3D SYSTEMS CORPORATION (NYSE:DDD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 13, 2019, John N. McMullen notified 3D Systems Corporation (the Company) of his intention to retire as Executive Vice President and Chief Financial Officer of the Company effective as of December 31, 2019 or, if earlier, the date that a successor Executive Vice President and Chief Financial Officer of the Company is hired (the Transition Date).
In connection with Mr. McMullens decision to retire, on March 14, 2019, the Company and Mr. McMullen entered into a Transition Agreement (the Transition Agreement).
to the Transition Agreement, Mr. McMullen will remain employed in his current position until the Transition Date. Following the Transition Date, Mr. McMullen will serve as a non-employee consultant to the Company for a period of 12 months (the Consulting Period). During the Consulting Period, Mr. McMullen shall perform such tasks and provide such services to which the Company and Mr. McMullen mutually agree.
to the Transition Agreement, Mr. McMullens current base salary of $515,000 will continue until the Transition Date, after which Mr. McMullen will be entitled to receive an annual consulting payment equal to his current base salary, paid in 12 monthly installments during the Consulting Period. The Transition Agreement provides that Mr. McMullens 2019 annual incentive award in the amount of up to 50% of his applicable base salary, based on the determination of the Companys Compensation Committee and Chief Executive Officer based on individual and Company performance goals, will be pro-rated based on the Transition Date. Mr. McMullens time-based equity awards will continue to be eligible to vest through the Consulting Period with any unvested time-based equity awards vesting on the last day of the Consulting Period. His performance-based equity awards will continue to be eligible to vest through the Transition Date. He will also continue to receive Company healthcare and other benefits available to other senior executives of the Company following the Transition Date and through the Consulting Period.
The preceding description of the Transition Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Transition Agreement attached hereto as Exhibit 10.1, which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Date: March 14, 2019 |
| By:/s/ Andrew M. Johnson |
| ( 3D SYSTEMS CORP Exhibit EX-10.1 2 exh_101.htm EXHIBIT 10.1 Exhibit 10.1 3D SYSTEMS CORPORATION TRANSITION AGREEMENT JOHN N. MCMULLEN THIS TRANSITION AGREEMENT (this “Agreement”) is entered into by and between 3D Systems Corporation,… To view the full exhibit click here
About 3D SYSTEMS CORPORATION (NYSE:DDD) 3D Systems Corporation is a holding company. The Company provides three-dimensional (3D) products and services, including 3D printers, print materials, parts services and digital design and manufacturing tools. Its ecosystem supports applications from the product design shop to the factory floor to the operating room. Its precision healthcare capabilities include simulation, Virtual Surgical Planning, and printing of medical and dental devices, as well as patient-specific surgical instruments. Its brands include Accura, DuraForm, LaserForm, CastForm, VisiJet, Quickparts, Gentle Giant and Simbionix. Its customers can use 3D printing to design and manufacture parts. Its customers include companies and small and midsize businesses in a range of industries, such as automotive, aerospace, government, defense, technology, electronics, education, consumer goods, energy and healthcare. It operates through subsidiaries in the Americas, Europe and the Middle East, and the Asia Pacific region. |