UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
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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.
Following consideration of business performance, liquidity and trends during the first quarter of fiscal year 2021, effective August 1, 2020, the Compensation Committee of the Board of Directors (the “Board”) of La-Z-Boy Incorporated (the “Company”) approved restoring the base salaries of the Company’s named executive officers to the respective base salaries that were in effect prior to March 29, 2020, when the Company implemented a 50% reduction of the base salaries of the named executive officers in connection with its COVID-19 Action Plan. The named executive officers’ annual base salaries will be restored as follows, effective August 1, 2020: Kurt L. Darrow - $1,056,000, Melinda D. Whittington - $557,000, Darrell D. Edwards - $534,000, Otis S. Sawyer - $461,000, and Stephen K. Krull - $402,000.
All other material elements of such named executive officers’ compensation remain unchanged.
Item 7.01 Regulation FD Disclosure.
Following consideration of the business performance, liquidity and trends during the first quarter of fiscal year 2021, the Company re-evaluated certain cost-reduction measures that were previously announced on March 29, 2020, as part of the Company’s COVID-19 Action Plan. Based upon such evaluation, the following actions are being taken:
• | effective for payroll periods commencing on or after August 1, 2020, the Company will reinstate its 401(k) match for all qualifying employees; and |
• | effective August 1, 2020, the Board approved the restoration of all elements of cash compensation payable to non-employee directors under the Company’s director compensation program to the amounts previously approved by the Board on February 26, 2020. |
The information provided pursuant to this Item 7.01 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in any such filing.
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.
LA-Z-BOY INCORPORATED | ||
(Registrant) | ||
Date: July 30, 2020
BY:/s/Lindsay A. Barnes | ||
Lindsay A. Barnes Vice President, Corporate Controller, Chief Accounting Officer and Treasurer | ||