SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to SectionPROXY STATEMENT PURSUANT TO SECTION 14(a) of the Securities
þ | ||
No fee required. | ||
o | Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
(1) | |
| Title of each class of securities to which the transaction applies: |
(2) | Aggregate number of securities to which the transaction applies: |
(3) | Per unit price or other underlying value of the transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): |
(4) | Proposed maximum aggregate value of the transaction: |
(5) | Total fee paid: |
o | Fee paid previously with preliminary materials. | |
o | Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. |
(1) | |
| Amount Previously Paid: |
(2) | Form, Schedule or Registration Statement No.: |
(3) | Filing Party: |
(4) | Date Filed: | ||
1. | A proposal to fix the number of Directors of the Company at eight and to elect eight Directors to hold office until the next | |
2. | ||
A proposal to ratify the appointment of Ernst & Young LLP as independent public accountants for the Company during the year ending December 31, | ||
Such other business as may properly come before the Meeting or any adjournment or adjournments thereof. |
3
Shares Owned | ||||||||||||
Director | Beneficially | Percent of | ||||||||||
Name, Age and | Continuously | at Feb. 1, | Outstanding | |||||||||
Principal Occupation(1) | Since | 2007(2) | Shares | |||||||||
James C. Gorman | 1946 | 1,062,774 | (3) | 7.95 | % | |||||||
Chairman of the Company. | ||||||||||||
Age: 82 | ||||||||||||
Jeffrey S. Gorman | 1989 | 699,526 | (4) | 5.24 | % | |||||||
President and Chief Executive Officer | ||||||||||||
of the Company; General Manager of | ||||||||||||
the Company’s Mansfield Division | ||||||||||||
(until January 1, 2006). | ||||||||||||
Age: 54 | ||||||||||||
Thomas E. Hoaglin | 1993 | (6) | 11,015 | (7) | * | |||||||
Chairman, President, Chief Executive | ||||||||||||
Officer and Director; Huntington | ||||||||||||
Bancshares, Inc. (NASDAQ); | ||||||||||||
Columbus, Ohio(5). | ||||||||||||
Age: 57 |
Shares Owned | ||||||||||||
Director | Beneficially | Percent of | ||||||||||
Name, Age and | Continuously | at Feb. 2, | Outstanding | |||||||||
Principal Occupation(1) | Since | 2009(2) | Shares | |||||||||
James C. Gorman Chairman of the Company. Age: 84 | 1946 | 1,325,180 | (3) | 7.93 | % | |||||||
Jeffrey S. Gorman President and Chief Executive Officer of the Company; General Manager of the Company’s Mansfield Division (until January 1, 2006). Age: 56 | 1989 | 881,817 | (4) | 5.28 | % | |||||||
M. Ann Harlan Vice President, General Counsel & Secretary; The J.M. Smucker Company (NYSE); Orrville, Ohio (Since 2002). Age: 49 | — | 150 | * |
4
Shares Owned | ||||||||||||
Director | Beneficially | Percent of | ||||||||||
Name, Age and | Continuously | at Feb. 1, | Outstanding | |||||||||
Principal Occupation(1) | Since | 2007(2) | Shares | |||||||||
Christopher H. Lake | 2000 | 24,715 | (8) | * | ||||||||
President and Chief Operating Officer | ||||||||||||
(President, December 2005- | ||||||||||||
December 2006), | ||||||||||||
(Vice President, July- | ||||||||||||
December 2005); SRI Quality | ||||||||||||
System Registrar; Wexford, | ||||||||||||
Pennsylvania. President; Dean & | ||||||||||||
Lake Consulting, Inc.; Powder | ||||||||||||
Springs, Georgia(2001-2005). | ||||||||||||
Age: 42 | ||||||||||||
Dr. Peter B. Lake | 1975 | 14,774 | (9) | * | ||||||||
Chairman and Chief Executive Officer | ||||||||||||
(President until January 1, 2006); | ||||||||||||
SRI Quality | ||||||||||||
