F5, Inc. (FFIV, Financial) has announced a new consulting agreement with Mr. Pelzer, as detailed in their recent Form 8-K filing with the United States Securities and Exchange Commission. The agreement outlines Mr. Pelzer's role as a senior advisor to his successor from December 1, 2024, through May 31, 2025.
As part of the agreement, Mr. Pelzer will receive a lump sum payment of $315,125, subject to applicable deductions, taxes, and withholdings. Additionally, the vesting of 6,740 time-vesting restricted stock units previously granted to Mr. Pelzer will be accelerated. During the term of the consulting agreement, Mr. Pelzer will be compensated $46,833.33 per month, with prorated payments if the agreement is terminated mid-month, along with applicable expenses.
The transition agreement also includes non-disclosure obligations and a waiver and release of claims by Mr. Pelzer. The agreement will become fully effective if Mr. Pelzer does not revoke it during the statutory seven-day revocation period.
This strategic move by F5, Inc. aims to ensure a smooth transition and continuity in leadership, leveraging Mr. Pelzer's expertise and experience in an advisory capacity.
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