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Perceptron Inc./MI – ‘10-K/A’ for 6/30/20

On:  Monday, 11/2/20, at 9:08pm ET   ·   As of:  11/3/20   ·   For:  6/30/20   ·   Accession #:  1564590-20-49744   ·   File #:  0-20206

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/03/20  Perceptron Inc./MI                10-K/A      6/30/20   12:1.2M                                   ActiveDisclosure/FA

Document/Exhibit                   Description                      Pages   Size 

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM  i 10-K/A

(Amendment No. 1)

(Mark One)

For the fiscal year ended  i June 30,  i 2020 / 

OR

For the transition period from ________ to ________.

Commission File Number:  i 0-20206

PERCEPTRON, INC.

(Exact Name of Registrant as Specified in Its Charter)

 i 47827 Halyard Drive

 i Plymouth,  i  i Michigan /   i 48170-2461

(Address of Principal Executive Offices)

( i 734)  i 414-6100

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

Securities registered pursuant to section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.     Yes  ☐     i No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      i Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      i Yes  ☒    No  ☐

Indicate by check mark if disclosure of delinquent filers pursuant to item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐    No  ☒

The aggregate market value of the voting stock held as of the registrant’s most recently completed second fiscal quarter by non-affiliates of the registrant, based upon the closing sale price of the Common Stock on December 31, 2019, as reported by the Nasdaq Global Market, was approximately $ i 53,000,000 (assuming only for purposes of this computation, but not admitting for any purpose, that executive officers of the registrant may be affiliates).

The number of shares of Common Stock, $0.01 par value, issued and outstanding as of October 27, 2020 was  i 9,779,547.

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

Explanatory Note

 i Our Annual Report on Form 10-K for the fiscal year ended June 30, 2020, filed with the Securities and Exchange Commission on September 28, 2020, stated that some of the information required by Part III was incorporated by reference from the definitive proxy statement for our 2020 annual meeting of shareholders (the “annual meeting), as permitted by General Instruction G(3) to Form 10-K. Since the definitive proxy statement for our annual meeting has not been filed within 120 days after the end of our 2020 fiscal year, we are amending our 2020 Form 10-K to include the information previously stated to be incorporated by reference from the definitive proxy statement.

PART III

Directors

The following table sets forth information regarding the current directors of the Company and director nominees for election to the Company’s Board of Directors (the “Board”). In addition, a description of the specific experience, qualifications, attributes and skills that led our Board to conclude that each of the nominees and each of the members of the Board should serve as a director follows the biographical information of each director or director nominee below.

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Executive Officers

The executive officers listed below were appointed by the Board and serve in the capacities indicated. Executive officers are normally appointed annually by the Board and serve at the pleasure of the Board.

Code of Ethics and Corporate Governance Guidelines

We have adopted a Code of Business Conduct and Ethics (“Code of Ethics”) that applies to the Company’s directors, executive officers and other employees. We have also adopted Corporate Governance Guidelines which, together with our articles of incorporation, bylaws, and charters for the Audit Committee, Management Development Committee and Nominating Committee, form the framework for the effective governance of the Company. The Code of Ethics and Corporate Governance Guidelines are available on our website at www.perceptron.com. Shareholders may also obtain a written copy of the Code of Ethics and Corporate Governance Guidelines, without charge, by sending a written request to the Investor Relations Department, Perceptron, Inc., 47827 Halyard Drive, Plymouth, Michigan 48170-2461. We will disclose any amendments to, or waivers from, the provisions of the Code of Ethics or the Corporate Governance Guidelines applicable to the directors or executive officers on the Company’s website.

Certain information relating to corporate governance matters can be viewed at www.perceptron.com, free of charge, including our (i) charters for the Audit Committee, Management Development Committee and Nominating Committee, (ii) Code of Ethics and (iii) Corporate Governance Guidelines. We intend to post additional information on this website from time to time as the Board adopts or revises policies and procedures. The information found on our website is not part of this or any report we file with, or furnish to, the SEC.

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CORPORATE GOVERNANCE

Board Leadership Structure and Board and Committee Information

The Company’s Board consists of five independent directors and one management director, Mr. Freeland. The Board is responsible for direction of the overall affairs of the Company. The Board has established three standing committees, being 1) the Audit Committee, 2) the Management Development, Compensation and Stock Option Committee (the “Management Development Committee”), and 3) the Nominating and Corporate Governance Committee (the “Nominating Committee”), as further detailed below. Each of the committees is comprised solely of independent directors and each committee has a different chair. The Company believes that it is beneficial to have a non-executive Chairman who is responsible for leading the Board, however, in connection with the departure of our prior President, Chief Executive Officer and Chief Financial Officer on November 12, 2019, our Chairman agreed to become our Interim President and Chief Executive Officer until the Board appoints a new President and Chief Executive Officer. As a result, during this interim period, the Company does not have a non-executive Chairman. The Board determined not to appoint a lead independent director during the interim period because it was expected that Mr. Freeland would resume his role as non-executive Chairman following the appointment of a new President and Chief Executive Officer. The Company also believes that a predominantly independent Board, mixed with the experience of its management director, constitutes a leadership structure that is most appropriate for the Company and its shareholders at this time because it supports strategy development and execution and facilitates information flow between senior management and the Board. The Board retains the authority to modify this structure to best address the Company’s unique circumstances as and when appropriate.

Our directors are elected to serve until their successors are elected. The Board, and each committee thereof, meets formally from time to time and also takes action by consent resolutions. During the fiscal year ended June 30, 2020 (“fiscal 2020”), the Board met a total of twelve times. All of the current directors who are standing for re-election attended at least 75% of the total meetings of the Board, and of any committee on which they served, held during the period in fiscal 2020 in which they served as directors or members of any such committees. Our policy is that each director is strongly encouraged to attend the annual meeting if reasonably possible. All of the directors attended the 2019 Annual Meeting of Shareholders.

Chairman

Mr. Freeland has been elected by the directors to serve as Chairman of the Board. The Chairman provides leadership to enhance the Board’s effectiveness, presides over meetings of the directors, and serves as liaison between the Board and management. The Chairman is responsible for determining when to hold executive sessions held by the independent directors.

The Board has delegated certain authority to an Audit Committee, a Management Development Committee and a Nominating Committee to assist it in executing its duties. The Board has adopted charters for each of these Committees. The charters are available on our website at www.perceptron.com. The Board determined that all of the directors, other than Mr. Freeland, are “independent directors” as defined in Marketplace Rule 4200(a)(15) of NASDAQ.

The composition and principal functions of each Committee are as follows:

Audit Committee

The Audit Committee is comprised of three outside members of the Board. The members of the Audit Committee are Messrs. Neely, who serves as Chairman, Ratigan and Taylor. The Board determined that all of the members of the Audit Committee are independent as required by the rules of the Securities and Exchange Commission (“SEC”) and NASDAQ listing standards for audit committee members. In addition, the Board determined that both Messrs. Neely and Ratigan qualify as an “audit committee financial expert” as defined by applicable SEC rules and that each of the Audit Committee members satisfies all other qualifications for Audit Committee members set forth in the applicable NASDAQ rules. The Audit Committee held eight meetings in fiscal 2020.

On November 3, 2014 the Board approved and adopted the Audit Committee’s revised charter. The Audit Committee’s primary responsibilities include the following:

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Management Development, Compensation and Stock Option Committee

The Management Development Committee is comprised of three outside members of the Board. The members of the Management Development Committee prior to November 19, 2019 were Messrs. Taylor who serves as Chairman, Bryant and Freeland. Subsequent to November 19, 2019, the members of the Management Development Committee are: Messrs. Taylor, who serves as Chairman and Bryant and Ms. Kumar. The Board determined that all members of the Management Development Committee are independent as required by the NASDAQ listing standards for compensation committees responsible for determining compensation of executive officers. The committee held five meetings in fiscal 2020.

On November 11, 2014, the Board approved and adopted the Management Development Committee’s revised charter. The Management Development Committee’s primary responsibilities include the following:

Seven employees are currently under the purview of the Management Development Committee, including all of the current executive officers named in the Summary Compensation Table included herein. Mr. Freeland participates in meetings of the Management Development Committee and makes recommendations with respect to the annual compensation of employees under the Committee’s purview. The Management Development Committee separately determines the compensation of Mr. Freeland in executive session. Pursuant to its charter, the Management Development Committee is authorized to retain its own compensation consultants and outside legal, accounting, and other advisers at the Company’s expense. Such consultants and advisers report directly to the Management Development Committee and the Committee has the sole authority to hire and fire any compensation consultants or advisers. The Management Development Committee does not delegate its authority to such consultants or advisers.

