| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 5, 2024, 3D Systems Corporation (the “Company”) notified Menno Ellis, Executive Vice President, Healthcare Solutions, that his role and position with the Company will be eliminated, effective March 15, 2024, as part of certain organizational changes in connection with the Company’s ongoing multi-faceted restructuring initiative. In connection with Mr. Ellis’s separation from the Company, Mr. Ellis will receive severance payments consistent with his employment agreement with the Company.
On January 5, 2024, Andrew M. Johnson notified the Company of his decision to resign as Executive Vice President, Chief Corporate Development Officer, Chief Legal Officer and Secretary, effective April 30, 2024 (the “Separation Date”), to pursue other career opportunities. In connection with his departure, the Company entered into a Separation Agreement with Mr. Johnson on January 11, 2024 (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Johnson will receive (i) a severance amount equal to his current annual base salary, paid in 12 monthly installments following the Separation Date, (ii) Company-paid monthly premium payments for COBRA health and dental insurance coverage such that Mr. Johnson’s contributions to such plans remain the same as if he were employed by the Company until the earlier of (1) 12 months following the Separation Date and (2) the date Mr. Johnson is no longer eligible for COBRA coverage and (iii) a one-time $300,000 cash retention bonus paid following the Separation Date.
The preceding description of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement attached hereto as Exhibit 10.1, which is incorporated herein by reference.
The Company will immediately commence a search and evaluation process to select a replacement for the role of general counsel.
| Item 7.01. | Regulation FD Disclosure. |
On January 10, 2024, the Company issued a press release announcing the departures of Messrs. Ellis and Johnson. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
