UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 30, 2020
Proto Labs, Inc.
(Exact name of registrant as specified in its charter)
| Minnesota | | 001-35435 | | 41-1939628 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification Number) |
5540 Pioneer Creek Drive Maple Plain, Minnesota | | 55359 |
| (Address of principal executive offices) | | (Zip Code) |
| | | |
| Registrant’s telephone number, including area code: | | (763) 479-3680 |
| Not Applicable |
| (Former name or former address, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, Par Value $0.001 Per Share | PRLB | New York Stock Exchange |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| | ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. | Regulation FD Disclosure. |
On April 30, 2020, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Proto Labs, Inc. (the “Company”) approved reductions to the base salaries of the Company’s executive leadership team (including all of its executive officers) as follows:
• 20% for the Company’s President and Chief Executive Officer; and
• 10% for all other members of the Company’s executive leadership team.
In addition, the Board approved a 20% reduction in the annual cash retainer paid to non-employee directors.
The reductions described above will take effect on May 4, 2020, and will stay in effect until June 30, 2020, unless extended by further action of the Committee.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | Proto Labs, Inc. | |
| | | | |
| | | | | |
| Date: | April 30, 2020 | By: | /s/ John A. Way | |
| | | | John A. Way | |
| | | | Chief Financial Officer | |