System Registrar; | ||||||||||||
Wexford, Pennsylvania. | ||||||||||||
Age: 64 | ||||||||||||
Rick R. Taylor | 2003 | 3,593 | * | |||||||||
President; Jay Industries | ||||||||||||
(automotive parts manufacturer); | ||||||||||||
President; Longview Steel Corp. | ||||||||||||
(steel wholesaler); | ||||||||||||
Mansfield, Ohio. | ||||||||||||
Director; Park National Corporation | ||||||||||||
(AMEX). | ||||||||||||
Age: 59 |
Shares Owned | ||||||||||||
Director | Beneficially | Percent of | ||||||||||
Name, Age and | Continuously | at Feb. 2, | Outstanding | |||||||||
Principal Occupation(1) | Since | 2009(2) | Shares | |||||||||
Thomas E. Hoaglin Chairman, President, Chief Executive Officer and Director; Huntington Bancshares, Inc. (Retired February 2009) (NASDAQ); Columbus, Ohio(5). Director; American Electric Power Company, Inc. (NYSE). Age: 59 | 1993 | (6) | 14,893 | (7) | * | |||||||
Christopher H. Lake President (Vice President, July- December 2005); SRI Quality System Registrar; Wexford, Pennsylvania. President; Dean & Lake Consulting, Inc.; Powder Springs, Georgia(2001-2005). Age: 44 | 2000 | 31,941 | (8) | * | ||||||||
Dr. Peter B. Lake Chief Executive Officer (President until January 1, 2006); SRI Quality System Registrar; Wexford, Pennsylvania. Age: 66 | 1975 | 22,989 | (9) | * | ||||||||
Rick R. Taylor President; Jay Industries (automotive parts manufacturer); President; Longview Steel Corp. (steel wholesaler); Mansfield, Ohio. Director; Park National Corporation (NYSE Alternext Exchange — formerly AMEX). Age: 61 | 2003 | 5,616 | * |
5
Shares Owned | ||||||||||||
Director | Beneficially | Percent of | ||||||||||
Name, Age and | Continuously | at Feb. 1, | Outstanding | |||||||||
Principal Occupation(1) | Since | 2007(2) | Shares | |||||||||
W. Wayne Walston | 1999 | 7,267 | (10) | * | ||||||||
Partner (January 1, 2007); | ||||||||||||
Miner Lemon & Walston, LLP | ||||||||||||
(attorneys); Warsaw, Indiana. | ||||||||||||
Owner; Walston Elder Law | ||||||||||||
Office (attorneys); | ||||||||||||
Warsaw, Indiana (July 1, 2003 — | ||||||||||||
January 1, 2007). | ||||||||||||
Managing Partner; Valentine, | ||||||||||||
Miner & Lemon, LLP (attorneys); | ||||||||||||
Warsaw, Indiana(2002-2003). | ||||||||||||
Age: 64 | ||||||||||||
John A. Walter | 1989 | 8,233 | (11) | * | ||||||||
Retired May 1, 1998. Formerly | ||||||||||||
President (beginning 1989) and Chief | ||||||||||||
Executive Officer (beginning 1996) of | ||||||||||||
the Company. Chief Operating | ||||||||||||
Officer(1993-1996). | ||||||||||||
Age: 73 |
Shares Owned | ||||||||||||
Director | Beneficially | Percent of | ||||||||||
Name, Age and | Continuously | at Feb. 2, | Outstanding | |||||||||
Principal Occupation(1) | Since | 2009(2) | Shares | |||||||||
W. Wayne Walston Partner (November 1, 2008); Beers Mallers Backs & Salin, LLP; Warsaw, Indiana. Partner (January 1, 2007); Miner Lemon & Walston, LLP (attorneys); Warsaw, Indiana. Owner; Walston Elder Law Office (attorneys); Warsaw, Indiana (July 1, 2003 — January 1, 2007). Age: 66 | 1999 | 10,223 | (10) | * |
* | Represents less than 1% of the outstanding shares. | |
(1) | Except as otherwise indicated, there has been no change in occupation during the past five years. | |
(2) | Reported in accordance with the beneficial ownership rules of the Securities and Exchange Commission under which a person is deemed to be the beneficial owner of a security if he has or shares voting power or investment power in respect of such security. Accordingly, the amounts shown in the table do not purport to represent beneficial ownership for any purpose other than compliance with the Commission’s reporting requirements. Voting power or investment power with respect to shares reflected in the table | |
