F5 said on October 31, 2024 that it entered into a Transition Agreement with Frank Pelzer, its Executive Vice President and Chief Financial Officer, in connection with his previously announced retirement.

1. 01

   F5 said on October 31, 2024 that it entered into a Transition Agreement with Frank Pelzer, its Executive Vice President and Chief Financial Officer, in connection with his previously announced retirement.

2. 02

   The company said Pelzer will continue to serve as Chief Financial Officer and be paid for that role through the effective date of his retirement, which will be at the end of the day on the date the company files its Form 10-K for fiscal 2024, expected on or about November 18, 2024. He will resign as of that time.

3. 03

   The company said that, provided it and Pelzer enter into a Consulting Agreement and he signs an applicable waiver, Pelzer will provide consulting services from about December 1, 2024 through May 31, 2025, acting as senior advisor to his successor, and will be paid $46,833.33 per month plus applicable expenses.

4. 04

   The company said it would provide Pelzer, as an inducement to enter into the Consulting Agreement and waiver, a lump sum payment of $315,125, less applicable deductions, taxes and withholdings, and accelerated vesting of 6,740 time-vesting restricted stock units previously granted to him.

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