Nominating and Corporate Governance Committee

The Nominating Committee is comprised of three outside members of the Board. Prior to November 19, 2019, the members of the Nominating Committee were: Messrs. Bryant, who serves as the Chairman, Freeland and Neely. Subsequent to November 19, 2019, the members of the Nominating Committee were: Messrs. Bryant, who serves as the Chairman and

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Neely and Ms. Kumar. The Board determined that all members of the Nominating Committee are independent as required by the NASDAQ listing standards for nominating committee members. The committee held three meetings in fiscal 2020.

On November 12, 2007, the Board approved and adopted the Nominating Committee’s revised charter. The Nominating Committee’s primary responsibilities include the following:

The Nominating Committee may use various methods to identify director candidates, including recommendations from existing Board members, management, shareholders, professionals and other sources outside the Company, which could include third-party search firms. The Nominating Committee will evaluate and screen the list of potential nominees and narrow the list to individuals they believe best satisfy the needs of the Company. The Nominating Committee will conduct interviews and gather additional information concerning the individuals, as they deem appropriate. Based on the foregoing, the Nominating Committee will recommend to the Board the number of members of the Board to be elected at the next annual meeting of shareholders of the Company and the persons to be nominated for election to the Board. Director candidates need not possess any specific minimum qualifications. Rather, a candidate’s suitability for nomination and election to the Board will be evaluated in light of the portfolio of skills, experience, perspective and background required for the effective functioning of the Board. While the Company does not have a formal written diversity policy, the Nominating Committee believes it is important to consider diversity of race, ethnicity, gender, age, education, cultural background and professional experience in evaluating candidates relating to the Company’s business in an effort to promote balanced deliberation and consideration of matters presented to the Board. Among the desired qualities that the Nominating Committee will consider are: (i) high ethical character; (ii) practical intelligence and judgment, an inquiring mind and a good range of problem solving skills; (iii) independence; (iv) ability to work in a collaborative culture; (v) high-level leadership experience and personal achievement; (vi) sufficient personal commitment and time to devote to responsibilities as a director; and (vii) capacity and desire to represent the balanced best interests of the shareholders as a whole. In making its recommendations, the Nominating Committee will take into consideration the tenure of any director who has served on the Board for over ten years. Generally, the Nominating Committee will not recommend candidates who have reached age 75.

The Nominating Committee will consider candidates recommended by shareholders using the same procedures and standards utilized for evaluating candidates recommended by other sources except that the Nominating Committee will not consider a director nominee proposed by a shareholder if (i) the shareholder does not submit the required information timely; (ii) the shareholder or group of shareholders proposing the director nominee do not beneficially own, in the aggregate, more than 5% of the shares of Company common stock, with the shares of Company common stock used to satisfy this requirement owned for at least one year prior to the date of the recommendation, or (iii) the shareholder proposes as the nominee himself or herself, or an affiliate or affiliated party.

Board Role in Risk Oversight

The Company’s management team is responsible for identifying and monitoring the material risks facing the Company, while the Board is responsible for oversight of management’s efforts with respect to risk, which oversight occurs at both the Board and the committee level. For example, the Audit Committee focuses on financial and accounting exposures and compliance; the Management Development Committee monitors risks arising from compensation policies and practices; and the Nominating Committee oversees risks associated with the Company’s fiduciary responsibilities, which include Board membership, Board structure and corporate governance. Management provides regular updates throughout the year regarding the management of the risks they oversee.

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The Company’s risk structure allows the Company’s independent directors to exercise effective oversight of the actions of management, led by Mr. Freeland as Interim President and Chief Executive Officer, in identifying the risks and implementing effective risk management policies and controls.

Shareholder Communications with the Board of Directors

Shareholders desiring to communicate with the Board or any individual director may send communications to the Board in writing by mail addressed to the Board of Directors or an individual director, c/o Secretary, Perceptron, Inc., 47827 Halyard Drive, Plymouth, MI 48170-2461 or by e-mail addressed to boardofdirectors@perceptron.com.

COMPENSATION OF EXECUTIVE OFFICERS

Narrative Disclosure Regarding Compensation

Executive Summary. This Narrative Disclosure Regarding Compensation (“NDC”) is intended to provide information about our compensation objectives and policies for our principal executive officer, our principal financial officer and our other named executive officers (the “NEOs”) included in the Summary Compensation Table that follows this discussion. This NDC is intended to place in perspective the compensation information contained in the tables that follow this discussion.

During fiscal 2020, the Management Development Committee, after reviewing the Company’s executive compensation programs, determined to not change the principal components of our programs as discussed below. This approach was supported by the results of the advisory vote by shareholders of the Company at the Annual Meeting of Shareholders held on November 18, 2019 at which the “Say on Pay” Advisory Vote on Executive Compensation was approved by 97.5% of the shareholders voting on the proposal.

General Philosophy. Our objective is to provide a superior return to shareholders. To support this objective, we believe that we must attract, retain and motivate top quality executive talent. Our executive compensation program is a critical tool in this process.

Our executive compensation program consists of five components:

Our compensation philosophy at all levels of the organization emphasizes performance-based compensation. This is particularly true of our executive compensation program, which has been designed to link executive compensation to Company performance through at-risk compensation opportunities, providing significant reward to executives who contribute to our success. A significant portion of our NEOs and other executives’ potential annual cash compensation is tied to our revenue and profitability goals, other than individuals serving in interim positions because of the temporary nature of those positions. We provide long-term incentives to our team through periodic stock awards. Through stock awards to our NEOs and other executives, we have tied a significant portion of their future compensation potential to the creation of long-term shareholder value. Further, we believe that stock-based incentives for team members, in addition to providing an incentive for their continued employment, more closely align their interests with those of the Company and its shareholders.

Our approach to NEO base salaries is to ensure that they are competitive so that they are effective in attracting and retaining a high-quality executive team. Similarly, in designing our employee benefit programs and severance and change in control benefits, we strive to offer benefits consistent with the general practice of comparable companies.

We believe that compensation should be simple, straightforward and easily understood by the recipients. As a result, our incentive compensation programs have generally been tied to a limited number of key Company-wide performance metrics that can be objectively measured.

We continue to implement a corporate strategy designed to leverage our leading technologies and market position to accelerate the next evolution of growth of the Company as well as increase diversification across industries.

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In the coming years, we will continue to revise and refine our executive and non-executive compensation programs to properly motivate our executives and team to implement this strategy. We will directly reward them for growth on a Company-wide basis.

Equity Ownership Guidelines. The Management Development Committee determined to implement equity ownership guidelines for our executive team. In August 2017, the Board determined that the Chief Executive Officer and other NEOs should hold shares equal to one-times and one-half-times their base salaries, respectively. This will be accomplished by requiring these executives to retain at least 25% of the net shares of Company common stock acquired upon the vesting or exercise of any equity incentive awards, after deducting the number of shares of Company common stock that were withheld or sold to pay applicable taxes and/or exercise price, until the executive has met the ownership guidelines. This requirement is measured each year at June 30^th.

Hedging Transactions. The Company has not adopted any practices or policies regarding the ability of employees (including officers) or directors of the Company, or any of their designees, to purchase financial instruments (including prepaid variable forward contracts, equity swaps, collars, and exchange funds), or otherwise engage in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of the Company’s equity securities. Accordingly, employees (including officers) and directors of the Company, or any of their designees, are permitted to purchase such financial instruments. The Nominating Committee has discussed and is considering the adoption of a hedging policy.

The Role of the Management Development Committee and Chief Executive Officer in the Compensation Process. The Management Development Committee is responsible for the planning, review and administration of our executive compensation program and stock-based executive compensation programs. During the fiscal year ended June 30, 2020, all members of this Committee were non-employee directors of the Company. The Management Development Committee generally meets in conjunction with regularly scheduled Board meetings and between Board meetings at the request of the Chief Executive Officer or the Management Development Committee.

The Management Development Committee generally reviews the components of executive compensation on an annual basis to determine whether there should be any adjustments in base salary, to establish the annual cash incentive plan, to establish a long term equity incentive plan, to determine if other stock-based incentives should be granted and to review the terms of our other executive compensation programs. Each year the Chief Executive Officer presents an evaluation of the performance of the NEOs and other executive team members to the Management Development Committee. Based upon this evaluation, the Chief Executive Officer makes recommendations to the Management Development Committee regarding compensation for the NEOs and other executives, other than himself. The Chief Executive Officer may make recommendations regarding changes in a particular NEO or other executive’s compensation more frequently than annually as a result of changes in circumstances, such as the assumption of increased executive level responsibilities. The Management Development Committee considers the recommendations of the Chief Executive Officer, as well as the other information provided to them by the Company, and then establishes compensation for the NEOs and other executives, either annually or periodically as the need arises.