(3) | Includes |
6
and | ||
(4) | Includes | |
(5) | On June 2, 2005, Huntington Bancshares, Inc. (“Huntington”) announced that the Securities and Exchange Commission (“Commission”) approved the settlement of the Commission’s previously |
6
announced formal investigation into certain financial accounting matters relating to Huntington’s fiscal years 2002 and earlier and certain related disclosure matters. As a part of the settlement, the Commission instituted a cease and desist administrative proceeding and entered a cease and desist order, as well as filed a civil action in federal district court pursuant to which, without admitting or denying the allegations in the complaint, Huntington, its former chief financial officer, its former controller, and Mr. Hoaglin consented to pay civil money penalties. Huntington consented to pay a penalty of $7.5 million. Without admitting or denying the charges in the administrative proceeding, Huntington and the individuals each agreed to cease and desist from committingand/or causing the violations charged as well as any future violations of the Commission’s regulations. Additionally, Mr. Hoaglin agreed to pay disgorgement, pre-judgment interest, and penalties in the amount of $667,609. The former chief financial officer and the former controller each also agreed to pay amounts consisting of disgorgement, pre-judgment interest, and penalties and also consented to certain other non-monetary penalties. | ||
(6) | Mr. Hoaglin also served as a Director of the Company from 1986 to 1989. | |
(7) | Includes | |
(8) | Includes | |
(9) | Includes | |
(10) | The amount shown in the table excludes | |
7
7
8
8
9
Change in | Change in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Value | Pension Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
and | and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonqualified | Nonqualified | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees | Non-Equity | Deferred | Fees | Non-Equity | Deferred | |||||||||||||||||||||||||||||||||||||||||||||||||||
Earned or | Option | Incentive Plan | Compensation | All Other | Earned or | Option | Incentive Plan | Compensation | All Other | |||||||||||||||||||||||||||||||||||||||||||||||
Paid in | Stock | Awards | Compensation | Earnings | Compensation | Paid in | Stock | Awards | Compensation | Earnings | Compensation | |||||||||||||||||||||||||||||||||||||||||||||
Name | Cash(1) | Awards(2) | ($) | ($) | ($) | ($) | Total | Cash(1) | Awards(2) | ($) | ($) | ($) | ($) | Total | ||||||||||||||||||||||||||||||||||||||||||
Thomas E. Hoaglin | $ | 14,900 | $ | 13,433 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 28,333 | $ | 21,950 | $ | 19,825 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 41,775 | ||||||||||||||||||||||||||||
Christopher H. Lake | $ | 13,000 | $ | 13,433 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 26,433 | 20,650 | 19,825 | 0 | 0 | 0 | 0 | 40,475 | |||||||||||||||||||||||||||||||||||
Peter B. Lake, Ph.D. | $ | 13,200 | $ | 13,433 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 26,633 | 19,350 | 19,825 | 0 | 0 | 0 | 0 | 39,175 | |||||||||||||||||||||||||||||||||||
Rick R. Taylor | $ | 13,300 | $ | 13,433 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 26,733 | 17,850 | 19,825 | 0 | 0 | 0 | 0 | 37,675 | |||||||||||||||||||||||||||||||||||
