People: Applied Industrial Technologies Inc (AIT.N)
30 Oct 2020
Mr. Warren E. Hoffner is the Vice President, General Manager - Fluid Power, an executive officer of the Company. Mr. Hoffner joined Applied in 1996 when we acquired a distribution business owned by him and his father. Two related party lease arrangements have survived from the acquisition and been renewed from time to time: (1) we lease a building from a company owned 50% by Mr. Hoffner’s father (who retired at the time of the acquisition) at a current rental rate of $154,176 per year, with a term expiring in 2019; and (2) we lease a second building from Mr. Hoffner’s father at a current rental rate of $127,879 per year, with a term expiring in 2019. Applied management, using a third-party broker, negotiates the rental rates and other lease terms and we consider them to be market competitive. Following a review, the Corporate Governance Committee ratified the lease transactions.
|Total Annual Compensation, USD||530,295|
|Restricted Stock Award, USD||252,669|
|Long-Term Incentive Plans, USD||--|
|All Other, USD||129,928|
|Fiscal Year Total, USD||912,892|