PTC Inc. Appoints New CFO, Kevin J. Lynch
Ticker: PTC · Form: 8-K · Filed: Jul 16, 2024 · CIK: 857005
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
PTC Inc. just hired Kevin J. Lynch as CFO, starting July 15th. He's getting a $500k salary plus stock options.
AI Summary
PTC Inc. announced on July 14, 2024, the appointment of Kevin J. Lynch as Chief Financial Officer, effective July 15, 2024. Lynch will receive an annual base salary of $500,000 and will be eligible for PTC's annual incentive plan. He will also receive a stock option grant valued at $3,000,000 and a restricted stock unit award valued at $1,500,000.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $500,000 — CFO Annual Base Salary (Represents the guaranteed cash compensation for the new CFO.)
- $3,000,000 — CFO Stock Option Grant (Incentive tied to future stock performance for the new CFO.)
- $1,500,000 — CFO Restricted Stock Unit Award (Long-term equity incentive for the new CFO.)
Key Players & Entities
- PTC Inc. (company) — The company filing the report.
- Kevin J. Lynch (person) — Newly appointed Chief Financial Officer.
- $500,000 (dollar_amount) — Annual base salary for the new CFO.
- $3,000,000 (dollar_amount) — Value of stock options granted to the new CFO.
- $1,500,000 (dollar_amount) — Value of restricted stock units granted to the new CFO.
- July 14, 2024 (date) — Date of the earliest event reported.
- July 15, 2024 (date) — Effective date of the new CFO's appointment.
FAQ
Who has been appointed as the new Chief Financial Officer of PTC Inc.?
Kevin J. Lynch has been appointed as the new Chief Financial Officer of PTC Inc.
When is Kevin J. Lynch's appointment as CFO effective?
Kevin J. Lynch's appointment as CFO is effective July 15, 2024.
What is the annual base salary for the new CFO?
The annual base salary for the new CFO, Kevin J. Lynch, is $500,000.
What equity awards will Kevin J. Lynch receive?
Kevin J. Lynch will receive a stock option grant valued at $3,000,000 and a restricted stock unit award valued at $1,500,000.
What other compensation is the new CFO eligible for?
Kevin J. Lynch will be eligible for PTC's annual incentive plan.
Filing Stats: 628 words · 3 min read · ~2 pages · Grade level 13.3 · Accepted 2024-07-15 21:50:11
Key Financial Figures
- $412,500 — such role, he will receive a salary of $412,500 for such period and an RSU award valued
- $3.0 million — such period and an RSU award valued at $3.0 million on October 1, 2024, which award will ve
- $1.1 million — ase salary and target bonus (a total of $1.1 million), continuation of benefits under the Co
Filing Documents
- ptc-20240714.htm (8-K) — 42KB
- 0000950170-24-083751.txt ( ) — 153KB
- ptc-20240714.xsd (EX-101.SCH) — 26KB
- ptc-20240714_htm.xml (XML) — 4KB
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 14, 2024, it was agreed that Michael DiTullio, who has served as President and Chief Operating Officer of PTC since February 2023, will, in culmination of the successful CEO succession process, transition from that role to that of strategic advisor to the Chief Executive Officer, with his last day of service as President and Chief Operating Officer being September 30, 2024. Mr. DiTullio will serve as such strategic advisor from October 1, 2024 through June 30, 2025. As compensation for service in such role, he will receive a salary of $412,500 for such period and an RSU award valued at $3.0 million on October 1, 2024, which award will vest in three substantially equal installments on July 15, 2025, July 15, 2026, and July 15, 2027. At the end of the strategic advisory period, and subject to the execution of a general release of claims, Mr. DiTullio will be entitled to receive a cash severance in an amount equal to 1x his current base salary and target bonus (a total of $1.1 million), continuation of benefits under the Company's medical, dental and vision plans, and continued vesting of equity held by him, all as provided under his existing Executive Agreement with the Company dated November 16, 2023, as described in the Company's Annual Report on Form 10-K for the period ended September 30, 2023. Section 9 - Financial Statements and Exhibits
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
SIGNATURES
SIGNATURES 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 thereunto duly authorized. PTC Inc. Date: 15 July 2024 By: /s/Catherine Gorecki Catherine Gorecki Senior Vice President, Corporate & Securities Counsel, Assistant Secretary 3