UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report:
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(Exact name of registrant as specified in its charter)
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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)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).
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 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.
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.
| APOGEE ENTERPRISES, INC. | ||
| By: | /s/ Meghan M. Elliott | |
| Meghan M. Elliott | ||
| Vice President, General Counsel and Secretary | ||
Date: October 13, 2020
Document and Entity Information |
Oct. 06, 2020 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0000006845 |
| Document Type | 8-K |
| Document Period End Date | Oct. 06, 2020 |
| Entity Registrant Name | APOGEE ENTERPRISES, INC. |
| Entity File Number | 0-6365 |
| Entity Incorporation State Country Code | MN |
| Entity Tax Identification Number | 41-0919654 |
| Entity Address, Address Line One | 4400 West 78th Street - Suite 520 |
| Entity Address, City or Town | Minneapolis |
| Entity Address, State or Province | MN |
| Entity Address, Postal Zip Code | 55435 |
| City Area Code | (952) |
| Local Phone Number | 835-1874 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, $0.33 1/3 Par Value |
| Trading Symbol | APOG |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |