FARO Technologies Inc.
10/31/2022 | Press release | Distributed by Public on 10/31/2022 14:14
Management Change - Form 8-K
faro-20221025
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): October 25, 2022
| FARO TECHNOLOGIES, INC. |
| (Exact name of registrant as specified in its charter) |
| Florida | 0-23081 | 59-3157093 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
250 Technology Park, Lake Mary, Florida32746
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (407) 333-9911
N/A
(Former name or former address, if changed since last report)
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 (see General Instruction A.2. below):
| ☐ | 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 Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
| Common Stock, $.001 par value per share | FARO | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Material Compensatory Plan
On October 25, 2022, the Board of Directors (the "Board") of FARO Technologies, Inc. (the "Company") approved the Company's Key Executive Change in Control and Severance Plan (the "Severance Plan"). Pursuant to the Severance Plan, the Company's senior management team, including each of its current executive officers other than the Company's Chief Executive Officer, is eligible to participate. The Severance Plan is intended to address comments received from shareholders, consolidate the Company's existing executive severance plans into a single plan for consistency and reflect various tax, accounting and other non-material updates since the adoption of our last amendment to the prior plans.
The foregoing description of the Severance Plan is qualified in its entirety by reference to the full text of the Severance Plan, a copy of which will be filed with the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.
SIGNATURES
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.
| FARO Technologies, Inc. | ||||||||
| October 31, 2022 | /s/ Allen Muhich | |||||||
| By: | Allen Muhich | |||||||
| Its: | Chief Financial Officer | |||||||
|
(Duly Authorized Officer and Principal Financial Officer)
|