The Management Development Committee independently assesses the performance of the Chief Executive Officer. Based upon that assessment, the performance of the Company and the Management Development Committee’s decisions regarding the compensation of the other NEOs and executives, the Management Development Committee independently establishes the compensation of the Chief Executive Officer, without any recommendations from or participation by the Chief Executive Officer in that process.

The Management Development Committee has not established a set percentage relationship between the size of the Chief Executive Officer’s compensation package as compared to the other NEOs. However, historically one of the factors considered by the Management Development Committee in setting the Chief Executive Officer’s compensation (other than a Chief Executive Officer serving on an interim basis) is the level of compensation awarded to the other NEOs for each element of compensation.

The base salary, annual cash incentive opportunity, stock-based incentives and other compensation terms for new executive officers are established by the Management Development Committee based upon the executive’s qualifications, position and level of responsibility as compared with our other executives, our profitability and other factors, such as assessments of individual performance and market practices, and, in the case of executive officers other than the Chief Executive Officer, upon the recommendation of the Chief Executive Officer.

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The Chief Executive Officer typically proposes the terms of an annual cash incentive plan and equity incentive plan to the Management Development Committee for consideration. The Committee revises the plans as it deems appropriate and approves the final plans, usually in the first quarter of the fiscal year.

The Management Development Committee generally reviews all elements of compensation as a whole in establishing executive compensation. It does not have a pre-set formula for the proper mix of the elements, other than the annual cash incentive and equity incentive plans. In the case of our annual cash incentive and equity incentive plans, each of our NEOs and other executives who participate in such plans has a set target percentage of his or her base salary that can be earned as an annual cash incentive and an equity incentive for achievement of Company-wide performance metrics.

The Role of Risk Assessment in Compensation Planning. As part of its process of developing and implementing the Company’s compensation programs for both executive and non-executive team members, the Management Development Committee considers whether the programs being proposed have the potential to create risks that could have a material adverse effect on the Company. The Management Development Committee believes that the Company’s compensation programs have been structured with an appropriate balance between providing strong compensation-related incentives to the team to drive revenue and profit growth, without encouraging them to take excessive risks to achieve growth. For instance, while the Company uses performance-based compensation at all levels of its compensation program, base salary still represents the largest single portion of all team members’ cash compensation. This encourages team members to take appropriate risks to achieve established goals but tempered by the need to maintain the Company’s long-term established business assets and value. Further, Company revenue and operating income targets used in incentive plans are based upon the Company’s operating budget for the fiscal year generally developed by the executives and the team and approved by the Company’s Board of Directors. By setting targets in this fashion, the Management Development Committee strives to set realistic targets to drive reasonably achievable growth. In addition, the amount that can be earned by the executives and the team under this plan are capped at a percentage of the team member’s base salary, discouraging risk taking to achieve performance levels significantly above the expected levels of performance.

Key Elements of Compensation for Fiscal 2020

Base Salary. The Management Development Committee recognizes the importance of a competitive compensation structure in retaining and attracting valuable senior executives. Executive salary levels are reviewed and established annually. The salaries received by our executives generally reflect their levels of responsibility, our profitability and other factors, such as assessments of individual performance and market practices.

In connection with the appointment of Mr. Freeland as Interim President and Chief Executive Officer in November 2019, the Management Development Committee set Mr. Freeland’s weekly base salary at $3,200. Mr. Freeland’s base salary is payable in Company common stock on each of March 1, June 1, September 1 and December 1, based upon the accrued compensation for the period, divided by the closing market price of Company common stock on such date, pursuant to the terms of the Company’s 2004 Stock Plan, except for the amount of the applicable withholding taxes, which is paid in cash. This amount was determined based upon the interim, part-time nature of his role with the Company. Mr. Freeland also receives an annual retainer of $100,000 for his service as Chairman of the Board.

In connection with the appointment of Mr. Roeschlein as Interim Vice President, Finance and Chief Financial Officer of the Company in January 2020, the Management Development Committee set Mr. Roeschlein’s weekly base salary at $7,200. This amount was determined based upon negotiations with Mr. Roeschlein and in recognition of the interim, part-time, nature of his role.

In connection with the appointment of Mr. Van Valkenburg as Vice President, Global Sales and Marketing in December 2016, his base salary was set at $215,000. In March 2017, the Management Development Committee approved a merit increase for Mr. Van Valkenburg and set his salary at $220,000, which coincided with merit increases for all U.S.-based employees. In April 2018, the Management Development Committee approved a 4.5% merit increase for Mr. Van Valkenburg, which coincided with merit increases for all U.S.-based employees and set his salary at $230,000. The Management Development Committee did not approve any increases in Mr. Van Valkenburg’s base salary since then.

In April 2018, the Management and Development Committee approved a 4% merit increase for Mr. Watza, who served as President and Chief Executive Officer of the Company until November 12, 2019. This increase coincided with merit increases for all U.S.-based employees and set his salary at $338,000. The Management Development Committee set his base salary at a level they viewed as commensurate with amounts paid to his predecessors. The Management Development Committee did not approve any further increases in Mr. Watza’s base salary prior to his resignation.

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Annual Non-Equity Incentive Plan. Our executives and director-level team members, other than our interim executives, are eligible for annual cash incentive opportunities. Generally, at the beginning of each fiscal year, the Management Development Committee develops a cash incentive plan applicable to the Chief Executive Officer of the Company, the other NEOs and our other executives and director-level team members.

In the case of our annual cash incentive, each of our executives and director-level team members, including the NEOs, typically has a set target percentage of their base salary that can be earned as an annual cash profit sharing incentive for achievement of Company-wide performance metrics and individual strategic goals.

For fiscal 2020, the Management Development Committee adopted the Fiscal 2020 Executive Short Term Incentive Plan, which applied to Messrs. Watza and Van Valkenburg, our other executives and director-level team members. Messrs. Freeland and Roeschlein did not participate in the Fiscal 2020 Executive Short Term Incentive Plan because of their interim role at the Company. Under the Fiscal 2020 Executive Short Term Incentive Plan, participants could earn annual incentive cash compensation at the direction of the Management Development Committee, to be paid from a bonus pool funded under the terms of the plan. The amount of the bonus pool available for payment to the Company’s key executives was to be determined based upon the Company’s achievement of specific results with respect to corporate revenue and operating income targets for fiscal 2020. The weightings of these targets for fiscal 2020 were as follows:

The financial targets include progressive threshold (90% of target for Company Revenue and 75% for Company Operating Income Before Incentive Compensation), target and maximum (110% of target for Company Revenue and 150% of target for Company Operating Income Before Incentive Compensation) performance level incentive objectives. The Management Development Committee could adjust the calculation of the Company Revenue target and the Company Operating Income Before Incentive Compensation target to account for unforeseen, unanticipated, unusual and/or non-ordinary course events and issues. Furthermore, the Company’s Operating Income Before Incentive Compensation had to be at least 75% of the target level under the Company’s Fiscal 2020 Operating Budget for any bonus pool to be funded under the Executive Short Term Incentive Plan.

If the threshold objectives were met, the Company would fund a bonus pool under the Fiscal 2020 Executive Short Term Incentive Plan. The bonus pool amount would be calculated as follows: the aggregate predetermined participation levels of all participants, which is a percentage of base salary of each participant (55% for Mr. Watza and 35% for the other executive officers), multiplied by the Percentage of the Bonus Target Earned, subject to adjustment to reflect achievement of individual performance goals. The Percentage of the Bonus Target Earned is calculated as follows: (i) Percentage of Company Revenue Bonus Target Earned multiplied by 0.40, plus (ii) Percentage of Company Operating Income Before Incentive Compensation Bonus Target Earned multiplied by 0.40, plus (iii) Percentage of Company Revenue Bonus Target Earned multiplied by the Individual Performance Objectives Earned Factor (between 0 and 0.10), plus (iv) Percentage of Company Operating Income Before Incentive Compensation Bonus Target Earned multiplied by the Individual Performance Objectives Factor (between 0 and 0.10). The Management Development Committee was responsible for establishing individual performance objectives for each of the participants. The Management Development Committee determines the percentage of actual achievement of those individual performance goals (between 0 and 100%). The Individual Performance Objectives Factor is determined by multiplying 0.10 by the percentage of the individual performance goals achieved by the participant. The bonus pool amount could have been between 0% (assuming the threshold objective was not met) and 175% (assuming the maximum objectives were met) of the aggregate predetermined participation levels of all participants, with a bonus pool amount of 100% of the aggregate predetermined participation levels of all participants if the target objectives were met.

