[8-K] PROCEPT BioRobotics Corp Reports Material Event
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
PROCEPT BioRobotics Corporation updated its form of Change of Control and Severance Agreement for executive officers below the CEO to better align with market data. The revised form increases severance for involuntary terminations not tied to a change of control from six months to twelve months, clarifies that performance-based awards accelerated on a change of control termination will be treated as achieved at no less than target performance, and changes change-of-control cash payments to be made in a single lump sum. The company will ask eligible executives to execute amended agreements consistent with the revised form and has filed the form as Exhibit 10.1.
PROCEPT BioRobotics Corporation ha aggiornato la sua forma di Accordo per Cambio di Controllo e Indennità per i dirigenti al di sotto dell’Amministratore Delegato per allinearsi meglio ai dati di mercato. La forma rivista aumenta l'indennità per licenziamenti involontari non legati a un cambio di controllo da sei mesi a dodici mesi, chiarisce che i premi basati sulle performance accelerati in caso di cessazione per cambio di controllo saranno considerati come raggiunti almeno al livello di obiettivo, e modifica i pagamenti in contanti legati al cambio di controllo per essere erogati in un'unica somma forfettaria. L'azienda farà firmare agli executive idonei accordi modificati coerenti con la forma rivista e ha depositato la forma come Esibizione 10.1.
PROCEPT BioRobotics Corporation actualizó su formato de Acuerdo de Cambio de Control y Rescisión para ejecutivos por debajo del CEO para alinearlo mejor con los datos del mercado. La forma revisada aumenta la indemnización por despidos involuntarios no relacionados con un cambio de control de seis meses a doce meses, aclara que las recompensas basadas en desempeño aceleradas ante una terminación por cambio de control se considerarán alcanzadas al menos al objetivo, y modifica los pagos en efectivo por cambio de control para hacerse en un único pago único. La empresa solicitará a los ejecutivos elegibles que firmen acuerdos enmendados consistentes con la forma revisada y ha presentado la forma como Exhibición 10.1.
PROCEPT BioRobotics Corporation은 CEO 아래의 임원들을 위한 Change of Control 및 해고 협정 양식을 시장 데이터에 더 잘 맞추기 위해 업데이트했습니다. 수정된 양식은 Change of Control과 무관한 비자발적 해고에 대한 퇴직 보상을 6개월에서 12개월로 증가시키고, Change of Control 종료 시 가속된 성과 기반 보상이 최소 목표 성과에 달한 것으로 간주되도록 명확히 하며, Change of Control 현금 지급을 단일 일시불로 변경합니다. 회사는 수정된 양식과 일치하도록 자격 있는 임원들에게 수정된 계약서를 체결하도록 요청할 것이며, 이 양식은 전시 10.1로 제출되었습니다.
PROCEPT BioRobotics Corporation a mis à jour son formulaire d'Accord de Changement de Contrôle et d'Indemnité pour les cadres en dessous du PDG afin de mieux s'aligner sur les données du marché. Le formulaire révisé augmente l'indemnité en cas de licenciement involontaire non lié à un changement de contrôle de six mois à douze mois, précise que les primes basées sur la performance accélérées lors d'une résiliation pour changement de contrôle seront considérées comme réalisées au moins au niveau de l'objectif, et modifie les paiements en espèces liés au changement de contrôle en un versement unique. L'entreprise demandera aux cadres éligibles de signer des accords amendés conformes au formulaire révisé et a déposé le formulaire en tant que Exhibit 10.1.
PROCEPT BioRobotics Corporation hat seine Form des Change-of-Control- und Abfindungsvereinbarungen für Führungskräfte unter dem CEO aktualisiert, um besser mit Marktdaten übereinzustimmen. Die überarbeitete Form erhöht die Abfindung bei unfreiwilligen Kündigungen, die nicht mit einem Change-of-Control verbunden sind, von sechs Monaten auf zwölf Monate, stellt klar, dass leistungsbasierte Prämien, die bei einer Change-of-Control-Kündigung beschleunigt werden, als mindestens Ziel erreicht gelten, und ändert die Change-of-Control-Geldzahlungen in eine einzige Pauschalabfindung. Das Unternehmen wird berechtigte Führungskräfte bitten, amendierte Vereinbarungen zu unterzeichnen, die dem revidierten Formular entsprechen, und hat das Formular als Exhibit 10.1 eingereicht.
