PTC said Michael DiTullio, its President and Chief Operating Officer, will transition to a strategic advisor role to the Chief Executive Officer, with his last day as President and Chief Operating Officer being September 30, 2024. The company said the change follows the successful CEO succession process. July 14, 2024, it was agreed to the transition.

1. 01

   PTC said Michael DiTullio, its President and Chief Operating Officer, will transition to a strategic advisor role to the Chief Executive Officer, with his last day as President and Chief Operating Officer being September 30, 2024. The company said the change follows the successful CEO succession process. July 14, 2024, it was agreed to the transition.

2. 02

   The company said DiTullio will serve as strategic advisor from October 1, 2024 through June 30, 2025. He will receive a salary of $412,500 for that period and an RSU award valued at $3.0 million, granted on October 1, 2024.

3. 03

   PTC said the RSU award granted to DiTullio on October 1, 2024 will vest in three substantially equal installments on July 15, 2025, July 15, 2026 and July 15, 2027.

4. 04

   PTC said DiTullio may receive, at the end of the advisory period and subject to his execution of a general release of claims, a cash severance of $1.1 million equal to 1x his current base salary and target bonus, continuation of benefits under the company's medical, dental and vision plans, and continued vesting of equity he holds.

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Original filing

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