Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As disclosed on April 23, 2020, Apogee Enterprises, Inc. (the "Company") took
several proactive measures to manage the Company's cost structure and cash flow
in response to uncertainty created by the COVID-19 pandemic, which included
temporary salary reductions for the Company's named executive officers. The
temporary reductions included a base salary reduction of 25% for Joseph F.
Puishys, Chief Executive Officer and President, and 20% for certain other named
executive officers.
In light of current business conditions, (i) on October 6, 2020, the
Compensation Committee of the Board of Directors (the "Board") approved
restoration of base salaries for the Company's named executive officers (other
than Mr. Puishys), effective October 25, 2020, and recommended that the Board
restore Mr. Puishys base salary, and (ii) on October 7, 2020, the Board approved
restoration of Mr. Puishys base salary.
Item 8.01 Other Events.
On October 7, 2020, upon recommendation of the Nominating and Corporate
Governance Committee, the Board reinstated to pre-pandemic levels the amount of
the cash portion of retainer fees for members of the Board. Additionally,
business leaders and other salaried workforce who experienced temporary salary
reductions will have their base salaries reinstated to pre-pandemic levels,
beginning October 25, 2020.
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