قامت شركة PROCEPT BioRobotics بتحديث نموذج اتفاقية التغيير في السيطرة والتعويض للمديرين التنفيذيين ما دون الرئيس التنفيذي ليتوافق بشكل أفضل مع بيانات السوق. النسخة المحدثة تزيد التعويض عن الفصل غير الطوعي المرتبطين بعدم وجود تغيير في السيطرة من ستة أشهر إلى اثني عشر شهراً، وتوضح أن الجوائز المعتمدة على الأداء التي تتسارع عند الإنهاء بسبب التغيير في السيطرة ستُعامل باعتبارها محققة على الأقل عند مستوى الهدف، وتغيّر المدفوعات النقدية المرتبطة بالتغيير في السيطرة لتُدفع كمبلغ دفعة lump واحدة. ستطلب الشركة من التنفيذيين المؤهلين توقيع اتفاقيات معدلة تتوافق مع النموذج المُ revised، وقد قدمت النموذج كـ المعروض 10.1.
PROCEPT BioRobotics Corporation 更新了其 CEO 以下高管的变更控制与解除协议（Change of Control and Severance Agreement）的表格，以更好地与市场数据保持一致。修订后的表格将因非自愿解雇且不涉及变更控制而增加的遣散费从 六个月到十二个月，澄清在变更控制终止时加速的基于业绩的奖励将被视为达到至少 目标 的水平，并将变更控制现金支付改为一次性 一次性支付。公司将要求符合条件的高管签署与修订表格一致的修订协议，并已将该表格归档为 Exhibit 10.1。
Positive
- Severance period increased to align with market practices, which may aid executive retention
- Clarification on performance award acceleration reduces ambiguity about payout levels following a change of control
- Single lump-sum cash payment simplifies administration and reduces ongoing payment complexity
Negative
- Higher potential cash obligations due to severance extension from six to twelve months for certain terminations
- Front-loaded cash outflows resulting from converting payments to a single lump sum could increase near-term liquidity impact
Insights
TL;DR More generous severance and clearer payout mechanics increase executive protection but raise near-term fixed cash exposure for the company.
The move to extend severance from six to twelve months materially increases potential cash obligations for non-change-of-control terminations, aligning pay with market benchmarks provided by consultants. Clarifying that accelerated performance awards will not be deemed below target reduces ambiguity that could otherwise limit executive recovery on a change of control. Converting staggered payments into a single lump sum simplifies administration but may front-load cash outflows. Overall impact is procedural and compensation-structure focused rather than operational.
TL;DR Governance update tightens contractual terms and standardizes payouts, improving clarity but modestly increasing shareholder exposure to severance costs.
Amendments reflect common market practices: longer severance protections and explicit treatment of performance award acceleration reduce future disputes and interpretation risk. Requiring execution by eligible officers standardizes governance across the executive team. While administratively prudent, the extensions increase contingent liabilities that investors and governance committees should monitor, though no operational or strategic changes are indicated by the filing alone.
PROCEPT BioRobotics Corporation ha aggiornato la sua forma di Accordo per Cambio di Controllo e Indennità per i dirigenti al di sotto dell’Amministratore Delegato per allinearsi meglio ai dati di mercato. La forma rivista aumenta l'indennità per licenziamenti involontari non legati a un cambio di controllo da sei mesi a dodici mesi, chiarisce che i premi basati sulle performance accelerati in caso di cessazione per cambio di controllo saranno considerati come raggiunti almeno al livello di obiettivo, e modifica i pagamenti in contanti legati al cambio di controllo per essere erogati in un'unica somma forfettaria. L'azienda farà firmare agli executive idonei accordi modificati coerenti con la forma rivista e ha depositato la forma come Esibizione 10.1.