The aggregate payouts under the Fiscal 2020 Executive Short Term Incentive Plan payable to all participants could not exceed the bonus pool amount. The amount of the bonus pool to be received by Mr. Watza and the other executives was to be determined at the discretion of the Management Development Committee based upon the Company’s financial performance, the participant’s base salary, his or her predetermined participation level and his or her achievement of individual performance objectives. Participating team members under the Fiscal 2020 Executive Short Term Incentive Plan had to be employed on or before December 31, 2019 in order to be eligible. Participating team members hired between July 1, 2019 and December 31, 2019, were eligible for a pro-rata portion of their individual participation level. Participating team

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members had to be employed by the Company at the date of the payouts, except as otherwise provided under any severance agreement applicable to the participant. See Item 11 – “Executive Compensation - Compensation of Executive Officers – Potential Payments Upon Termination or Change in Control.” The Management Development Committee reserved the right to increase, decrease or eliminate any payout under the Fiscal 2020 Executive Short Term Incentive Plan for any participant, including to provide for no payout even if the financial performance targets or strategic objectives were achieved by the participant.

After completion of fiscal 2020, the Management Development Committee determined the extent to which the specified goals relating to the financial targets were achieved. Our fiscal 2020 Revenue and Operating Income Before Incentive Compensation for purposes of the Fiscal 2020 Executive Short Term Incentive Plan were below the target thresholds. Accordingly, no bonus pool was funded under the Fiscal 2020 Executive Short Term Incentive Plan and so no bonus was payable to any executives under that plan.

Long Term Equity Incentive Plan. Our executives and director-level team members are eligible for equity incentive opportunities. Generally, at the beginning of each fiscal year, the Management Development Committee develops an equity incentive plan applicable to the Chief Executive Officer of the Company, the other NEOs and our other executives and director-level team members.

Under the Fiscal 2020 Executive Long Term Incentive Plan (the “Executive Long Term Incentive Plan”), the Company’s key executives, including the named executive officers, other than Messrs. Freeland and Roeschlein, can earn performance share award units under the 2004 Stock Plan. Messrs. Freeland and Roeschlein did not participate in the Executive Long Term Incentive Plan because of their interim roles at the Company.

The equity awards were granted on October 1, 2019. The specific target number of performance share award units that each participant receives was determined by dividing an award amount denominated in dollars by the closing price of the Company common stock on NASDAQ on the date the performance share award units were awarded. The award amount is equal to a predetermined percentage of the participant’s base salary (20% for Mr. Watza and 15% for the other executives, with Mr. Watza and Mr. Van Valkenburg receiving a grant of 14,569 and 7,435 of performance share award units, respectively. The Management Development Committee determined to only grant performance share award units under the Executive Long Term Incentive Plan and not also grant restricted stock units as it has done in past years because the level of actual performance to target achieved in fiscal 2019 and the projected level of performance forecasted for fiscal 2020 did not warrant such an additional grant for fiscal 2020.

Subject to the Company’s achievement of specified results with respect to corporate revenue and operating income targets for plan years 2020, 2021 and 2022 (the “Performance Measures”), 33-1/3% of the performance share award units vest based upon the achievement of Performance Measures for plan year 2020 (the “Fiscal 2020 Tranche”), 33-1/3% based upon the achievement of Performance Measures for plan year 2021 and 33-1/3% based upon the achievement of Performance Measures for plan year 2022, provided the participant remains employed with the Company on each of the relevant vesting dates. Plan year 2020 is from July 1, 2019 to June 30, 2020, plan year 2021 is from July 1, 2020 to June 30, 2021 and plan year 2022 is from July 1, 2021 to June 30, 2022. The Performance Measures were set at the date of grant based upon the Company’s 3 Year Long Range Plan. The weightings of the Performance Measures for determining the number of performance share award units that will vest for each participant in plan years 2020, 2021 and 2022 were as follows:

The financial targets included in the Performance Measures include progressive threshold (90% of target for Company Revenue and 75% for Company Operating Income Before Incentive Compensation), target and maximum (110% of target for Company Revenue and 150% of target for Company Operating Income Before Incentive Compensation) performance level incentive objectives. Furthermore, the Company’s Operating Income Before Incentive Compensation must be at least 75% of the performance target level for any performance share award units to vest under the Executive Long Term Incentive Plan.

Under the Fiscal 2020 Executive Long Term Incentive Plan, the value of the performance share award units that could be earned by Mr. Watza ranged from 0% (assuming the threshold objectives were not met) to 35% (assuming the maximum objectives were met) of base salary, with a grant date value of 20% of base salary if both of the target financial performance objectives are met. Under the Fiscal 2020 Executive Long Term Incentive Plan, the grant date value of the equity award that

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could be earned by the Company’s other executives ranged from 0% (assuming the threshold objectives were not met) to 26.25% (assuming the maximum objectives were met) of base salary, with a grant date value of 15% of base salary if both of the target financial performance objectives are met.

Participating team members under the Fiscal 2020 Executive Long Term Incentive Plan had to be employed on or before December 31, 2019 in order to be eligible. Participating team members hired between July 1, 2019 and December 31, 2019 were eligible for a pro-rata portion of their individual participation level. Participating team members have to be employed by the Company at each vesting date, except as otherwise provided under any severance agreement applicable to the participant. See Item 11 - “Executive Compensation - Compensation of Executive Officers – Potential Payments Upon Termination or Change in Control.”  Management Development Committee reserved the right to increase, decrease or eliminate any performance share award units under the Fiscal 2020 Executive Long Term Incentive Plan for any participant, even if the financial performance targets were achieved.

On October 1, 2020, the Management Development Committee determined that our fiscal 2020 Revenue and Operating Income Before Incentive Compensation for purposes of the Plan Year 2020 Tranche of the Fiscal 2020 Executive Long Term Incentive Plan were below the target thresholds. Accordingly, the portion of the Plan Year 2020 Tranche performance share award units did not vest and so such units were forfeited.

Stock-Based Incentives. The 2004 Stock Plan permits the Management Development Committee to grant stock appreciation rights, restricted stock, restricted stock units, performance share awards and deferred stock units, in addition to incentive and non-qualified stock options.

Under the terms of the Fiscal 2020 Executive Long Term Incentive Plan, Mr. Watza and the other NEOs, other than Messrs. Freeland and Roeschlein because of their interim roles at the Company, had the opportunity to earn performance share award units under the 2004 Stock Plan as described above under Item 11 - “Executive Compensation - Compensation of Executive Officers – Narrative Disclosure Regarding Compensation – Key Elements of Compensation for Fiscal 2020 – Long Term Equity Incentive Plan.”

On November 11, 2019, the Management Development Committee awarded Mr. Freeland non-qualified options to purchase 25,000 shares of Company common stock with an exercise price equal to the closing price of Company common stock on December 2, 2019, pursuant to the terms of the Company’s 2004 Stock Plan. The option award was made in recognition of Mr. Freeland’s willingness to assume the duties of Interim President and Chief Executive Officer, in addition to his duties as Chairman of the Board, and to more closely align his interest with those of our shareholders. The vesting terms of both awards were tied, in part, to the timing of the Company’s engagement of a permanent Chief Executive Officer to encourage Mr. Freeland to continue to serve until his replacement was engaged and to remain involved with the Company for a transition period thereafter.

The options will become exercisable (i) 50% upon the earlier of the effective date of the appointment of a new Chief Executive Officer or the first year anniversary of the date of the grant, (ii) 25% on the second year anniversary of the date of the grant and (iii) 25% on third year anniversary of the date of grant. The options have an exercise price equal to 100% of the fair market value of the shares of Company common stock on the date of grant. The options expire ten years from the date of grant, or if earlier, one year after the Mr. Freeland’s death or permanent disability or three months after Mr. Freeland’s termination of services as a member of the Board. In addition, any portion of these options that is not exercisable becomes exercisable immediately upon a Change in Control of the Company as described under Item 11 – “Executive Compensation - Compensation of Executive Officers – Potential Payments Upon Termination or Change in Control.”

The Management Development Committee does not have a set time of the year in which it makes discretionary equity awards under the 2004 Stock Plan, nor does it make such awards every year.

The Management Development Committee periodically reviews the various stock-based incentive alternatives available to the Company under the 2004 Stock Plan as part of its development of a program to provide appropriate long-term incentives to the executive team and more closely align their interests with the Company and its shareholders. Historically, the Management Development Committee used grants of non-qualified stock options as the Company’s principal long-term stock incentive program for the executive team. More recently, the Management Development Committee also has used restricted stock awards, restricted stock unit awards and performance share unit awards to the executive team, members of the Board of directors and other team members. We have increased our use of these other forms of awards in order to reduce the number of shares being issued by the Company as equity incentive awards. Because recipients of these types of awards are not required to pay an exercise price to realize the benefits of the award, as compared to stock option grants where they are

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required to do so, we are able to award fewer shares to participants than if we granted stock options, yet provide participants with equivalent value to a stock option grant. In the future, the Management Development Committee plans to use a combination of stock option grants, restricted stock awards, restricted stock unit awards and performance share units.

