8-KLeadership ChangesExhibits & Filings

F5, INC. 8-K Report, Executive Changes (Nov 5, 2024)

Filed November 5, 2024For Securities:FFIV

Summary

This Form 8-K filing from F5, Inc. (FFIV) details the upcoming retirement of its Executive Vice President and Chief Financial Officer, Frank Pelzer, effective around November 18, 2024, coinciding with the Company's fiscal year 2024 Form 10-K filing. Mr. Pelzer will transition from his role after serving until that date. Following his retirement, Mr. Pelzer is expected to enter into a consulting agreement with F5, Inc., acting as a senior advisor to his successor from approximately December 1, 2024, through May 31, 2025. This transition plan includes a lump sum payment, accelerated vesting of certain restricted stock units, and monthly compensation for his advisory services, in exchange for continued advisory support and adherence to non-disclosure and waiver provisions.

Key Highlights

  • 1CFO Frank Pelzer to retire on or about November 18, 2024, coinciding with the filing of the company's 2024 Form 10-K.
  • 2Mr. Pelzer will continue in his CFO role and be compensated through his retirement date.
  • 3Post-retirement, Mr. Pelzer will provide consulting services as a senior advisor to his successor from December 1, 2024, to May 31, 2025.
  • 4The transition includes a $315,125 lump sum payment to Mr. Pelzer.
  • 5Vesting of 6,740 time-based restricted stock units will be accelerated for Mr. Pelzer.
  • 6Mr. Pelzer will receive $46,833.33 per month for consulting services.
  • 7The agreement requires Mr. Pelzer to adhere to non-disclosure obligations and waive certain claims.

Frequently Asked Questions

Frank Pelzer's retirement from his role as Chief Financial Officer is expected to be effective at the end of the day on the date F5, Inc. files its Form 10-K for its 2024 fiscal year, which is anticipated to be on or about November 18, 2024.

Upon retiring as CFO, Mr. Pelzer is expected to enter into a consulting agreement with F5, Inc. He will serve as a senior advisor to his successor, providing consulting services from approximately December 1, 2024, through May 31, 2025.

As part of the transition, Mr. Pelzer will receive a lump sum payment of $315,125, the acceleration of vesting for 6,740 restricted stock units, and monthly compensation of $46,833.33 during his consulting period, plus applicable expenses.

Under the Transition Agreement, Mr. Pelzer agrees to provide consulting services, act as a senior advisor, and adhere to certain non-disclosure obligations. He will also waive certain claims against the company.