PROCEPT BioRobotics Corporation actualizó su formato de Acuerdo de Cambio de Control y Rescisión para ejecutivos por debajo del CEO para alinearlo mejor con los datos del mercado. La forma revisada aumenta la indemnización por despidos involuntarios no relacionados con un cambio de control de seis meses a doce meses, aclara que las recompensas basadas en desempeño aceleradas ante una terminación por cambio de control se considerarán alcanzadas al menos al objetivo, y modifica los pagos en efectivo por cambio de control para hacerse en un único pago único. La empresa solicitará a los ejecutivos elegibles que firmen acuerdos enmendados consistentes con la forma revisada y ha presentado la forma como Exhibición 10.1.
PROCEPT BioRobotics Corporation은 CEO 아래의 임원들을 위한 Change of Control 및 해고 협정 양식을 시장 데이터에 더 잘 맞추기 위해 업데이트했습니다. 수정된 양식은 Change of Control과 무관한 비자발적 해고에 대한 퇴직 보상을 6개월에서 12개월로 증가시키고, Change of Control 종료 시 가속된 성과 기반 보상이 최소 목표 성과에 달한 것으로 간주되도록 명확히 하며, Change of Control 현금 지급을 단일 일시불로 변경합니다. 회사는 수정된 양식과 일치하도록 자격 있는 임원들에게 수정된 계약서를 체결하도록 요청할 것이며, 이 양식은 전시 10.1로 제출되었습니다.
PROCEPT BioRobotics Corporation a mis à jour son formulaire d'Accord de Changement de Contrôle et d'Indemnité pour les cadres en dessous du PDG afin de mieux s'aligner sur les données du marché. Le formulaire révisé augmente l'indemnité en cas de licenciement involontaire non lié à un changement de contrôle de six mois à douze mois, précise que les primes basées sur la performance accélérées lors d'une résiliation pour changement de contrôle seront considérées comme réalisées au moins au niveau de l'objectif, et modifie les paiements en espèces liés au changement de contrôle en un versement unique. L'entreprise demandera aux cadres éligibles de signer des accords amendés conformes au formulaire révisé et a déposé le formulaire en tant que Exhibit 10.1.
PROCEPT BioRobotics Corporation hat seine Form des Change-of-Control- und Abfindungsvereinbarungen für Führungskräfte unter dem CEO aktualisiert, um besser mit Marktdaten übereinzustimmen. Die überarbeitete Form erhöht die Abfindung bei unfreiwilligen Kündigungen, die nicht mit einem Change-of-Control verbunden sind, von sechs Monaten auf zwölf Monate, stellt klar, dass leistungsbasierte Prämien, die bei einer Change-of-Control-Kündigung beschleunigt werden, als mindestens Ziel erreicht gelten, und ändert die Change-of-Control-Geldzahlungen in eine einzige Pauschalabfindung. Das Unternehmen wird berechtigte Führungskräfte bitten, amendierte Vereinbarungen zu unterzeichnen, die dem revidierten Formular entsprechen, und hat das Formular als Exhibit 10.1 eingereicht.
FAQ
What changes did PROCEPT (PRCT) make to its change of control and severance agreements?
The company increased severance for non-change-of-control terminations from six months to twelve months, clarified that accelerated performance awards on a change of control will be treated as at least target, and changed cash payments on change of control terminations to a single lump sum.
Who must sign the amended agreements at PROCEPT?
The company intends to ask each eligible executive officer below the CEO to execute an amended and restated agreement consistent with the revised form.
Where can I find the full terms of the revised agreement?
The form of the Revised Change of Control Agreement is attached as Exhibit 10.1 to the filing and is incorporated by reference.
Does the filing indicate any operational or financial statement changes?
No operational changes or financial statement figures are provided in the content; the filing describes amendments to the form agreement only.
How does the filing address performance-based award acceleration?
It clarifies that following any change of control termination, acceleration of performance-based awards shall not be deemed achieved at any level less than target performance.
Procept Biorobotics Corp
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Medical Devices
Surgical & Medical Instruments & Apparatus
United States
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