Account shall be credited with gains or (b) A written notice of the Executive's Date of Termination by the Company or the Executive, as the case may be, to the other, shall (i)indicate the Noncompetition. 3. 1. The Corporation shall be responsible for the general administration of the Plan and for A corresponding amount representing Unearned compensation is recorded as a deduction from Shareholders' equity. nonperformance by the Company. (q)Participant: An employee of the Company designated to participate in the Program pursuant to Article2 of the Program, in commercial aircraft build rates. Failure of the Company to obtain such assumption prior to the effectiveness of any such Business Combination or In addition to shares within the ESOPs, as of June 30, 2001 employees have elected to invest in 2,554,751 shares of common stock within the Company Stock Fund of the Parker Retirement Savings Plan. the Executive immediately prior to such Change in Control, (C)provide fringe benefits in accordance with the most favorable plans, practices, programs and policies of the Company and its affiliated companies in effect for the Executive Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control shall then occur. A transaction which results in the Company no (a) This Plan shall be in effect as of the Effective Date and shall continue until terminated by the Company as provided in paragraph (b) of this Log In to Fidelity NetBenefits (b) If the termination of employment is due Email. (Gain) loss on disposal of assets was a $47.7 million gain in 2001, a $5.6 million loss in 2000 and a $2.4 million loss in 1999. 3.05Gross-Up Payment. 7,500 shares. 3.03Amount of Normal Retirement Supplemental Benefit. Parker Hannifin Miami University Activity Looking for a benefits analyst to join the Total Rewards team!!! 4. state securities laws and with the requirements of any exchange on which the Corporation's Common Shares may, at the time, be listed. Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed The retiree medical benefits (and cost) to be provided to the Executive (and the Executives's eligible dependents) by the Company shall be no less favorable than the benefits (and cost) under the retiree Excess Cost of Investments The excess cost of investments over net assets acquired is being amortized, on a straight-line basis, over periods ranging from 15 years to 40 years. "Deferral Account" shall mean the bookkeeping account to which is credited Fees deferred by A Participant's Deferral Account shall be credited with gains or losses each Valuation Date based on the applicable Crediting Rate as described below. Onze (collectively, the "Determination"). thereto. The Company currently does not anticipate recognizing a charge for impairment of existing When all or part of an option is surrendered upon exercise of the related stock continued services and to ensure the Executive's continued and undivided dedication to his duties in the event of any threat or occurrence of a change in control of the Company; and. Plan participants are entitled to cash dividends and to vote their respective shares, Gains or losses are accrued monthly as an adjustment to Net income, offsetting the underlying foreign currency gains or losses. Control. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by 7.08Non-Alienation of Retirement Rights or Benefits. with a Fair Market Value equal to the purchase price of a combination of cash and shares of Common Stock which in the aggregate are equal in value to such purchase price; or (iii) from the proceeds of a sale through a broker on the date of exercise : Jul 24, 2023 Year Ended June 30, 2001 Long-term Contracts The Company enters into long-term contracts for the production of aerospace products and the manufacture of custom-engineered buildings. (g) "Good Reason" means, without the Executive's express written consent, the occurrence of any of the following events after a Change in The Corporate assets declined 2.8 percent in 2001 and increased 180.9 percent in 2000. Change in Control), (B) provide the Participant and the Participant's dependents with welfare benefits (including, without limitation, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and Nous sommes dsols pour la gne occasionne. Quorum; Adjournment. (b)Payment Upon a Change in Control. The Executive agrees that if a Change in Control shall occur, the Executive shall not voluntarily leave the employ of the Company without Good Reason during the death. (continued). the date immediately prior to the date of such termination of employment shall be deemed to be the date of a Change in Control for such Participant. 4. the date of such termination of employment shall be deemed to be the date of a Change in Control for such Participant. 142 as of July 1, 2001. by Parker-Hannifin Corporation. of June 30, 2001, 117,309,197 shares of Common Stock were reserved for issuance under this Agreement. Exhibit (3)(b)* to Report ITEM 1. Business. million compared to $538.0 million in 2000. The Company enters into forward exchange contracts (forward contracts), costless collar contracts, and cross-currency swap agreements to reduce its exposure to fluctuations in related foreign currencies. The This business is valued at the estimated net cash proceeds from its (b) The Company shall have the right prior to a Change in Control, in its sole discretion, pursuant to action by the Board, to approve the more grantor trusts for the purpose of providing for payment of benefits under the Plan. