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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(D) of The Securities Exchange Act of
1934
Date of
report (Date of earliest event
reported) April
16, 2019
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PTC Inc.
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(Exact
Name of Registrant as Specified in Its Charter)
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Massachusetts
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0-18059
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04-2866152
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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121 Seaport Boulevard, Boston, MA
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02210
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(Registrant’s
Telephone Number, Including Area
Code) (781)
370-5000
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Securities
Registered pursuant to Section 12(b) of the Act:
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Title
of each class
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Trading
Symbols
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Name of
each exchange on which registered
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Common Stock, $.01 par value per share
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PTC
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NASDAQ Global Select Market
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(Former
Name or Former Address, if Changed Since Last Report)
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
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☐
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Indicate by check
mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (§230.405 of
this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth
company ☐
If an emerging
growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
☐
Section
2 – Financial Information
Item
2.02.
Results
of Operations and Financial Condition.
On
April 24, 2019, PTC Inc. announced its financial results for
its second quarter ended March 30, 2019. PTC also posted a
copy of its supplemental prepared remarks about the completed first
quarter on the Investor Relations section of its website at
www.ptc.com. Copies of the press release and the prepared remarks
are furnished herewith as Exhibits 99.1 and 99.2,
respectively.
Section
5 – Corporate Governance and Management
Item
5.02.
Departure
of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
Appointment of New Chief Financial Officer
On
April 24, 2019, PTC announced the April 16, 2019
appointment of Kristian Talvitie as PTC’s Executive Vice
President, Chief Financial Officer effective May 15,
2019.
Kristian Talvitie,
age 49, has been the Chief Financial Officer of Syncsort
Incorporated, a private software company specializing in Big Data,
high speed sorting products and data integration software and
services since October 2018. He served as Chief Financial Officer
of Sovos Compliance, LLC, a private SaaS software company
specializing in tax compliance software from July 2016 to October
2018, and served as the Corporate Vice President, Finance of PTC
from July 2013 to July 2016 and as the Senior Vice President,
Financial Planning and Analysis and Investor Relations of PTC from
November 2010 to July 2013.
Mr.
Talvitie will be paid a base salary of $415,000 per year and he
will be eligible to earn a performance-based bonus of up to
$437,500 under PTC’s annual Corporate Incentive Plan. Mr.
Talvitie will be granted restricted stock units with a target value
of $2,235,000 on his start date. Half of the units are subject to
performance measures established by the Compensation Committee and
are eligible to vest in three substantially equal installments in
November 2019, 2020 and 2021 to the extent the performance
measures for the applicable periods are achieved. The other half of
the units will be service-based and will vest in three
substantially equal installments on each of November 15, 2019,
November 15, 2020 and November 15, 2021. Mr. Talvitie
will also receive a sign-on cash bonus of $200,000, which amount is
recoverable by PTC on a pro-rata basis if he voluntarily resigns
within one year.
Mr.
Talvitie is also eligible to enter into an Executive Agreement
with PTC that provides certain compensation and benefits if
his employment is terminated under specified circumstances or if a
change in control of PTC occurs, all on the same terms provided for
PTC’s non-CEO executive officers generally.
Andrew Miller to Remain for Transition Period
Andrew
Miller, our current Executive Vice President, Chief Financial
Officer, whose intention to retire we announced on January
23, 2019, will remain with PTC for an undetermined period to ensure
a smooth transition of the role to Mr. Talvitie.
Section
9 – Financial Statements and Exhibits
Item
9.01.
Financial
Statements and Exhibits.
(d) Exhibits.
99.1
PTC Inc. press
release dated April 24, 2019.
99.2
Prepared remarks
posted by PTC Inc. on April 24, 2019.
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 hereunto duly authorized.
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PTC
Inc.
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Date:
April 24, 2019
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By:
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/s/
Andrew Miller
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Andrew
Miller
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Executive
Vice President, Chief Financial Officer
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