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Exhibit 10(iii)(A)

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| i.   | willful negligence that results in substantial damage to the Company or any of its subsidiaries; |
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| ii.   | gross negligence, misconduct, fraud, or breach of fiduciary duty to PTC; |
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| iii.   | embezzlement, theft, misappropriation of assets or property (tangible or intangible) of PTC, or material dishonesty; |
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| iv.   | act(s) creating adverse publicity for the PTC; |
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| v.   | violation of the Company’s “Code of Business Conduct and Ethics” (Policy 708 and 708A); "Use of Company Resources and Security of Company Sensitive Information” (Policy 431); “Controlled Substances/Illegal Drugs and Alcoholic Beverages Prohibition” (Policy 421) or "Workplace Discrimination/Harassment/Non-Fraternization”  (Policy 419) policies as set forth in the Company’s Manager’s Manual; |
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| vi.   | indictment for, plea of guilty or nolo contendre, or conviction of a felony related to the Company’s business, or a crime involving dishonesty, misappropriation of any funds or property, fraud or embezzlement, violation of federal or state securities laws or immoral conduct that adversely affects the Company’s business; or; |
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| vii.   | breach of the confidentiality covenants set forth in this Agreement. |
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| a.   | Accrued Rights.  Except as otherwise provided in Section 3(b), upon termination of your employment hereunder, the Company shall only be obligated to pay you or your estate the accrued and unpaid Annual Base Salary, unpaid business expenses and any other payments accrued and due under Section 1 hereof and any accrued and vested pension welfare and fringe benefits under the employee benefit plans in which you participated, including any unpaid accrued vacation pay (collectively, the “Accrued Rights”), if any, owing to you, in each case up to the Termination Date. |
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| b.   | Termination of Benefits.  Except as otherwise provided in Section 3(d), (e) and (f) below and except for any right of continuation of benefits coverage to the extent provided by applicable law, all benefits shall terminate pursuant to the terms of the applicable benefit plans as of the Termination Date. |
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| c.   | Termination for Cause.  If your employment shall be terminated at any time by the Company for Cause, the Company shall only be obligated to pay to you your accrued and unpaid Base Salary, and other Accrued Rights, if any, owing to you hereunder (except to the extent that the benefit plans and/or policies permit the Company to withhold benefits to you by reason of termination for Cause) up to the Termination Date. |
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| d.   | Termination Due to Expiration of the Initial Term.  If your employment shall be terminated due to expiration of the Initial Term the Company shall only be obligated to pay you your accrued and unpaid Annual Base Salary and other Accrued Rights (including any ICP due you for 2011), if any; and, subject to Section 3(i) of this Agreement, a severance amount equal to your then current Annual Base Salary.  All payments shall be subject to all applicable state, federal and local income tax rules and withholdings. |
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| e.   | Termination During the Initial Term Without Cause.  If your employment shall be terminated during the Initial Term by the Company for any reason other than for Cause as defined in this Agreement, the Company shall only be obligated to pay you your accrued and unpaid Annual Base Salary, other Accrued Rights (including any ICP that would have been due for 2011 if you had not been terminated prior to the end of the 2011), salary continuation through December 31, 2011 and, subject to Section 3(i) of this Agreement, a severance amount equal to your then current Annual Base Salary.  For purposes of this Agreement, salary continuation shall be payments to you at the same rate of bi-weekly Annual Base Salary that you were receiving at the time of termination.  All payments shall be subject to all applicable state, federal and local income tax rules and withholdings. |
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| f.   | Termination During Any Extended Term Without Cause.  If your employment shall be terminated during any Extended Term by the Company for any reason other than for Cause as defined in this Agreement, the Company shall only be obligated to pay you your accrued and unpaid Annual Base Salary, other Accrued Rights, and, subject to Section 3(i) of this Agreement:  i) a severance amount equal to your then current Annual Base Salary;  ii) provided the termination date is on or after October 1 of a fiscal year, a prorated portion of that fiscal year’s ICP that would have been payable to you had you been employed through December 31 of that year.  All payments shall be subject to all applicable state, federal and local income tax rules and withholdings. |
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| g.   | Termination Due to Disability or Death.  If your employment shall be terminated at any time due to Disability or death, the Company shall only be obligated to pay to you or your estate, as the case may be, your accrued and unpaid Annual Base Salary, and other Accrued Rights, if any, owing to you hereunder as of the last day of your employment.  All payments shall be subject to all applicable state, federal and local tax rules and withholdings. |
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| h.   | Sole Obligation of the Company. In the event of termination of your employment, the sole obligation of the Company hereunder shall be its obligation to make the payments called for by the applicable provisions of this Section 3, and the Company shall have no other obligation to you or to your beneficiary or your estate, except as otherwise provided by law or under the terms of any Equity Awards or any employee benefit plans or programs then maintained by the Company in which you participate. |