W. Wayne Walston | $ | 14,900 | $ | 13,433 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 28,333 | 21,950 | 19,825 | 0 | 0 | 0 | 0 | 41,775 | |||||||||||||||||||||||||||||||||||
John A. Walter | $ | 14,600 | $ | 13,433 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 28,033 | 10,300 | 0 | 0 | 0 | 0 | 0 | 10,300 |
(1) | Each Non-Employee Director receives a fee for each of the Board of Directors meetings attended. Fees were |
9
the remaining Committee meetings held during 2008. Each Committee Chairman also receives a retainer of $1,000 per year. | ||
(2) | Effective May 22, 1997, the Board of Directors adopted a Non-Employee Directors’ Compensation Plan. Under the Plan, as additional compensation for regular services to be performed as a Director, an automatic award of 500 Common Shares (from the Company’s treasury) will be made on each July 1 to each Non-Employee Director then serving on the Board. (On July 27, 2006, the Board of Directors adopted a resolution extending the Non-Employee Directors’ Compensation Plan for an additional term until the earlier of (i) May 21, 2017, (ii) at such time as all of the Company’s Common Shares authorized for award under the Plan and registered underForm S-8 Registration StatementNo. 333-30159 shall have been awarded and issued, (iii) at such time as the Company deregisters any Common Shares not issued under the foregoing Registration Statement, or (iv) at such time as the Plan is terminated by action of the Board of Directors.) The award of 500 Common Shares made on July 1, | |
(3) | Mr. John A. Walter retired from the Board of Directors as of April 24, 2008. |
10
10
11
/s/ W. Wayne Walston | /s/ Thomas E. Hoaglin | /s/ Peter B. Lake | ||
W. Wayne Walston | Thomas E. Hoaglin | Peter B. Lake | ||
Chairman |
11
Shared Voting | ||||||||
Shares Owned | and | |||||||
Name and Principal Position | Beneficially | Investment Power | ||||||
Robert E. Kirkendall | 23,900 | -0- | ||||||
Senior Vice President and | ||||||||
Chief Financial Officer | ||||||||
Judith L. Sovine | 6,184 | 5,328 | ||||||
Treasurer | ||||||||
William D. Danuloff | 7,280 | 1,412 | ||||||
Vice President and | ||||||||
Chief Information Officer | ||||||||
Lee A. Wilkins | 7,595 | -0- | ||||||
Vice President Human Resources |
Shared Voting | ||||||||
Shares Owned | and | |||||||
Name and Principal Position | Beneficially | Investment Power | ||||||
Robert E. Kirkendall Senior Vice President and Chief Financial Officer | 30,282 | -0- | ||||||
Judith L. Sovine Treasurer | 8,546 | 7,242 | ||||||
William D. Danuloff Vice President and Chief Information Officer | 3,146 | 3 | ||||||
David P. Emmens Corporate Counsel and Secretary | 7,709 | -0- |
* | The table sets forth information received from the executive officers as of February |
12
Number | Percent of | |||||||||
of Shares | Outstanding | |||||||||
Name and Address | Type of Ownership | Owned | Shares | |||||||
James C. Gorman | Sole voting and investment power | 525,171 | 3.93 | % | ||||||
305 Bowman Street | Shared voting and investment | |||||||||
Mansfield, OH 44903 | power | 537,603 | 4.02 | % | ||||||
Total | 1,062,774 | 7.95 | % | |||||||
Jeffrey S. Gorman | Sole voting and investment power | 447,212 | 3.35 | % | ||||||
305 Bowman Street | Shared voting and investment | |||||||||
Mansfield, OH 44903 | power | 252,314 | 1.89 | % | ||||||
Total | 699,526 | 5.24 | % | |||||||
Unicredito Italiano | Sole voting power | 828,495 | 6.20 | % | ||||||
S.p.A. | Sole investment power | 828,495 | 6.20 | % | ||||||
Piazzo Cordusio 2 | Shared voting power | -0- | — | |||||||
20123 Milan, Italy | Shared investment power | -0- | — | |||||||
