UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 30, 2021, Maria T. Shields, Senior Vice President, Administration of ANSYS, Inc., a Delaware corporation (the “Company”), notified the Company of her decision to resign, effective on April 1, 2022 (the “Resignation Date”). The Company and Ms. Shields have agreed that Ms. Shields will continue in a consulting role with the Company for a three-month period from April 2, 2022 through July 2, 2022 (“Consulting Term”).
In connection with Ms. Shields’ retirement and planned transition to a consulting role, the Company entered into a Separation Agreement (the “Separation Agreement”) and a Consulting Services Agreement (the “Consulting Agreement”) with her, each dated December 30, 2021.
Under the terms of the Separation Agreement and subject to her execution and non-revocation of a release of claims (the “Release”), Ms. Shields will be entitled to a lump sum payment of $43,105, less required withholdings, approximating the cost of health and dental coverage for 24 months following the Resignation Date. The Separation Agreement contains confidentiality, non-competition and non-solicitation obligations that apply through the Resignation Date and for one year thereafter.
Under the terms of the Consulting Agreement, Ms. Shields will provide consulting services to the Company during the Consulting Term, and in consideration for such services, Ms. Shields will be entitled to compensation of $110,000, comprised of an initial lump payment of $10,000 and three subsequent monthly payments totaling $100,000 in the aggregate, as well as reimbursement of expenses incurred in performing such services. The effectiveness of the Consulting Agreement is conditioned upon Ms. Shields’ execution and non-revocation of the Release.
The above descriptions of the material terms of the Separation Agreement, which includes the Release, and the Consulting Agreement, are qualified in their entirety by reference to the full text of the Separation Agreement and the Consulting Agreement, copies of which will be filed as exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ANSYS, INC. | ||||||
| Date: January 4, 2022 | By: | /s/ Janet Lee | ||||
| Janet Lee | ||||||
| Vice President, General Counsel and Secretary | ||||||