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ANSS > SEC Filings for ANSS > Form 8-K on 14-Jul-2014All Recent SEC Filings

Show all filings for ANSYS INC

Form 8-K for ANSYS INC


Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b), (e)

On July 11, 2014, ANSYS, Inc. (the "Company") entered into a resignation agreement with Joseph C. Fairbanks, Jr., pursuant to which Mr. Fairbanks, as previously announced, resigned as the Company's Vice President, Worldwide Sales & Support effective as of July 11, 2014. The resignation agreement provides for, among other things, (i) a cash separation payment equal to approximately $180,930, (ii) bonus payments for the first and second quarters of 2014 as determined in accordance with the Company's annual incentive compensation plan, as well as an additional bonus payment in the amount of $87,500, (iii) a general release of claims by Mr. Fairbanks in favor of the Company and (iv) the termination of all of Mr. Fairbanks' outstanding unvested stock options and other equity awards.

The foregoing summary of the resignation agreement and its terms is qualified in its entirety by reference to the resignation agreement, a copy of which is filed hereto as Exhibit 10.1 and is incorporated herein by reference. The Company also issued a press release on July 14, 2014 announcing Mr. Fairbank's resignation and the appointment of Robert Kocis as his successor.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

  No.                                     Description

10.1         Resignation Agreement by and between the Company and Joseph C.
             Fairbanks, Jr., dated July 11, 2014.

99.1         Press Release of ANSYS, Inc. dated July 14, 2014.

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