Total | 828,495 | (1) | 6.20 | % | ||||||
All Directors and | 1,882,382 | (2) | 14.09 | % | ||||||
Executive Officers as a group (13 persons) |
Number | Percent of | |||||||||
of Shares | Outstanding | |||||||||
Name and Address | Type of Ownership | Owned | Shares | |||||||
James C. Gorman | Sole voting and investment power | 653,177 | 3.91 | % | ||||||
305 Bowman Street Mansfield, OH 44903 | Shared voting and investment power | 672,003 | 4.02 | % | ||||||
Total | 1,325,180 | 7.93 | % | |||||||
Jeffrey S. Gorman | Sole voting and investment power | 557,094 | 3.33 | % | ||||||
305 Bowman Street Mansfield, OH 44903 | Shared voting and investment power | 324,723 | 1.95 | % | ||||||
Total | 881,817 | 5.28 | % | |||||||
Pioneer Investment Management, Inc.(1) | Sole voting and investment power | 1,045,997 | 6.3 | % | ||||||
60 State Street Boston, MA 02109 | Shared voting and investment power | -0- | — | |||||||
Total | 1,045,997 | 6.3 | % | |||||||
Invesco PowerShares Capital Management LLC(2) | Sole voting and investment power | 1,505,780 | 9.0 | % | ||||||
1555 Peachtree Street NE Atlanta, GA 30309 | Shared voting and investment power | -0- | — | |||||||
Total | 1,505,780 | 9.0 | % | |||||||
All Directors and Executive Officers as a group (12 persons) | 2,352,990 | (3) | 14.08 | % |
(1) | ||
(2) | Invesco PowerShares Capital Management LLC is a subsidiary of Invesco Ltd. | |
(3) | Includes |
13
Non- | ||||||||||||||||||||||||||||||||||||
Equity | Change in | |||||||||||||||||||||||||||||||||||
Incentive | Pension Value | |||||||||||||||||||||||||||||||||||
Plan | and Nonqualified | |||||||||||||||||||||||||||||||||||
Stock | Option | Compen- | Deferred | |||||||||||||||||||||||||||||||||
Name and | Awards | Awards | sation | Compensation | All Other | |||||||||||||||||||||||||||||||
Principal Position | Year | Salary | Bonus | ($)(1) | ($)(1) | ($)(1) | Earnings(2) | Compensation(3) | Total | |||||||||||||||||||||||||||
Jeffrey S. Gorman | 2006 | $ | 196,667 | $ | 160,000 | $ | 0 | $ | 0 | $ | 0 | $ | 49,443 | $ | 5,767 | $ | 411,877 | |||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||||||||||||||||||
Robert E. Kirkendall | 2006 | $ | 139,667 | $ | 87,500 | $ | 0 | $ | 0 | $ | 0 | $ | 54,541 | $ | 6,221 | $ | 287,929 | |||||||||||||||||||
Senior Vice President and Chief Financial Officer | ||||||||||||||||||||||||||||||||||||
Judith L. Sovine | 2006 | $ | 110,667 | $ | 56,000 | $ | 0 | $ | 0 | $ | 0 | $ | 39,350 | $ | 6,306 | $ | 212,323 | |||||||||||||||||||
Treasurer | ||||||||||||||||||||||||||||||||||||
William D. Danuloff | 2006 | $ | 110,667 | $ | 50,000 | $ | 0 | $ | 0 | $ | 0 | $ | 36,822 | $ | 3,328 | $ | 200,817 | |||||||||||||||||||
Vice President and Chief Information Officer | ||||||||||||||||||||||||||||||||||||
Lee A. Wilkins | 2006 | $ | 97,667 | $ | 34,000 | $ | 0 | $ | 0 | $ | 0 | $ | 13,290 | $ | 3,513 | $ | 148,470 | |||||||||||||||||||
Vice President Human Resources |
14
15
1. | Industry/product type — fluid control related companies with the same, or similar SIC codes. |
2. | Organization size — companies comparable in size based on revenue. |
3. | Location — primarily companies headquartered in the Midwest and outside of major metropolitan areas. |
14
16
15
17
16
Non- | ||||||||||||||||||||||||||||||||||||
Equity | Change in | |||||||||||||||||||||||||||||||||||
Incentive | Pension Value | |||||||||||||||||||||||||||||||||||
Plan | and Nonqualified | |||||||||||||||||||||||||||||||||||
Stock | Option | Compen- | Deferred | |||||||||||||||||||||||||||||||||
