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PTC INC. FILES (8-K) Disclosing Change in Directors or Principal Officers, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits

August 4, 2014

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 30, 2014, Jeff Glidden, PTC Inc.'s Executive Vice President and Chief Financial Officer, notified PTC that he intends to retire in FY'15. No successor has been named and PTC intends to engage in a search process to identify a successor. Mr. Glidden will continue to serve as Executive Vice President and Chief Financial Officer until a successor has been identified.

Item 7.01. Regulation FD Disclosure.

Stock Repurchase Authorization

On August 4, 2014, PTC announced that its Board of Directors has authorized a share repurchase program for $600 million of the company's common stock through September 30, 2017. As part of the repurchase program, PTC intends to enter into $125 million accelerated stock repurchase agreement. PTC will use cash from operations and borrowings under its credit facility to make such repurchases. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 8.01 Other Events.

Elimination of Classified Board

On August 4, 2014, PTC's Board of Directors declassified the Board of Directors, effective immediately. Instead of three classes of directors elected for staggered three-year terms, all PTC's directors will be elected annually, beginning at the 2015 Annual Meeting of Stockholders.

Item 9.01. Financial Statements and Exhibits. (d) Exhibits.

99.1 PTC Inc. press release dated August 4, 2014.


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Source: Edgar Glimpses

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