Proto Labs, Inc. appointed Daniel Schumacher, age 47, as Chief Financial Officer, effective immediately. Mr. Schumacher has been with the Company since April 2017 and most recently served as the Company's Interim Chief Financial Officer and principal financial and accounting officer, since December 1, 2021. Prior to that, Mr. Schumacher led investor communication, forecasting and planning, and business intelligence for the Company as Vice President of Investor Relations and Financial Planning and Analysis.

From 2015 to 2017, Mr. Schumacher served as finance director in the Americas Finance & Operations organization of Stratasys, Inc., a 3D Printing OEM. From 2001 to 2015, