Hi Snehal,
1. About the PIT time value definition.
You can find it from the K02 reference manual, PIT chapter:, there has an example:

If you want to get 240ms, you should check your bus clock at first, because the PIT clock source is bus clock.
Then, calculate the LDVAL register value:
LDVAL register = (period / bus clock period) -1
If your bus clock is 50Mhz, then LDVAL register = 12000000-1.
The above is the PIT principle, but if you use the KSDK, you should configure it like this:
DELAY_TIME= 240000;
pit_user_config_t chn1Confg = {
.isInterruptEnabled = true,
.periodUs = DELAY_TIME
};
240ms=240000us.
2. GPIO toggle, please test the function at first.
3, FRDM-K22F board debug and download.
Actually, the FRDM-K22F have the on-board debugger, I don't know why you use the PE multilink again?
If you can't connect it now, please use the JLINK firmware to check the board at first.
Please follow this steps, don't connect your PE multilink again:
1) download the JLINK driver and install it:
SEGGER - The Embedded Experts - Download
2) download the jlink firmware
https://www.segger.com/cms/admin/uploads/userfiles/file/J-Link/OpenSDA/JLink_OpenSDA_V2_1_2015-10-13...
3) Change the board firmware
1' Unplug the board's USB cable.
2' Press the board's "Reset" button. While still holding the button, plug the board back in to the USB cable.
3' When the board re-enumerates, it shows up as a disk drive called "BOOTLOADER".
4' Drag the new firmware image(JLink_OpenSDA_V2_1_2015-10-13.bin) onto the BOOTLOADER drive in Windows operating system Explorer.
5' unplug and plug the board to your PC again.
6' open the JLINK Commander interface(you can find it from the JLINK driver install path), please check whether it can find the ARM cortex M4 core. And input commander: unlock kinetis
Check it, whether the unlock kinetis can success.
Wish it helps you!
Any question, please let me know!
Have a great day,
Jingjing
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