Business Context and Reporting Period
This Form 8-K filing by PerkinElmer, Inc. (now REVVITY, INC.) was submitted on April 10, 2018. The report details a significant executive leadership change within the company's financial management team.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and employment terms.
Material Changes
The primary material change reported is the appointment of James M. Mock as Senior Vice President and Chief Financial Officer, effective May 1, 2018. He succeeds Frank A. Wilson, who has served as CFO since 2009. Mr. Mock brings 19 years of experience from General Electric Company.
Management Commentary and Compensation Details
The filing outlines the comprehensive compensation package for the new CFO:
- Base Salary: $525,000 annually.
- Annual Incentive: Target award opportunity of 75% of annual salary under the Global Incentive Compensation Plan.
- Sign-on Bonus: One-time cash payment of $400,000 to compensate for forfeited benefits from his previous employer.
- Long-Term Incentives (2018 Program): Aggregate grant value of 225% of base salary, split among stock options, restricted stock, performance restricted stock units (PRSUs), and performance cash units.
- Sign-on Equity: Restricted stock grant valued at $2,000,000, vesting in three equal annual installments.
- Severance Provisions:
- Termination without Cause: One year of "full salary" plus benefit premiums; full vesting of sign-on restricted stock.
- Change in Control: Two years of "full salary" plus benefit premiums, pro-rated bonus, and full acceleration of equity vesting.
Investor Verification Checklist
- Verify the exact grant date and share count for the $2,000,000 sign-on restricted stock grant based on the closing stock price on the grant date.
- Review the specific financial performance goals attached to the PRSUs and performance cash units to understand the conditions for vesting.
- Confirm the transition timeline for Frank A. Wilson's departure and the handover of duties to James M. Mock.
- Examine the full text of the Employment Agreement (Exhibit 99.1) for detailed definitions of "cause," "good reason," and "change in control."