SEC Contract Filing

Filing Date: 2018-11-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>2
<FILENAME>ptc93018ex1013.htm
<DESCRIPTION>EXHIBIT 10.13
<TEXT>
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<div><a name="s2f13f771e1cb415ca647c2095a4e27b6"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:14px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">EXECUTIVE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:14px;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">This Executive Agreement dated as of May&#160;15, 2017 is by and between PTC Inc., a Massachusetts corporation (the &#8220;Company&#8221;), and Kathleen Mitford (the &#8220;Executive&#8221;).</font></div><div style="line-height:120%;padding-bottom:14px;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Executive is the Executive Vice President, Segments; and</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Company wishes to make the following arrangements with the Executive concerning certain payments and benefits to be provided to the Executive if the Executive&#8217;s employment with the Company is terminated without Cause or if certain other events specified herein occur;</font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:14px;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NOW, THEREFORE, the Company and the Executive hereby agree as follows:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Definitions.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the purposes of this Agreement:</font></div><div style="line-height:120%;padding-left:48px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#8220;Board&#8221; means the Company&#8217;s board of directors.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#8220;Code&#8221; means the U.S. Internal Revenue Code of 1986, as amended.</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(c)</font><font style="font-family:inherit;font-size:10pt;">&#8220;Cause&#8221; means</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(i)</font><font style="font-family:inherit;font-size:10pt;">the Executive&#8217;s willful and continued failure to substantially perform the Executive&#8217;s duties to the Company (other than any such failure resulting from the Employee&#8217;s incapacity due to physical or mental illness), provided that the Company has delivered a written demand for performance to the Executive specifically identifying the manner in which the Company believes that the Executive has not substantially performed the Executive&#8217;s duties and the Executive does not cure such failure within thirty (30) days after such demand;</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(ii)</font><font style="font-family:inherit;font-size:10pt;">willful conduct by the Executive which is demonstrably and materially injurious to the Company; </font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(iii)</font><font style="font-family:inherit;font-size:10pt;">the Executive&#8217;s conviction of, or pleading of guilty or nolo contendere to, a felony;</font></div><div style="line-height:120%;padding-left:0px;text-align:justify;text-indent:96px;"><font style="text-align:justify;font-family:inherit;font-size:10pt;padding-right:48px;">(iv)</font><font style="font-family:inherit;font-size:10pt;">the Executive&#8217;s entry in the Executive&#8217;s personal capacity into a consent decree relating to the business of the Company with any government body; or</font></div><div style="