Software vendor Parametric Technology Corp. on Friday agreed to a change-in-control policy that will dole out more than $1.9 million in payments to its top executives.
The move would increase by around 10 percent the $18 million already promised to those executives, should the Needham, Mass.-based company ever be acquired.
The extra payments would go to:
• CEO C. Richard Harrison, who would receive another $700,000 on top of the $14.8 million already promised during a change in control
• CFO Cornelius Moses III ($300,000, on top of $745,000)
• Executive vice president Barry Cohen ($300,000, on top of $745,000)
• Executive vice president Paul Cunningham ($300,000, on top of $745,000)
• Chief product officer James Heppelmann ($300,000, on top of $977,628)
Founded in 1985, PTC (Nasdaq: PMTC) makes and distributes product-development software. The company has made 11 acquisitions since 2004 and booked $499 million in revenue and $28.7 million in profits during the six months ended March 31.