Proto Labs Inc
For the period ended May 20, 2025. Filed Apr 9, 2025.
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May 20, 2025 · Filed Apr 9, 2025
Contents
Summary Compensation Table
The following table summarizes the compensation provided to or earned by our named executive officers during our three most recently completed fiscal years:
| Name and Principal Position · Year · Salary($) · Bonus($)(1) · Stock Awards($)(2) · OptionAwards($)(3) · Non-EquityIncentive PlanCompensation($)(4) · All OtherCompensation($)(5) · Total ($) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Robert BodorPresident and ChiefExecutive Officer | 2024 | 620,000 | — | 2,906,845 | 750,018 | — | 11,200 | 4,288,063 | ||||||
| 2023 | 600,000 | — | 3,311,588 | 870,010 | 334,063 | 11,200 | 5,126,861 | |||||||
| 2022 | 600,000 | — | 3,064,725 | 700,020 | 243,600 | 11,200 | 4,619,545 | |||||||
| Daniel Schumacher(6)Chief Financial Officer | 2024 | 370,800 | — | 678,286 | 175,015 | — | 9,206 | 1,233,307 | ||||||
| 2023 | 360,000 | — | 772,719 | 211,023 | 130,285 | 9,102 | 1,483,129 | |||||||
| 2022 | 360,000 | 50,000 | 507,491 | 165,438 | 62,532 | 8,241 | 1,153,702 | |||||||
| Michael R. Kenison(7)Chief Operations Officer | 2024 | 360,706 | — | 472,786 | 137,504 | 32,068 | 11,200 | 1,014,264 | ||||||
| 2023 | 350,200 | — | 509,867 | 172,525 | 87,348 | 11,200 | 1,131,140 | |||||||
| 2022 | 350,200 | 20,487 | 415,025 | 112,518 | 29,729 | 6,379 | 934,338 | |||||||
| Oleg Ryaboy(8)Chief Technology Officer | 2024 | 360,500 | — | 601,655 | 175,015 | — | 11,200 | 1,148,370 | ||||||
| 2023 | 350,000 | — | 648,885 | 210,024 | 97,435 | 11,200 | 1,317,544 | |||||||
| 2022 | 350,000 | — | 375,002 | 125,015 | 23,683 | — | 873,700 | |||||||
| Bjoern Klaas(9)Former VP/GM and Managing Director - EMEA | 2024 | 297,486 | — | 386,819 | 112,515 | — | 656,790 | 1,453,610 | ||||||
| 2023 | 346,734 | — | 417,146 | 147,525 | 114,748 | 13,503 | 1,039,656 | |||||||
| 2022 | 346,734 | — | 415,025 | 112,518 | 54,702 | 13,455 | 942,434 | |||||||
(1)Mr. Schumacher received a $50,000 incentive amount for his role as Interim CFO in 2022. Mr. Kenison was awarded a discretionary annual incentive award of 20% of target to partially offset the 2022 bonus amounts which were not earned due to unexpected negative economic impact on the achievement of regional objectives for the Americas region in 2022.
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(2)Amounts shown in this column reflect the aggregate grant date fair value of the RSUs and PSUs (at target) granted in 2024, 2023 and 2022 and are computed in accordance with ASC Topic 718, Compensation—Stock Compensation(ASC 718) as discussed in Note 12 to our Consolidated Financial Statements for the year ended December 31, 2024 contained in our Annual Report on Form 10-K for the year ended December 31, 2024, based on the closing stock price on the grant date. The grant date fair value of RSUs granted in 2024 and the grant date fair value of the PSUs granted in 2024 if target performance and maximum performance is achieved are as follows:
| Name · RSUs · PSUs | ||||
|---|---|---|---|---|
| Grant Date Fair Value | Approved Target Value(a) | Target Grant Date Fair Value | Maximum Grant Date Fair Value | |
| Robert Bodor | $750,010 | $1,500,000 | $2,156,835 | $4,313,670 |
| Daniel Schumacher | $175,008 | $350,000 | $503,278 | $1,006,556 |
| Michael R. Kenison | $275,032 | $137,500 | $197,754 | $395,508 |
| Oleg Ryaboy | $350,016 | $175,000 | $251,639 | $503,278 |
| Bjoern Klaas | $225,020 | $112,500 | $161,799 | $323,598 |
a. Amounts in this Approved Target Value column are calculated by multiplying the target number of PSUs awarded to our NEOs in 2024 by our stock price of $33.52 on the date of grant, consistent with the target 2024 PSU values approved by the compensation and talent committee and subject to rounding. The amounts reported in the Target Grant Date Fair Value column of this table and included in the Stock Awards column of the Summary Compensation Table differ, as those values reflect the grant date fair value of each award as required to be calculated in accordance with ASC 718. We believe that the amounts in the Approved Target Value column are a more accurate representation of the values approved by the compensation and talent committee to be granted to our NEOs.
(3)Amounts shown in this column represent the grant date fair values computed in accordance with ASC 718 utilizing the assumptions discussed in Note 12 to our Consolidated Financial Statements for the year ended December 31, 2024 contained in our Annual Report on Form 10-K for the year ended December 31, 2024, and disregarding the effects of any estimates of forfeitures related to service-based vesting.
(4)Amounts shown in this column represent amounts earned under our annual incentive program during each respective year and paid early in the following year. Mr. Kenison was the only NEO who received payment under our annual incentive program for the 2024 performance period.
(5)Amounts shown in this column for all named executive officers represent Company contributions to our 401(k) retirement plan or defined contribution retirement plan in Europe, as applicable. For Mr. Klaas, the amount shown in this column for 2024 also includes: (i) a cash severance payment in November 2024 ($318,859); (ii) the value of the accelerated vesting of 3,651 stock options, calculated based on the difference between the exercise price and our closing stock price on the date of termination, multiplied by the number of options that accelerated ($18,643); (iii) the value of the accelerated vesting of 3,881 RSUs, calculated based on the number of RSUs that accelerated multiplied by our closing stock price on the date of termination ($159,858); and (iv) a cash payment made in order to resolve and release the Company from certain post-employment obligations ($159,430). For additional information regarding Mr. Klaas’ severance benefits, see “Potential Payments upon Termination or Change in Control – Settlement Agreement with Mr. Klaas."
(6)Mr. Schumacher began serving as CFO on June 3, 2022. Prior to being named CFO, Mr. Schumacher served as Interim CFO and Vice President of Investor Relations and FP&A of our Company.
(7)Mr. Kenison began serving as Chief Operations Officer on August 1, 2024. Prior to being named Chief Operations Officer, Mr. Kenison served as Vice President/General Manager - Americas of our Company.
(8)Mr. Ryaboy joined the Company as Chief Technology Officer on September 9, 2022.
(9)Mr. Klaas ceased being an executive officer on July 22, 2024, and his employment terminated on November 30, 2024.
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