UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT | |
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
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Emerging growth company | |
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Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Exchange on Which Registered | |||
Global Select Market | |||||
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 31, 2020, Cimpress plc's board of directors approved changes to the compensation of Cimpress' named executive officers other than Robert Keane to reduce the named executive officers' base salaries by 50% effective April 5, 2020 and to grant to each executive, on a quarterly basis, a restricted share unit (RSU) award having the same value as the executive's salary reduction for that quarter. Each RSU award will vest in full on a designated date during the quarter following the quarter in which the award is granted, so long as the executive is still an employee of Cimpress plc or one of its subsidiaries on the vesting date. On the vesting date, each RSU is automatically converted into ordinary shares of Cimpress plc on a one-to-one basis.
Robert Keane, Cimpress' Chief Executive Officer, already receives all of his compensation in the form of performance share units, other than $684 per week paid in cash which is the minimum weekly salary for exempt employees under the U.S. Fair Labor Standards Act, and therefore there is no change to his compensation.
Cimpress expects that the changes in compensation structure described in this report will be temporary.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit | ||
No. | Description | |
104 | Cover Page Interactive Data File, formatted in iXBRL | |
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.
April 3, 2020 | Cimpress plc |
By: | /s/ Sean E. Quinn | |
Sean E. Quinn | ||
Executive Vice President and Chief Financial Officer | ||