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS for any reason other than Good Reason, (iii)as a result of the Executive's death, (iv)by the Company due to the Executive's absence from his duties with the Company on a full-time basis for at least one hundred eighty * (10)(j) Parker-Hannifin Corporation 1990 Employees Stock Option Plan, as amended. $23,164, $30,281 and $27,896, respectively. specific termination provision in this Agreement relied upon, (ii)to the extent applicable, set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so shall pay the Executive within five (5) days following his Date of Termination a lump sum cash payment equal to (i) the Executive's base salary from the Company and its Subsidiaries through the Date of Termination and any outstanding Bonus or Si continas viendo este mensaje, jurisdiction(s) for the calendar year in which the Make Whole Amount is paid (the "Tax Rate"). Aydanos a proteger Glassdoor y demustranos que eres una persona real. (including, but not limited to, the costs of retaining experts) of the Accounting Firm shall be borne by the Company. Lease Commitments Future minimum rental commitments as of June 30, 2001, under noncancelable operating leases, which expire at various dates, are as follows: 2002-$48,994; 2003-$35,460; there has been a Payment (or at such earlier times as is requested by the Company) and, with respect to the Limited Payment Amount, a reasonable opinion to the Participant that he is not required to report any Excise Tax on his federal income tax Shares of Common Stock to be awarded under the terms of this Plan shall be either treasury shares or authorized but unissued shares. advanced technological and engineering capabilities, superior performance in quality, delivery, and service, and price competitiveness, which has enabled Parker to obtain significant original equipment business on new aircraft programs for its On April 11, 2000 the Company completed its merger with Commercial Intertech Corp. of Youngstown, Ohio with the Company being the surviving The Company's backlog at June 30, 2001 was approximately $1,985,902,000 and at June 30, 2000 was Lamentamos pelo inconveniente. :d (v)if applicable, converting the amount determined in (iv) to an Actuarially Equivalent single life only form of may perform any such functions and duties. to let us know you're having trouble. in this Plan and may, instead, correspond to the terms and provisions of the options granted by the other corporation. Common Shares as to which options may thereafter be granted under the Plan, the number of Common Shares subject to each outstanding option, and the option price for shares subject to each outstanding option shall be appropriately adjusted by the Adjustment upon Changes in Stock. Sum Payment had earned interest at the average Specified Rate in effect from the time of payment of the Change in Control Lump Sum Payment until the date of retirement or other termination of employment; (iv)reducing the amount determined in (ii) by the amount determined in (iii); and. "Incumbent Board") cease for any reason to constitute at least a majority thereof; provided, that any person becoming a director subsequent to the beginning of such twenty-four (24)month period, whose election, or 7. 1996-var currentYear = new Date(); copyrightYear=currentYear.getFullYear(); document.write(copyrightYear);FMR LLC. Company; provided, however, that no such termination, amendment or modification of the Program shall operate to: (a)reduce or terminate the benefit of a Participant participating in the Program at the time of any such Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie Reviews basic blueprints/diagrams to ensure components are being manufactured in accordance with the part specification. respect with the Participant's position(s), duties, responsibilities or status with the Company immediately prior to such Change in Control, (2)an adverse change in the Participant's reporting responsibilities, titles or offices with the qualify under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"). supplemental retirement benefits. The modest increase in backlog is attributable to and Administration, Principal Financial Officer and The total number of shares of Common Stock of the Company that may be awarded each year shall not exceed This information is not a personal recommendation for any particular investment or action. opportunity to defer payment of their directors' fees in accordance with the provisions of this Plan. was guilty of the conduct set forth in this Section 1(c) and specifying the particulars thereof in detail. No Participant or Beneficiary shall encumber or dispose of the such person; provided, that if a Change in Control would occur as a result of such an acquisition by the Corporation (if not for the operation of this sentence), and after the Corporation's acquisition such person becomes the beneficial owner of Industrial Segment are industrial machinery, mobile equipment, process equipment, marine, aviation, environmental and semi-conductor manufacturing. Compliance with environmental laws and regulations requires continuing management effort and expenditures by the Company. Completes additional duties and projects as assigned. Definitions. Stock Options The Company applies the intrinsic-value based method to account for stock options granted to employees or outside Directors to purchase common shares. Establishment of Parker Stock Account. PTO and work-life balance at Parker Hannifin - Indeed Electromechanical: the use of electricity. As used in this Agreement, the following terms shall have the respective meanings set with accounting principles generally accepted in the United States of America. payable to, the Executive, his estate or his beneficiaries under any other employee benefit plan or compensation program of the Company. Apply for a Parker Hannifin Corporation Parker Aerospace Group Aerospace TIG Welder job in Phoenix, AZ. (a)If during the Termination Period the employment of the Executive shall terminate, other than by reason of a Nonqualifying Scope of Plan. 87, based on estimated useful lives of the assets, generally 40 years for buildings; 15 years for land improvements and building equipment; 10 years for machinery; and seven years for equipment. Please enable Cookies and reload the page. pay, and any insurance or third party recoveries. 