Aspen Technology Inc.

09/23/2024 | Press release | Distributed by Public on 09/23/2024 14:28

Management Change/Compensation Form 8 K

Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
In light of the expiration of the term of the previously-effective Restated Executive Retention Agreement between Aspen Technology, Inc. (the "Company") and Antonio Pietri (which agreement expired pursuant to its terms on May 16, 2024 without payments being made thereunder), the Board of Directors of the Company selected Mr. Pietri to participate in the Aspen Technology, Inc. Executive Retention Plan (the "Plan"), effective as of September 19, 2024. Mr. Pietri will participate in the Plan generally on the same terms and conditions as other participants, as described in the Current Report on Form 8-K filed by the Company on May 7, 2024 and set forth in the Plan document (as attached as Exhibit 10.12 to the Annual Report on Form 10-K filed by the Company on August 13, 2024), both of which are incorporated herein by reference; provided that in the event of a qualifying termination (as defined in the Plan), Mr. Pietri will be entitled to (i) 18 months of salary continuation, payable over the 18 month period following such termination (or in a lump sum if the termination is within 12 month period following a change in control or control event (as each is defined in the Plan)), (ii) payment of an amount equal to 18 times the monthly employer portion of the premium for the same level of coverage, including dependents, provided to him under the Company's group health benefit plans immediately before the termination date, (iii) 18 months of accelerated vesting credit for time-vesting equity awards in the event of a qualifying termination in the 12 months following a control event, and (iv) also in the event of a qualifying termination in the 12 months following a control event, 18 months of additional vesting credit for performance-vesting equity awards (which, for this purpose, are treated as time-vesting equity awards at the target level of performance vesting in annual tranches over the performance period).