The Management Development Committee designed the restricted stock unit awards starting with the Fiscal 2018 Executive Long Term Incentive Plan to use a double trigger structure for acceleration of vesting of the awards upon a Change in Control of the Company. Under the double trigger structure, accelerated vesting of awards requires both a Change in Control and qualified termination of employment or non-assumptions of awards. Similarly, the Management Development Committee designed the performance share unit awards starting with the Fiscal 2018 Executive Long Term Incentive Plan to provide that, upon a Change in Control of the Company, the performance requirements will be eliminated and any unvested portion of the award will vest, at the target number of shares subject to the original grant, in annual tranches at the anniversary date of the date of grant, based upon the year in which the tranche would have vested based upon achievement of the performance targets, if the holder of the award is employed as of such date or, if earlier, a qualified termination of employment or non-assumption of the award. The Committee used these provisions for the Fiscal 2019 Executive Long Term Incentive Plan and currently intends to use these provisions for all future grants under the 2004 Stock Plan.

Employee Benefits. We believe it is important to the retention of our team members that we maintain a competitive benefit package at all levels within the Company. Further, we believe a well-designed employee benefit program further promotes the creation of value for our shareholders by enhancing job productivity by encouraging our team members to maintain a healthy lifestyle and providing a reasonable level of financial support in the event of an illness, injury or death.

All of our team members, including the NEOs and our other executives, other than Messrs. Freeland and Roeschlein who do not qualify for such benefits because of their part-time interim roles at the Company, receive customary benefits such as medical, dental and vision plans, short and long-term disability and group life insurance. In addition, the NEOs and certain other executives receive enhanced life insurance (in lieu of group life) and supplemental long-term executive disability benefits, commensurate with their higher compensation levels.

We also maintain a 401(k) Profit Sharing Plan (the “401(k) Plan”) in which all team members employed in the United States, including the NEOs and our other executives, are eligible to participate on the same basis. All team members are eligible to contribute up to 75% of their salaries on a pre-tax basis to the 401(k) Plan. For calendar year 2020, the annual maximum contribution limit is $19,500 for employees under 50 years of age and $26,000 for employees 50 years of age or older. In addition, the Board of Directors may authorize the Company, from time to time, to match a portion of the team members’ contributions to the 401(k) Plan. In fiscal year 2020, the Company contributed a match of 25% of each team member’s voluntary contribution to the 401(k) Plan up to the first 8% of a team member’s compensation.

To facilitate the performance of their management responsibilities, we provide certain key employees selected perquisites and other personal benefits, such as an automobile expense allowance and, when key employees join us, relocation benefits, such as temporary housing and reimbursements of travel costs prior to relocation.

Severance Agreements. The Board, upon recommendation of the Management Development Committee, authorized the implementation of formal severance agreements for the Company’s executive officers beginning in fiscal 2005. The terms of the severance agreements are described under Item 11 – “Executive Compensation - Compensation of Executive Officers – Potential Payments Upon Termination or Change in Control.” The Board determined it appropriate to formalize the Company’s general severance policies and practices for its executive team and at the same time institute enhanced severance arrangements payable in the event of a termination of the executive’s employment following a change in control of the Company. The Board and Management Development Committee believe that the enhanced severance arrangements are necessary in order to provide executives with the appropriate incentives to act in the best interests of the Company and its shareholders, without concern for their own personal interests, and to provide for continuity of management during the pendency of a transaction that could result in a change in control of the Company. The Management Development Committee, in developing its recommendations to the Board, consulted with an outside compensation consultant hired by the Committee and the Company’s outside legal counsel. Based upon the foregoing, the Management Development Committee believes that the severance agreements contain terms and conditions which are comparable to those used by other companies that are similar in size to the Company.

All of our NEOs who are entitled to severance payments have entered into our standard executive agreement not to compete, restricting the executive’s right to compete with us for the longer of twelve months following the termination of employment or the period post-termination during which we are required to make payments to the executive, and standard employee proprietary information and inventions agreement, containing confidentiality provisions and a two-year post-termination

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restriction on soliciting our employees. We have the right to cease all further payments under the NEO’s severance agreement in the event that the NEO violates the executive non-competition agreement. The NEOs must sign a standard release to receive payments under the severance agreements, including standard non-disparagement provisions.

Payments under the severance agreements, other than the severance agreement with Mr. Roeschlein, when aggregated with any other “parachute payments” (defined under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) as compensation that becomes payable or accelerated due to a Change in Control) payable under any of our other plans, agreements or policies, are capped so as to not be treated as “excess parachute payments” under Code Sections 280G and 4999. See Item 11 - “Executive Compensation - Compensation of Executive Officers – Narrative Disclosure Regarding Compensation – Golden Parachute Excise Tax” below for a further discussion of our policy with respect to golden parachute amounts.

Deductibility of Executive Compensation. Code Section 162(m) restricts the deductibility of executive compensation paid to the chief executive officer, chief financial officer and any of the three most highly compensated executive officers (other than the chief executive officer and chief financial officer) at the end of the calendar year to the extent such compensation (including gains from the exercise of certain stock options) exceeds $1,000,000 in any year. There are exceptions to the limitation for performance-based compensation that was granted pursuant to a written binding contract in effect on November 2, 2017 that has not been materially modified since and is based on nondiscretionary, pre-established performance measures. The Tax Cuts and Jobs Act of 2017 (the “TCJA”) eliminated the Code Section 162(m) performance exceptions for any compensation awarded or materially modified after November 2, 2017.

Prior to the TCJA, our Board established certain restrictions on the granting of options under the 2004 Stock Plan so that compensation realized in connection with the stock-based grants under the 2004 Stock Plan could be structured to be exempt from the restrictions on deductibility under Section 162(m). Therefore, certain stock option grants in effect on November 2, 2017 are still exempt under Code Section 162(m). For instance, the 2004 Stock Plan restricts stock grants to any participant in any fiscal year as follows: (i) up to 200,000 shares of Company common stock may be subject to stock option grants, (ii) up to 200,000 shares of Company common stock may be subject to stock appreciation right grants, (iii) up to 200,000 shares of Company common stock may be subject to restricted stock awards, (iv) up to 200,000 shares of Company common stock may be subject to restricted stock units and (v) up to 200,000 shares of Company common stock may be subject to performance share awards. It is important to note that while these restrictions allow the Management Development Committee continuing discretion in establishing executive officer compensation, they do limit such discretion by restricting the size of stock awards which the Management Development Committee may grant to any single individual. The permitted size of the stock awards to a single individual was established based on the determination of the maximum number of shares which would be required to be granted in any fiscal year to retain or attract a chief executive officer of the Company. While the restricted stock awards under the 2004 Stock Plan were not designed to be exempt from the restrictions on deductibility under Section 162(m), they have been small enough in number to not likely result in payments to any executive officer in any year which would be subject to such restrictions.

We do not believe that other components of our current compensation program are likely to result in payments to any executive officer in any year which would be subject to the restriction on deductibility under Section 162(m). Accordingly, we believe that we have taken appropriate actions to preserve the deductibility of most of the annual performance bonuses and long-term performance incentive awards the Management Development Committee is likely to award in any given year. We will continue to evaluate the advisability of qualifying future executive compensation programs for deductibility under the Code.

The Management Development Committee recognizes the need to retain flexibility to make compensation decisions that may not be deductible under Section 162(m) to enable us to attract, retain and motivate highly qualified executives. It has the authority to approve non-deductible compensation in appropriate circumstances.

Stock Awards Expense. We are required under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 “Compensation – Stock Compensation” to record compensation expense associated with stock awards to our employees, including the NEOs, as more fully discussed in Note 20 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2020. As discussed above, the Management Development Committee does consider the impact of FASB ASC Topic 718 in determining to use stock awards as our principal long-term incentive program for the executive team. Further, the Management Development Committee does consider the amount of compensation expense required to be recorded in determining the size of stock awards to the Chief Executive Officer and the aggregate awards made to the remainder of the executive team and team members generally.

