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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 26, 2022, Andrew M. Weeks notified Parker-Hannifin Corporation (the “Company”) that he will retire on August 31, 2022. Mr. Weeks will continue to serve as Vice President and President – Engineered Materials Group until his successor is named, and thereafter as Vice President until his retirement date.
In connection with his retirement, the Company and Mr. Weeks have entered into a separation agreement, effective July 26, 2022 (the “Separation Agreement”), pursuant to which Mr. Weeks will receive, among other benefits, a cash severance payment of $1,064,846 and ownership of his current Company-leased vehicle. Mr. Weeks will otherwise receive his vested and accrued benefits, including under the Company’s Defined Contribution Supplemental Executive Retirement Program, as previously disclosed. The Separation Agreement also provides for customary confidentiality, release and non-disparagement terms.
Mr. Weeks’ retirement is not related to the Company’s financial or operating results or to any disagreements or concerns regarding the Company’s financial or reporting practices.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
|Date: July 28, 2022||By:|| |
/s/ Joseph R. Leonti
|Joseph R. Leonti|
|Vice President, General Counsel and Secretary|