Name and | Bonus | Awards | Awards | sation | Compensation | All Other | ||||||||||||||||||||||||||||||
Principal Position | Year | Salary | (1) | ($)(2) | ($)(2) | ($)(2) | Earnings(3) | Compensation(4) | Total | |||||||||||||||||||||||||||
Jeffrey S. Gorman | 2008 | $ | 252,000 | $ | 175,000 | $ | 0 | $ | 0 | $ | 0 | $ | 56,794 | $ | 2,815 | $ | 486,609 | |||||||||||||||||||
President and Chief | 2007 | 204,000 | 190,000 | 0 | 0 | 0 | 55,443 | 6,319 | 455,762 | |||||||||||||||||||||||||||
Executive Officer | 2006 | 196,667 | 160,000 | 0 | 0 | 0 | 49,443 | 5,767 | 411,877 | |||||||||||||||||||||||||||
Robert E. Kirkendall | 2008 | 169,000 | 130,000 | 0 | 0 | 0 | 49,816 | 7,789 | 356,605 | |||||||||||||||||||||||||||
Senior Vice President | 2007 | 145,333 | 110,000 | 0 | 0 | 0 | 61,715 | 6,971 | 324,019 | |||||||||||||||||||||||||||
and Chief Financial Officer | 2006 | 139,667 | 87,500 | 0 | 0 | 0 | 54,541 | 6,221 | 287,929 | |||||||||||||||||||||||||||
Judith L. Sovine | 2008 | 118,667 | 78,000 | 0 | 0 | 0 | 55,923 | 6,997 | 259,587 | |||||||||||||||||||||||||||
Treasurer | 2007 | 114,667 | 67,000 | 0 | 0 | 0 | 44,346 | 6,674 | 232,687 | |||||||||||||||||||||||||||
2006 | 110,667 | 56,000 | 0 | 0 | 0 | 39,350 | 6,306 | 212,323 | ||||||||||||||||||||||||||||
William D. Danuloff | 2008 | 118,667 | 68,000 | 0 | 0 | 0 | 42,112 | 4,472 | 233,251 | |||||||||||||||||||||||||||
Vice President and | 2007 | 114,667 | 58,000 | 0 | 0 | 0 | 40,838 | 4,212 | 217,717 | |||||||||||||||||||||||||||
Chief Information | 2006 | 110,667 | 50,000 | 0 | 0 | 0 | 36,822 | 3,328 | 200,817 | |||||||||||||||||||||||||||
Officer | ||||||||||||||||||||||||||||||||||||
David P. Emmens | 2008 | 105,000 | 52,000 | 0 | 0 | 0 | 19,487 | 5,873 | 182,360 | |||||||||||||||||||||||||||
Corporate Counsel | 2007 | 93,333 | 45,000 | 0 | 0 | 0 | 15,356 | 4,608 | 158,297 | |||||||||||||||||||||||||||
and Secretary | 2006 | 88,667 | 34,000 | 0 | 0 | 0 | 11,605 | 4,525 | 138,797 |
(1) | The Company only provides profit sharing compensation to substantially all its employees. | |
(2) | The Company has never offered incentive stock or option awards or non-equity incentive plan compensation as a part of the Company’s executive compensation program. | |
(3) | The amounts reflect the non-cash change in pension value recognized for financial statement reporting purposes for the fiscal year ended December 31, 2008, in accordance with SEC Release Nos.33-8732A;34-54302A. In computing the change in pension value, the Company applies the assumptions used for financial reporting purposes and a measurement date of December 31 for benefit plan determinations. The change in pension value is the aggregate increase in the actuarial present value of the executive officer’s accumulated benefit measured from the plan measurement date in 2007 to the measurement date in 2008. The Company does not currently offer nonqualified deferred compensation of earnings to the executive officers. | |
(4) | Amounts include taxable life insurance, and Company contributions to the Company’s 401(k) Plan, Employee Stock Purchase Plan and Christmas Savings Plan. |
17
18
Present Value | ||||||||||||||
Number of | of | Payments | ||||||||||||
Years Credited | Accumulated | During Last | ||||||||||||
Name and Principal Position | Plan Name | Service(1) | Benefit(2) | Fiscal Year | ||||||||||
Jeffrey S. Gorman President and Chief Executive Officer | The Gorman-Rupp Company Retirement Plan | 28 | $ | 392,772 | $ | 0 | ||||||||
Robert E. Kirkendall Senior Vice President and Chief Financial Officer | The Gorman-Rupp Company Retirement Plan | 28 | $ | 411,554 | $ | 0 | ||||||||