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Golden Parachute Excise Tax. Code Section 280G imposes tax penalties on golden parachute payments associated with a Change in Control of the Company if they exceed a specified level. These penalties include a 20% excise tax on part of the income received by executives with excess payments, and the elimination of a portion of our tax deduction when these excess payments are triggered. Payments under our severance agreements and from the acceleration of the exercisability of our stock options and vesting of our restricted stock, restricted stock units and performance share units in the event of a Change in Control of the Company are potentially subject to these tax penalties. Currently, payments under our severance agreements, other than the severance agreement with Mr. Roeschlein, are capped at an amount that will not trigger the excise tax. There is no similar limitation on the acceleration of the exercisability of stock options and vesting of other stock awards because we believe it is unlikely that the acceleration of options and vesting of other stock awards alone would cause an executive to exceed the specified level. The Management Development Committee recognizes the need to retain flexibility to make compensation decisions that may cause payments to executives to exceed the levels specified in Code Section 280G to enable us to attract, retain and motivate highly qualified executives. It therefore has the authority to approve compensation that would exceed the specified level or to remove the cap contained in the severance agreements in appropriate circumstances. However, in the event that any payment by the Company to any executive officer is subject to excise taxes pursuant to Code Section 280G, the Company’s policy is that it will not reimburse the executive officer for any such excise taxes.

Deferred Compensation. We have also structured our executive compensation program with the intention that it complies with or be exempt from Code Section 409A which may impose additional taxes on our executives for certain types of deferred compensation that are not in compliance with or exempt from Code Section 409A.

Because the Company’s policy is to either comply with or exempt payments from Code Section 409A, it does not generally assume responsibility for any additional tax, interest, or penalties under Code Section 409A. Also, because of ambiguities and uncertainties as to the application and interpretation of Code Section 409A and the related regulations and guidance, no assurance can be given that compensation intended by us to comply with or be exempt from Code Section 409A will in fact do so.

Consideration of Last Year’s Advisory Shareholder Vote on Executive Compensation

At the 2019 Annual Meeting of Shareholders, approximately 97.5% of the votes cast by the shareholders were voted to approve the compensation of the Company’s named executive officers as discussed and disclosed in the 2019 Proxy Statement. The Board and the Management Development Committee appreciate and value the views of our shareholders. In considering the results of this advisory vote on executive compensation, the Management Development Committee concluded that the compensation paid to our named executive officers and the Company’s overall pay practices enjoy shareholder support and did not make any material changes to the executive compensation program in response to the shareholder vote.

Going forward, future advisory votes on executive compensation will serve as an additional tool to guide the Board and the Management Development Committee in evaluating the alignment of the Company’s executive compensation program with the interests of the Company and its shareholders. Shareholders may communicate with the Board, the Management Development Committee or individual directors regarding the Company’s executive compensation program by submitting such communications in writing to Perceptron, Inc., Attention: Board of Directors (or the Management Development Committee or the individual director(s)), 47827 Halyard Drive, Plymouth, Michigan 48170-2461. Such communications should be sent by overnight or certified mail, return receipt requested. Alternatively, such communications may be sent by email to boardofdirectors@perceptron.com. Such communications will be delivered directly to the Board, the Management Development Committee or the individual director(s), as designated on such communication.

At the 2019 Annual Meeting of Shareholders, our shareholders expressed a preference that advisory votes on executive compensation be held on an annual basis. Consistent with this preference, the Board determined to implement an advisory vote on executive compensation on an annual basis until the next required vote on the frequency of shareholder votes on the compensation of executive officers, to be held at the 2025 Annual Meeting of Shareholders.

Summary Compensation Table

The following table sets forth certain information as to compensation paid by us for services rendered in all capacities to the Company and its subsidiaries during fiscal 2020 and 2019 to (i) persons serving as our Chief Executive Officer at any time during fiscal 2020 and (ii) persons serving as our executive officers (other than our Chief Executive Officer) who are the next two most highly compensated executive officers at any time during fiscal 2020 (collectively, the “named executive officers”

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or “NEOs”). Please see the Narrative Disclosure Regarding Compensation for additional detail regarding the Company’s compensation philosophy, practices and fiscal 2020 compensation decisions.

SUMMARY COMPENSATION TABLE

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Employment Agreements

None of our executive officers has an employment agreement with us, other than the agreements discussed under Item 11 - “Executive Compensation - Compensation of Executive Officers – Potential Payments Upon Termination or Change in Control.”

Outstanding Equity Awards at Fiscal Year-End

The following table provides information with respect to unexercised options and unearned shares held by the NEOs as of June 30, 2020.

OUTSTANDING EQUITY AWARDS AT 2020 FISCAL YEAR-END

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Potential Payments Upon Termination or Change in Control

We have entered into severance agreements with Messrs. Roeschlein and Van Valkenburg. Under the terms of Mr. Roeschlein’s severance agreement, we are required to provide Mr. Roeschlein with six months’ notice prior to an involuntary termination of his employment. If we provide Mr. Roeschlein with less than six months’ notice, Mr. Roeschlein will receive a cash severance benefit equal to the portion of his then current annual base salary, as in effect at the time of the termination of Mr. Roeschlein’s employment, to cover the applicable period that is less than the full six month notice period (“Continuation Period”), subject to Mr. Roeschlein’s execution of a general release and Mr. Roeschlein’s continued employment with the Company up to the first day of the Continuation Period. Mr. Roeschlein is not entitled to receive the

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cash severance benefit if the involuntary termination of his employment is due to death, “Disability” or “Cause” (each as defined in his severance agreement).

Under the terms of Mr. Van Valkenburg’s severance agreement, in the event that we terminate his employment without “Cause” (provided such termination constitutes a “separation from service” under Code Section 409A), he will be paid an amount of cash severance equal to one-half his current annual base salary, as in effect immediately prior to his termination, a prorated portion of any bonus he would have earned for the year of termination had Mr. Van Valkenburg been employed at the end of the applicable bonus period, and continuation of Company-provided health, welfare and automobile benefits for six months or, if earlier, his date of death. All severance payments and benefits will be paid or provided over the period during which we are required to provide the benefit.

Mr. Van Valkenburg’s severance agreement also provides that, if his employment is terminated for any reason other than death, disability or Cause (provided such termination constitutes a “separation from service” under Code Section 409A), or he resigns for “Good Reason,” six months prior to or within two years after a “Change in Control,” in lieu of the severance described in the prior paragraph, then he will be entitled to an amount of severance equal to one times his current annual base salary, as in effect immediately prior to his termination, a prorated portion of his target bonus for the year of termination, based on the number of days worked in the year of termination, continuation of Company-provided health benefits for one year or, if earlier, his date of death, automobile benefits for one year or, if earlier, his date of death, other welfare benefits for one year and continued coverage under director and officer liability insurance policies for six years. Base salary and bonus severance payments and other benefits will be provided over the period during which we are required to provide the benefit. To the extent that any severance payments would not be exempt from Code Section 409A and the executive is determined to be a “specified employee” as defined under Code Section 409A, then such payments will be suspended for six months from the date of the executive’s termination of employment. Suspended payments will be paid in a lump-sum, plus interest at the prime rate, plus two percent, at the end of the suspension period. The special severance expires three years from the date of the severance agreement, except that such expiration date shall be extended for consecutive one year periods, unless, at least 180 days prior to the expiration date, we notify Mr. Van Valkenburg in writing that we are not extending the term of these provisions.

All of our NEOs who are entitled to severance payments have entered into our standard executive agreement not to compete, restricting his right to compete with us for the longer of twelve months or the period in which we are required to make payments to the executive, and standard employee proprietary information and inventions agreement, containing confidentiality provisions and a two-year restriction on soliciting our employees. We have the right to cease all further payments under the executive officer’s severance agreement in the event that the executive officer violates the executive non-competition agreement. The executive officer must sign a standard release to receive payments under the severance agreements, including standard non-disparagement provisions.

Payments under the severance agreements, other than the severance agreement with Mr. Roeschlein, when aggregated with any other “golden parachute” amounts (defined under Code Section 280G as compensation that becomes payable or accelerated due to a Change in Control) payable under this agreement or any of our other plans, agreements or policies, shall not exceed the golden parachute cap under Code Sections 280G and 4999.

Outstanding agreements relating to stock options, restricted stock and restricted stock unit awards under the 2004 Stock Plan to each of the executive officers and our other officers, other than Mr. Freeland, are subject to a double trigger structure, whereby accelerated vesting of the award would require both a Change in Control and qualified termination of employment or non-assumption of awards. Similarly, outstanding award agreements relating to performance share unit awards under the 2004 Stock Plan provide that, upon a Change in Control of the Company, the performance requirements will be eliminated and any unvested portion of the award will vest, at the target number of shares subject to the original grant, in annual tranches at the anniversary date of the date of grant, based upon the year in which the tranche would have vested based upon achievement of the performance targets of the holder, if the holder of the award of the award is employed as of such date or, if earlier, a qualified termination of employment or non-assumption of the award. Outstanding agreements for Mr. Freeland’s stock options were issued on the standard form used for directors which provide that such options become immediately exercisable in the event of a Change in Control. See Item 11 – “Executive Compensation – Compensation of Executive Officers – Narrative Disclosure Regarding Compensation – Key Elements of Compensation for Fiscal 2020 – Stock-Based Incentives.”

