Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Appointment of New Director
On March 12, 2022, Amar Hanspal was appointed to the Board of Directors of PTC,
effective as of April 1, 2022.
Mr. Hanspal served as Chief Executive Officer at Bright Machines, Inc., a
software company that focuses on factory automation combining robotics, machine
vision and machine learning software, from May 2018 to December 2021. Before
that, Mr. Hanspal served as co-CEO at Autodesk from February 2017 to June 2017,
where he was instrumental in transitioning the company from an on-premise
technology and software licensing model to a SaaS-based products and
subscription model. Before that, he held roles at Autodesk that included Chief
Product Officer from November 2011 to February 2017, Senior Vice President of
Platform Solutions and Emerging Business, and Vice President of Collaboration
Solutions. Mr. Hanspal was the Co-Founder and Vice President of Marketing and
Business Development for RedSpark, Inc., which focused on collaborative product
development applications for the discrete manufacturing industry. Mr. Hanspal
holds a B.S. in mechanical engineering from Bombay University and a M.S. in
mechanical engineering from State University of New York at Stony Brook. He has
also completed the executive managerial program at Stanford University. Mr.
Hanspal is 58 years old.
Mr. Hanspal's compensation for service as a director will be commensurate with
that for our outside directors, other than our Board Chair, for 2022 Board
service year, as prorated for year. He will be paid an annual cash retainer of
$51,800, payable quarterly in arrears, and will be granted an annual equity
retainer of RSUs valued at approximately $215,753 on the grant date, which RSUs
will vest on the earlier of the 2023 Annual Meeting of Stockholders and
March 15, 2023. He will also receive a one-time initial onboarding grant of RSUs
valued at $375,000 on the grant date, which RSUs will vest in two substantially
equal installments on the first and second anniversaries of the grant date. His
service on any committee(s) of the Board will be established at a later date.
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