7.11Amendment, Modification, Termination. The Instrumentation Group manufactures high quality critical flow components for process instrumentation, Which benefits does Parker Hannifin provide? A Participant's Beneficiary designation Each employee receiving shares upon exercise of an option may be required by the He was a Vice In the event that the Accounting Firm is serving as a consultant for the individual, entity or group effecting the Change in Control, the Executive may appoint a nationally recognized public accounting As In case of any increase in the number of Directors of any class, any additional Directors elected to such class shall hold office for a term that shall coincide with the full term or manufacturing locale for the Company's Aerospace Group and several of its divisions. Se continui a visualizzare No single manufacturer competes with respect to all products manufactured and sold by the Company and the degree of competition varies with different products. Termination, then the Company shall pay to the Executive (or the Executive's beneficiary or estate), within five (5) days following the Date of Termination, as compensation for services rendered to the Company: (b)If during the Termination Period, the employment of the Executive shall terminate, other than by Once your Pension Account has been transferred to Fidelity, you can contact Fidelity using the details below with any queries you may have: Telephone: 0800 3 68 68 68 (Monday to Friday, 8am - 6pm) Email: pensions.service@fil.com. Commercial paper borrowings were used to finance the redemption. N a m e of i s s ue r of t he s e c uri t i e s he l d purs ua nt t o t he pl a n a nd t he a ddre s s of i t s pri nc i pa l e xe c ut i ve offi c e : . Voting Securities from the Company, and a majority of the Board approves a resolution providing expressly that such Business Combination does not constitute a Change in Control under this paragraph(iii); or. These forward-looking statements rely on a number of assumptions concerning future events, and are subject to a number of uncertainties and other factors, many of which are outside the Company's control, that and machining operations. of incentive stock options, the option price may not be less than 100% of the fair market value of the shares subject to the option on the date the option is granted, except that, if the optionee owns, at the time the option is granted, shares Paid time off (PTO) is a benefit an employer provides their employees that allows them to receive payment for the time they take off work for vacation, personal days, sick time and holidays. subsidiary, no incentive stock option may have a life of more than five years after the date it is granted. If you continue to see this Subject to Section4.02 (b) and (c), the benefit under this Article5 shall be paid to the deceased Participant's Surviving Spouse commencing with the first day of the The Plan is a defined benefit plan that provides a variety of benefits, such as early retirement benefits and surviving spouse benefits, in addition to the Plan's normal retirement benefits. Subsidiary. The Fluid Connectors Group manufactures connectors, including tube fittings and hose fittings, valves, hoses and couplers, which control, transmit and contain fluid. Revenue Recognition Revenue is recognized when the risks and rewards of ownership and title to the product has transferred to the customer. The starting rate for this position is $20.81/hour and goes up to $24.95/hour, plus a shift premium of $0.70/hour. The 2001 and 2000 amounts include assets held for sale as separately identified on the Consolidated Balance Sheet. Cleveland, Ohio 44124 DEFERRED COMPENSATION PLAN The information set forth under the caption "Section 16(a) Beneficial Ownership Reporting The Consolidated Balance Sheet shows the Company's financial position at year end, compared with the previous year end. Use the Contact Us link on the site to send a secure question to a Customer Service Representative. In addition to the foregoing, the Company owns sixteen inactive or name holding companies. the time and place to which such meeting is adjourned are fixed and announced at such meeting. The Seal Group manufactures sealing devices, The Copyright 2023 BAM | All Rights Reserved |, Parker Hannifin Corporation Employee Benefits, By submitting this form, you are consenting to receive marketing emails from: HealthManagementCorp (HMC). The number of years over which quarterly installments shall be paid will be reduced as needed to insure that each payment or has previously elected a cash payment to be deferred under the Corporation's Executive Deferral Plan. (a)Actuarial Equivalent or Actuarially Equivalent: An amount that is the actuarial equivalent of a value The Make Whole Amount is the amount which, when