Parker-Hannifin Corporation Amended 2003-04-05 Long Term Incentive Plan Description
Parker-Hannifin Corporation amended its 2003-04-05 Long Term Incentive Plan to change how awards are determined for eligible employees. No payouts will be made for fiscal year 2003, and target awards are reduced by one-third. Future payouts for fiscal years 2004 and 2005 will be based on the company's performance compared to its peers, following the terms of the 2004-05-06 Long Term Incentive Plan. These changes were approved by the company's Compensation and Management Development Committee.
Exhibit 10(c)
PARKER-HANNIFIN CORPORATION
AMENDED
2003-04-05
LONG TERM INCENTIVE PLAN
DESCRIPTION
In September 2003 the Compensation and Management Development Committee of the Board of Directors of Parker-Hannifin Corporation (the “Company”) approved plan design changes to the Company’s Long Term Incentive Plans (“LTIP”). Based on these changes, the 2003-04-05 LTIP was amended as follows:
1. No payout under the 2003-04-05 LTIP will be earned by active participants for fiscal year 2003.
2. Target awards under the original Plan for active participants are reduced by one-third. Payouts will no longer be based upon the Company’s return on equity but rather will be based upon the Company’s performance in fiscal years 2004 and 2005 as compared to its peers based on the performance measures, payout schedule and other relevant terms of the Company’s 2004-05-06 Long Term Incentive Plan.
