Business Context and Reporting Period
This Form 8-K is a current report filed by PerkinElmer, Inc. (Note: The metadata lists "REVVITY, INC.", but the filing text identifies the registrant as PerkinElmer, Inc.) dated November 2, 2004. The report discloses material definitive agreements and the appointment of principal officers.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation terms.
- John P. Murphy (EVP & COO): Base salary for 2004 is $425,000.
- John Roush (President, Optoelectronics): Base salary for 2004 is $275,000.
Material Changes
The primary material changes reported are executive leadership appointments and the execution of employment agreements:
- Appointment: On November 2, 2004, John P. Murphy was appointed Executive Vice President and Chief Operating Officer.
- Agreement: On November 5, 2004, an employment agreement was entered into with John Roush, President of the Optoelectronics business, with terms generally consistent with Mr. Murphy's agreement.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or general risk factors. However, it details specific contractual contingencies regarding Mr. Murphy's employment:
- Change in Control: Triggers a three-year extension of the employment term and immediate full vesting of restricted stock and stock options.
- Severance (Change in Control): If terminated without cause or resigns for good reason following a change in control, Mr. Murphy receives a lump sum equivalent to three years of base salary plus bonuses, three years of benefits, and a gross-up for excise taxes.
- Severance (No Change in Control): If terminated without cause outside of a change in control, Mr. Murphy receives one year of salary, bonus, and benefits.
Investor Verification Checklist
- Verify the full text of the employment agreement filed as Exhibit 10.2(c) to the Form 10-Q for the period ended June 27, 2004.
- Confirm the specific definitions of "Change in Control," "Good Reason," and "Without Cause" within the referenced agreements.
- Review the definitive proxy statement filed on March 22, 2004, for additional executive compensation details incorporated by reference.