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| i.   | Condition Precedent to Severance Payments.  Any provision to the contrary in this Agreement notwithstanding, the Company shall not be obligated to make any Severance payments to you unless (i) you shall have executed and delivered to the Company, within thirty (30) days of the later of the Termination Date or your receipt of the general release, a general release of all claims against the Company and any of its directors, officers, managers, agents, investors and other affiliates in form and substance reasonably satisfactory to the Company, which release shall include an agreement by you not to disparage the Company, (ii) all applicable consideration periods and rescission periods provided by law shall have expired, and (iii) you are in material compliance with the confidentiality provisions hereof as of the dates of the payments. |
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| j.   | Resignation.  Upon any termination of your employment hereunder for any reason, with or without Cause, whether by the Company or by you, you shall be deemed to have resigned from all positions as an officer, director, manager, employee and any other position within the Company and/or any subsidiaries and/or other affiliates thereof that you may hold as of the Termination Date. |
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| a.   | Company.  For purposes of this Agreement, unless the context otherwise requires, the term “Company” shall include the Company and each past and/or current subsidiary of the Company. |
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| b.   | Notices.  Any notice or other communication in connection with this Agreement shall be deemed to be delivered if in writing and delivered in person or to the last known address of the party to whom the notice is being given.  Notices may be delivered by hand, U.S. mail, recognized overnight courier such as Federal Express or UPS, by confirmed facsimile transmission to an operational fax number or by confirmed email transmission to an operational email address.  Notices to the Company shall be addressed to the President & CEO of the Company with a copy to the Legal Department. |
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| c.   | Severability.  The parties agree that each provision contained in this Agreement shall be treated as a separate and independent clause, and the unenforceability of any one clause shall in no way impair the enforceability of any of the other clauses herein.  Moreover, if one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to scope, activity or subject, such provisions shall be construed by the appropriate judicial body by limiting and reducing it or them, so as to be enforceable to the extent compatible with the applicable law. |
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| d.   | Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and replaces any prior agreements, representations or understandings (written or oral) between or among you and the Company relating to your service to and/or employment by the Company and/or relating to any rights upon your separation from Company.  All promises, representations, understandings, warranties and agreements with reference to the subject matter hereof and inducements to the making of this Agreement relied upon by any party hereto have been expressed in this Agreement.  This Agreement may not be amended except by a writing signed by the party against whom enforcement thereof is sought. |
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| e.   | No Waiver.  No term or condition of this Agreement shall be deemed to have been waived, except by a statement in writing signed by the party against whom enforcement of the waiver is sought. Any written waiver shall not be deemed a continuing waiver unless specifically stated, shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived. |
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| f.   | Survival.  The provisions of Sections 3, 5, 6 and 7 hereof shall survive the termination of this Agreement. |
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| g.   | Assignability; Binding Nature.  This Agreement shall be binding upon and inure to the benefit of the Company and you and each party’s respective successors, heirs (in the case of you) and permitted assigns. Rights or obligations of the Company including, specifically, the rights of the Company under Section 3 of this Agreement, may be assigned or transferred by the Company, as applicable provided the assignee of Company can financially satisfy the obligations of the Company. No rights or obligations of you under this Agreement may be assigned or transferred by you other than your rights to compensation and benefits, which may be transferred only by will or operation of law.  In the event of a change of control of the Company, the Company shall require this Employment Agreement to be assumed by the Company’s successor. |
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| h.   | Waiver of Jury Trial.  Each party hereto hereby expressly waives any right to a trial by jury in any action or proceeding to enforce or defend any rights or remedies under or pursuant to this Agreement or under any agreement, document or instrument delivered or which may in the future be delivered in connection herewith or arising from or relating to any relationship existing in connection with this Agreement, and agrees that any such action or proceeding shall be tried before a court and not before a jury. |
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| i.   | Governing Law.  This Agreement shall be deemed a contract made under the laws of the State of New York. |
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| j.   | Taxes and Tax Gross Ups.  Any payments made to you pursuant to this Agreement are subject to applicable federal, state and local tax regulations and withholdings.  To avoid all doubt, you will not be entitled to receive any tax gross up payments.  Without limiting the generality of the foregoing, you will not be entitled to receive any excise tax gross up in the event of a trigger of Internal Revenue Code § 280G or § 4999.  Further, should any payment under this Agreement constitute a deferral of compensation subject to Internal Revenue Code § 409A, then to the extent you qualify as a “specified employee” any payment made upon “separation from service” (as defined under such § 409A) shall not be made until the first business day of the seventh month following your separation of service within the meaning of such § 409A. |
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| k.   | Captions and Headings.  The captions and paragraph headings used in this Agreement are for convenience of reference only and shall not affect the construction or interpretation of this Agreement or any of the provisions hereof. |
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