Business Context and Reporting Period
This Form 8-K is a current report filed by PerkinElmer, Inc. (Note: The request metadata references "REVVITY, INC.", but the filing text identifies the registrant as PerkinElmer, Inc.) on August 15, 2022. The report discloses significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and employment terms.
- New CFO Base Salary: $500,000 annually.
- Target Annual Bonus: 75% of base salary.
- 2023 Long-Term Incentive Grant Value: 225% of base salary ($1,125,000).
- Sign-on Equity Grant: $500,000 aggregate value.
Material Changes
The primary material change is the transition of the Chief Financial Officer role:
- Departure: James M. Mock resigned as Senior Vice President and Chief Financial Officer, effective September 5, 2022.
- Appointment: Maxwell Krakowiak was appointed Senior Vice President and Chief Financial Officer, effective September 6, 2022.
- Background: Mr. Krakowiak joined PerkinElmer in October 2018 and previously served as Vice President of Corporate Finance.
Outlook, Risks, and Contingencies
The filing details the terms of the new employment agreement for Mr. Krakowiak, including severance and change of control provisions:
- Termination without Cause: Entitles the executive to one year of "full salary" (base plus prior year bonus) and benefit plan premiums.
- Change in Control: If terminated without cause or for "good reason" within 36 months of a change in control, the executive receives a lump sum equal to two times "full salary," unpaid salary, pro-rated bonus, and two years of benefit premiums.
- Equity Acceleration: A change in control triggers full acceleration of vesting for outstanding equity awards and payment of Performance Restricted Stock Units (PRSUs) at the target level.
- Restrictions: The agreement includes non-competition and non-solicitation covenants for one year following employment termination.
Investor Verification Checklist
- Verify the exact vesting schedules and performance metrics for the PRSUs granted to the new CFO.
- Confirm the total potential payout under the change of control provisions relative to the company's market capitalization.
- Review the attached Exhibit 99.1 (Employment Agreement) for the full legal definition of "cause" and "good reason."
- Monitor the transition period between September 5 and September 6, 2022, for any interim financial reporting impacts.