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ASPEN TECHNOLOGY

(AZPN)
  Report
Delayed Nasdaq  -  04:00 2022-09-29 pm EDT
234.08 USD   -2.32%
09/23AspenTech Named a Leader in Asset Performance Management by Independent Analyst Firm
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09/19Piper Sandler Adjusts Price Target on Aspen Technology to $240 From $189, Maintains Neutral Rating
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09/09Insider Sell: Aspen Technology
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ASPEN TECHNOLOGY, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

07/29/2022 | 04:49pm EDT
Item 5.02.        Departure of Directors or Certain Officers; Election of Directors; Appointment
                  of Certain Officers; Compensatory Arrangements of Certain Officers.


On July 27, 2022, the Human Capital Committee of the board of directors approved an Executive Bonus Plan for fiscal 2023 for our President and Chief Executive Officer and for certain other executives designated by us, including our Chief Revenue Officer, our Senior Vice President and Chief Financial Officer and our Senior Vice President, General Counsel and Secretary, who are named executive officers.

The purpose of the fiscal 2023 plan is to motivate and reward performance for achieving our financial and operational objectives for fiscal 2023. Payments under the plan are based upon the achievement of predetermined annual corporate financial metrics consisting of target amounts for growth in annual contract value ("GACV"), free cash flow ("FCF") and revenue and cost synergies associated with integration of acquired businesses. Each of the target amounts is established by the board. GACV is weighted at 50%, FCF is weighted at 35% and revenue and cost synergies are weighted at 10% and 5%, respectively, for purposes of determining each participant's bonus. In order for any bonus to be payable with respect to a target amount, we must achieve at least 70% of the target amount.

Performance against the corporate financial metrics will be evaluated mid-year and at year-end. Each participant has the potential for a mid-year payment, in an amount not to exceed 25% of the annual bonus target (excluding the synergies targets, which apply only to the full fiscal year), based on performance against mid-year target amounts. The year-end payment is based on annual performance against the annual performance targets, less any payment received at mid-year. If mid-year payments are made and we underachieve the metrics for the full year, each participant shall refund the amount by which his mid-year payment exceeds the total amount he is entitled to receive for the year.

Under the plan, the Human Capital Committee may make a discretionary award to a participant in such amount as the Human Capital Committee determines to be appropriate and in the best interests of our company.

A copy of the form of the Executive Bonus Plan for fiscal 2023 is included as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.                                              Description
      10.1                Aspen Technology, Inc. FY 23 Executive Bonus Plan

       104              Cover Page Interactive Data File (embedded within the XBRL document)



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