Judith L. Sovine Treasurer | The Gorman-Rupp Company Retirement Plan | 27 | $ | 308,071 | $ | 0 | ||||||||
William D. Danuloff Vice President and Chief Information Officer | The Gorman-Rupp Company Retirement Plan | 35 | $ | 338,893 | $ | 0 | ||||||||
Lee A. Wilkins Vice President Human Resources | The Gorman-Rupp Company Retirement Plan | 16 | $ | 88,657 | $ | 0 |
Present Value | ||||||||||||||||||
Number of | of | Payments | ||||||||||||||||
Years Credited | Accumulated | During Last | ||||||||||||||||
Name and Principal Position | Plan Name | Service(1) | Benefit(2) | Fiscal Year | ||||||||||||||
Jeffrey S. Gorman | The Gorman-Rupp Company | 2008 | 30 | $ | 505,009 | $ | 0 | |||||||||||
President and Chief | Retirement Plan | 2007 | 29 | 448,215 | 0 | |||||||||||||
Executive Officer | 2006 | 28 | 392,772 | 0 | ||||||||||||||
Robert E. Kirkendall | The Gorman-Rupp Company | 2008 | 30 | 523,085 | 0 | |||||||||||||
Senior Vice President and | Retirement Plan | 2007 | 29 | 473,269 | 0 | |||||||||||||
Chief Financial Officer | 2006 | 28 | 411,554 | 0 | ||||||||||||||
Judith L. Sovine | The Gorman-Rupp Company | 2008 | 29 | 408,340 | 0 | |||||||||||||
Treasurer | Retirement Plan | 2007 | 28 | 352,417 | 0 | |||||||||||||
2006 | 27 | 308,071 | 0 | |||||||||||||||
William D. Danuloff | The Gorman-Rupp Company | 2008 | 37 | 421,843 | 0 | |||||||||||||
Vice President and Chief | Retirement Plan | 2007 | 36 | 379,731 | 0 | |||||||||||||
Information Officer | 2006 | 35 | 338,893 | 0 | ||||||||||||||
David P. Emmens | The Gorman-Rupp Company | 2008 | 11 | 99,518 | 0 | |||||||||||||
Corporate Counsel | Retirement Plan | 2007 | 10 | 80,031 | 0 | |||||||||||||
and Secretary | 2006 | 9 | 64,675 | 0 |
18
(1) | The credited years of service are determined as of a measurement date of | |
(2) | The amount represents the actuarial present value of accumulated benefit based on a single sum payment computed as of the plan measurement date of |
(i) | The Compensation Committee has reviewed and discussed the foregoing Compensation Discussion and Analysis with the Company’s management; and |
(ii) | Based on the review and discussions referred to in the preceding paragraph, the Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in the Company’s Proxy Statement in connection with the |
/s/ Thomas E. Hoaglin Thomas E. Hoaglin | /s/ W. Wayne Walston W. Wayne Walston Chairman | /s/ Christopher H. Lake Christopher H. Lake |
19
20
20
21
2221
22
23
24
25
26
27
28
The Gorman-Rupp Company | |||
c/o National City Bank | |||
Shareholder Services Operations | |||
Locator 5352 | |||
P.O. Box 94509 | |||
Cleveland, OH 44101-4509 | |||
The Gorman-Rupp Company | This proxy is solicited on behalf of | |
305 Bowman Street – Mansfield, Ohio 44903 | the Board of Directors |
The Board of Directors recommend a vote FOR Proposal No. 1. | WITHHOLD | |||||||
1. | ELECTION OF DIRECTORS | AUTHORITY | ||||||
Fixing the number of Directors at 8 and electing | to vote for all | |||||||
all nominees listed (except as marked to the contrary below). | FOR | nominees listed | ||||||
(INSTRUCTION: To withhold authority | o | o | ||||||
to vote for any individual nominee, write his or her name below.) |
The Board of Directors recommend a vote FOR Proposal No. 2. | FOR | AGAINST | ABSTAIN | |||||
2. | as independent public accountants. | o | o | o |
3. |
In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the Meeting. |
Dated: | , 2009 | |||||||||
Signature of Shareholder(s) | ||||||||||
o Please check this box if you plan to attend the Meeting. |