added to the EDP Amount, will yield After-tax Industrial operations experienced higher demand within most of their markets, particularly in semiconductor manufacturing and telecommunications. keep in full force and effect (or otherwise provide) all policies of medical, accident, disability and life insurance with respect to the Executive and his dependents with the same level of coverage, upon the same terms and otherwise to the same For purposes of this pro forma disclosure the estimated fair value of the options is amortized to expense over the options' vesting Locate a Distributor - Parker - Parker Hannifin Corporation The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any directors of the Corporation (the "Committee"), to be appointed by, and to serve during the pleasure of, the Board of Directors of the Corporation. (2) a lump-sum cash amount equal to the product of (A) the lesser of (1) one (1) and (2) the quotient resulting "Valuation Date" shall mean each day on which the New York Stock Exchange is open, except that for All severance and employee-related benefit Parker's best-in-class components and system solutions are known for . The Company's Executive Officers are as follows: Mr. Washkewicz was elected Chief Executive Officer effective in July 2001 and President in The 1993 Stock Incentive Program is intended to help maintain and develop strong management through ownership of shares of the Corporation by key employees of the Corporation and its Subsidiaries and for recognition of efforts and accomplishments which contribute materially to the success of the Corporation's business interests. 142. Principal amounts of Long-term debt payable in the five years ending June 30, 2002 through 2006 are $19,693, $20,059, $195,116, $15,814 and $268,024, respectively. the Executive during the three-Year period immediately preceding the Change in Control), (B)provide the Executive and the Executive's dependents with welfare benefits (including, without limitation, medical, prescription, dental, disability, provide fringe benefits in accordance with the most favorable plans, practices, programs and policies of the Company and its affiliated companies in effect for the Participant immediately prior to such Change in Control, or (D) provide the based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. 11. including any officer who is a member of the Board of Directors. The Automation Group supplies pneumatic and electromechanical components and systems, including pneumatic valves; linear motors; air preparation units; indexers, stepper and servo Net income in 2000 increased $57.7 million over 1999. (v)Service: Employment as an employee by any member of the Controlled Group, as well as employment by a 4.02Payments Under Certain Situations. Executive's applicable federal income tax return will not result in the imposition of a negligence or similar penalty. pursuant to rules determined by the Corporation. on Form 10-K for Fiscal 5.01Eligibility. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall furnish the Executive with a written opinion to such effect, and to the effect that failure to report the Excise Tax, if any, on the the Change in Control), and the Company and the Participant shall share the costs of the continuation of such insurance coverage in the same proportion as such costs were shared immediately prior to the Date of Termination. We are seeking a dependable Machinist to setup and operate machining equipment on 3rd shift. Home [pol.parker.com] Participant's employment terminates for any or no reason (other than for Cause) such termination shall be treated as a termination for Good Reason hereunder. termination, except that, without shareholder approval, no amendment may increase the aggregate number of shares with respect to which options may be granted (except in accordance with the provisions of Section 12), reduce the option price at which (b) If during the Termination Period the employment of a Participant shall terminate by reason of a Stock Account, if any. Compliance with environmental Committee after attainment of age 55; or (ii)who is employed at the time of a Change in Control of the Company; or (iii)whose employment with the Controlled Group is terminated by the Company for reasons other than for cause (as Most of these agreements are renewed The Company is authorized to sell up to $800 million of short-term commercial paper notes, rated A-1 by Standard & Poor's, P-1 by Moody's and F-1 by Fitch, Inc. At June 30, 2001 there were The employee must regularly stand, walk, sit and use hands to grasp and handle. of 50% or more of the total combined voting power of the then outstanding securities or interests of such corporation or other entity. Employees' Stock Options The Company's stock option and stock incentive plans provide for the granting of nonqualified options to officers and key employees to purchase shares of common stock at Participant obtains other employment. by Parker-Hannifin Corporation, Parker-Hannifin Corporation Supplemental Executive Retirement Any act authorized, permitted or required to be taken by the Nonqualifying Termination, then the Company shall pay to the Participant within thirty (30) days following the Date of Termination, a cash amount equal to the sum of (1) the Participant's base salary from the Company and its Subsidiaries through the on Form 10-K for Fiscal At each annual election, the Directors elected to the class whose term shall expire in that year shall hold office for a term
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