“Change in Control” for purposes of the severance agreements and the 2004 Stock Plan is generally defined as:

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To the extent the agreement or award under the 2004 Stock Plan is subject to Code Section 409A, the event shall not be considered a Change in Control unless it is also a change in ownership, effective control or in the ownership of a substantial portion of assets of the Company, within the meaning of Code Section 409A.

“Cause” is generally defined as the executive’s:

“Good Reason” is generally defined as the occurrence of any of the following events without the executive’s written consent, if the executive terminates employment within one year following the occurrence of such event:

The payments and services to each NEO under the provisions of their severance agreements, stock option agreements and restricted stock agreements in the event of their termination of their employment with the Company and/or a Change in Control of the Company are estimated to aggregate the following amounts. The estimate assumes that the termination of employment and/or Change in Control occurred on June 30, 2020, except as otherwise noted.

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ESTIMATED AGGREGATE PAYMENTS UNDER SEVERANCE, STOCK OPTION

AND RESTRICTED STOCK AGREEMENTS UPON TERMINATION OF

EMPLOYMENT AND/OR CHANGE IN CONTROL

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DIRECTOR COMPENSATION FOR FISCAL 2020

The following table provides information as to compensation paid by the Company for services rendered in all capacities to the Company and its subsidiaries during the fiscal 2020 by the members of our Board of Directors, other than Messrs. Freeland and Watza, whose compensation is described under Item 11 - “Executive Compensation – Compensation of Executive Officers.” All payments to members of the Board of Directors set forth in the table are made pursuant to the standard director compensation arrangements described under Item 11 – “Executive Compensation – Director Compensation for Fiscal 2020 – Standard Director Compensation Arrangements.”

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Standard Director Compensation Arrangements

Our standard compensation arrangements for our Board of Directors who are not our employees (the “Eligible Directors”) include the following retainers:

The annual retainers identified above are typically paid quarterly on September 1, December 1, March 1 and June 1 (and in the case of Ms. Kumar, October 1, 2019). All Eligible Directors, other than a non-executive Board Chair, also receive $1,250 for each Board meeting attended. Directors are reimbursed for their out-of-pocket expenses incurred in attending Board and committee meetings.

Eligible Directors are also eligible to participate in the First Amended and Restated 2004 Stock Incentive Plan (“2004 Stock Plan”). The Management Development, Compensation and Stock Option Committee (the “Management Development Committee”) or, if there is no such committee or similar committee, the Board, administers the 2004 Stock Plan. Unless otherwise specified in the 2004 Stock Plan, the Management Development Committee has the power to select the recipients of awards under the 2004 Stock Plan, including Eligible Directors, and has broad power to determine the terms of awards and to change such terms in various ways subsequent to grant. The 2004 Stock Plan permits grants to Eligible Directors of non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, performance share awards, including cash, and deferred stock units at any time prior to August 27, 2023. Except for a single incentive stock option grant of 10,000 options, the Management Development Committee has only awarded non-qualified stock options and restricted stock grants under the 2004 Stock Plan.

The exercise price for a non-qualified stock option will be not less than 100% of the fair market value of the shares of Company common stock on the date of grant. Fair market value means, for purposes of determining the value of the shares of Company common stock on the grant date, the closing sale price of the shares of Company common stock on NASDAQ on the grant date. Such options generally will vest one-third on each of the first three anniversaries of the grant date and become

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immediately exercisable in the event that the Eligible Director is re-nominated for election to the Board, but is not re-elected or, following a Change in Control if the stock options are not assumed by the acquiror, the Eligible Director’s service on the Board is terminated by the Company, he is not re-nominated by the Company to serve on the Board, or voluntarily resigns from the Board at the request of the Company. All options granted under the 2004 Stock Plan are exercisable for a period of ten years from the date of grant, unless earlier terminated due to the termination of the Eligible Director’s service as a director of the Company. During fiscal 2020, in conjunction with her appointment as a member of the Board, Ms. Kumar received a grant of 8,000 stock options at an exercise price equal to the fair market value of the shares of Company common stock as of October 1, 2019.

During fiscal 2020, no Eligible Directors received a restricted stock award under the 2004 Stock Plan. In the event of a failure of the Eligible Director to be reelected to the Board after being re-nominated for election by the Board, or following a Change in Control if the restricted stock award is not assumed by the acquiror, a termination by the Company of the Eligible Director’s membership on the Board, or failure to re-nominate the Eligible Director for election to the Board, or voluntary resignation by the Eligible Director from the Board at the request of the Board, the shares of restricted stock that an Eligible Director holds shall become fully vested and non-forfeitable and all restrictions shall lapse.

The exercisability of options and the vesting of restricted stock awards under the 2004 Stock Plan is accelerated in the event of the occurrence of certain Changes in Control of the Company. See “Compensation of Executive Officers - Potential Payments Upon Termination or Change in Control” for the definition of Change in Control of the Company.

The 2004 Stock Plan also permits Eligible Directors to purchase shares of Company common stock through the 2004 Stock Plan in exchange for all or a portion of the cash fees payable to them for serving as a director of the Company (“Directors Stock Purchase Rights Option”).

Directors’ fees are typically payable in cash on September 1, December 1, March 1 and June 1 of each year, however, each director can elect to receive the Company’s stock in lieu of cash for all or a portion of the earned retainer. On each of these dates, we determine the number of shares of Company common stock each Eligible Director who has elected to participate in the Directors Stock Purchase Rights Option has earned on that date. This determination is made by dividing all director’s fees payable on each of those dates that the Eligible Director has elected to exchange for shares of Company common stock, by the fair market value of the shares of Company common stock on that date. Any portion of the director’s fees payable on each of those dates that the Eligible Director has not elected to receive in shares of Company common stock will be paid to the Eligible Director in cash. The fair market value of the shares of Company common stock will be determined by using the closing price of the shares of Company common stock on NASDAQ on the grant date (the first day of the month in which the quarterly payment date for directors’ fees falls). We will issue share certificates for all shares of Company common stock purchased in a calendar year within 5 business days of the above payment dates, unless an Eligible Director requests to receive his or her share certificate at another time by sending written notice to the Company.

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SHARE OWNERSHIP OF MANAGEMENT AND CERTAIN SHAREHOLDERS

Principal Shareholders

The following table sets forth information with respect to beneficial ownership of the shares of Company common stock by each person known by us to be the beneficial owner of more than five percent of our outstanding shares of Company common stock. The number of shares reported is as of the dates indicated in the footnotes below. The percentage of class is based on 9,779,547 shares of Company common stock outstanding on October 27, 2020. The information has been furnished by each such person.

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Beneficial Ownership by Directors and Executive Officers

The following table sets forth information with respect to beneficial ownership of the shares of Company common stock by each of our directors and director nominees, the persons named in the Summary Compensation Table and by all our directors and executive officers as a group as of October 27, 2020, unless otherwise indicated. The information as to each person has been furnished by such person and, except as where otherwise indicated, each person has sole voting power and sole investment power with respect to all shares beneficially owned by such person.

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Change of Control

On September 27, 2020, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Atlas Copco North America LLC, a Delaware limited liability company (“Parent”), and Odyssey Acquisition Corp., a wholly owned subsidiary of Parent (“Merger Subsidiary”), providing for the merger of Merger Subsidiary with and into the Company (the “Merger” and, collectively with the other transactions contemplated by the Merger Agreement, the “Transactions”), with Perceptron surviving the Merger as a wholly owned subsidiary of Parent. If the Transactions are completed, the Transactions will result in a change in control of the Company.

EQUITY COMPENSATION PLAN INFORMATION

The following table gives information about our common stock that may be issued upon the exercise of options, warrants and rights under all of our existing equity compensation plans as of June 30, 2020, including the 2004 Stock Incentive Plan and the Employee Stock Purchase Plan:

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RELATED PARTY TRANSACTIONS

For a description of the independence (as defined under the Nasdaq Stock Market, Inc. Marketplace Rules) of the members of our Board of Directors, Audit Committee, Management Development, Compensation and Stock Option Committee and Nominating and Governance Committee see Item 10 – “Directors, Executive Officers and Corporate Governance – Corporate Governance – Board Leadership Structure and Board and Committee Information”, which is incorporated herein by reference.

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Policy for Pre-Approval of Audit and Non-Audit Services

The Audit Committee has adopted a policy regarding audit and non-audit services that may be provided by our independent registered public accounting firm. The policy sets forth the procedures and conditions pursuant to which services proposed to be performed by the independent registered public accounting firm must be pre-approved. The policy provides that the Audit Committee will consider whether services to be performed by the independent registered public accounting firm are consistent with the SEC’s rules on auditor independence. In particular, the policy expressly names all services the independent registered public accounting firm may not perform and, in the case of other services, requires the Audit Committee to consider whether the independent registered public accounting firm is the best positioned to provide the most effective and efficient service.

The policy provides that the Audit Committee will review and pre-approve annually, and periodically thereafter as required, the services proposed to be provided by the independent registered public accounting firm in the categories of audit services, audit related services, tax services and all other services. In addition, the Audit Committee is to determine the appropriate ratio of audit, audit related and tax services to all other services. The Audit Committee has delegated to the chairman of the Audit Committee and, if he or she is unavailable, another member of the Audit Committee, authority to pre-approve audit and non-audit services proposed to be performed by the independent registered public accounting firm not previously approved by the Audit Committee. Under the policy, the Audit Committee is to be informed on a timely basis of services actually rendered by the independent registered public accounting firm, including those pre-approved by a member of the Audit Committee. The Chief Financial Officer of the Company is to immediately report to the Chairman of the Audit Committee any breach of the policy.

All of the services described below under audit fees, audit-related fees, tax fees and all other fees arising in fiscal 2020 and 2019 were approved by the Audit Committee pursuant to its pre-approval policies and procedures prior to the service being provided. No audit-related fees or tax fees arising in fiscal 2020 and 2019 were approved by the Audit Committee after the initiation of such services pursuant to an exemption from the SEC’s requirements relating to approval of these types of services by the Audit Committee prior to the provision of the service under Section 2.01 (c)(7)(i)(C) of SEC Regulation S-X.

Fees Paid to Independent Registered Public Accounting Firm

Audit Fees.  The aggregate fees and expenses billed by BDO for professional services rendered for the audit of our annual consolidated financial statements and internal controls over financial reporting, reviews of the quarterly consolidated financial statements included in our Forms 10-Q and audit services provided in connection with other regulatory filings were $453,800 in fiscal 2020 and $471,300 in fiscal 2019.

Audit-Related Fees.  BDO did not render any audit-related services to the Company in fiscal 2020 or fiscal 2019.

Tax Fees.  BDO did not render any tax related services to the Company in fiscal 2020 or fiscal 2019.

All Other Fees.  BDO did not render any other services for the Company in fiscal 2020 or fiscal 2019.

The Audit Committee of the Board does not consider the provision of the services described above by BDO to be incompatible with the maintenance of BDO’s independence.

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PART IV

33

EXHIBIT INDEX

34

35

36

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*      Filed herewith

**  Previously filed as an exhibit to the Company’s Annual Report on Form 10-K filed September 28, 2020

@    Indicates a management contract, compensatory plan or arrangement.

(P)   Paper exhibits

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized.

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K/A’ Filing		Date		Other Filings
		8/27/23
		12/2/22
		6/30/22
		1/2/22
		12/2/21
		10/1/21
		7/1/21
		6/30/21
		1/2/21
		12/31/20		15-12G
		12/2/20		4
		11/12/20
Filed as of:		11/3/20
Filed on:		11/2/20
		10/27/20
		10/15/20		SC 13D
		10/2/20
		10/1/20
		9/29/20		SC 13D/A
		9/28/20		10-K,  8-A12G/A,  8-K,  DEFA14A
		9/27/20		8-K
		9/7/20
		8/24/20
		8/14/20
		8/13/20
		8/10/20		SC 13G/A
		7/1/20
For Period end:		6/30/20		10-K,  10-K/A
		2/14/20		SC 13G/A
		2/13/20		SC 13G/A
		2/12/20		SC 13G/A
		1/7/20		3,  8-K
		12/31/19		10-Q,  SD
		12/2/19		4
		11/19/19
		11/18/19		8-K,  DEF 14A
		11/12/19		10-Q,  8-K
		11/11/19		8-K
		10/1/19		4,  4/A
		9/30/19		10-Q
		9/14/19		3,  3/A
		7/8/19
		7/1/19
		6/30/19		10-K
		10/1/18
		11/2/17
		11/11/14		4,  8-K,  DEF 14A
		11/3/14
		11/12/07		DEF 14A
				List all Filings

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3 Subsequent Filings that Reference this Filing

As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/20/20 Perceptron Inc./MI 10-K/A 6/30/20 12:519K ActiveDisclosure/FA 11/05/20 Perceptron Inc./MI DEFM14A 11/05/20 1:4.1M Broadridge Fin’l So… Inc 11/05/20 Perceptron Inc./MI PRER14A 1:4.1M Broadridge Fin’l So… Inc

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32 Previous Filings that this Filing References

As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/28/20 Perceptron Inc./MI 10-K 6/30/20 120:12M ActiveDisclosure/FA 9/28/20 Perceptron Inc./MI 8-K:1,8,9 9/27/20 3:523K Donnelley … Solutions/FA 9/08/20 Perceptron Inc./MI 8-K:5,9 9/01/20 2:105K Globenewswire Inc./FA 6/01/20 Perceptron Inc./MI 10-Q 3/31/20 92:12M ActiveDisclosure/FA 4/21/20 Perceptron Inc./MI 8-K:1,2,9 4/16/20 2:517K ActiveDisclosure/FA 2/10/20 Perceptron Inc./MI 10-Q 12/31/19 91:12M ActiveDisclosure/FA 11/12/19 Perceptron Inc./MI 8-K:5,9 11/11/19 3:57K Globenewswire Inc./FA 9/19/19 Perceptron Inc./MI 8-K:5,9 9/16/19 2:43K Globenewswire Inc./FA 5/09/19 Perceptron Inc./MI 10-Q 3/31/19 87:12M ActiveDisclosure/FA 2/11/19 Perceptron Inc./MI 10-Q 12/31/18 90:12M ActiveDisclosure/FA 12/21/18 Perceptron Inc./MI 8-K:5,9 12/20/18 2:39K Globenewswire Inc./FA 8/20/18 Perceptron Inc./MI 8-K:1,3,9 8/20/18 2:138K ActiveDisclosure/FA 12/06/17 Perceptron Inc./MI 8-K:1,2,8,912/04/17 4:356K Globenewswire Inc./FA 9/29/17 Perceptron Inc./MI 8-K:1,5,9 9/25/17 7:185K Globenewswire Inc./FA 9/07/17 Perceptron Inc./MI 10-K 6/30/17 96:11M 11/21/16 Perceptron Inc./MI 8-K:1,5,9 11/17/16 6:101K Globenewswire Inc./FA 8/10/16 Perceptron Inc./MI 8-K:1,5,9 8/09/16 10:506K Globenewswire Inc./FA 2/09/16 Perceptron Inc./MI 10-Q 12/31/15 58:4.3M 10/27/15 Perceptron Inc./MI 8-K:5,9 10/23/15 2:120K Toppan Merrill/FA 9/08/15 Perceptron Inc./MI 8-K:5,9 9/08/15 4:85K Toppan Merrill/FA 8/24/15 Perceptron Inc./MI 8-K:1,3,9 8/20/15 2:357K Toppan Merrill/FA 2/09/15 Perceptron Inc./MI 10-Q 12/31/14 45:4.1M 10/17/14 Perceptron Inc./MI 8-K:5,9 10/13/14 7:195K Toppan Merrill/FA 8/30/13 Perceptron Inc./MI 8-K:1,2,5,9 8/27/13 6:286K Toppan Merrill/FA 9/06/12 Perceptron Inc./MI 8-K:1,2,9 8/30/12 8:427K Toppan Merrill/FA 2/13/12 Perceptron Inc./MI 10-Q 12/31/11 34:1.7M Donnelley … Solutions/FA 7/02/10 Perceptron Inc./MI 8-K:1,5,9 6/24/10 4:189K Toppan Merrill/FA 10/10/08 Perceptron Inc./MI 8-K:1,9 10/02/08 3:287K Toppan Merrill/FA 8/10/06 Perceptron Inc./MI 8-K:1,9 8/07/06 2:92K Toppan Merrill/FA 9/28/05 Perceptron Inc./MI 10-K 6/30/05 7:179K Bowne - Bde 12/10/04 Perceptron Inc./MI 8-K:1,9 12/06/04 3:118K Bowne - Bde 5/14/98 Perceptron Inc./MI 10-Q 3/31/98 3:97K Bowne - Bde

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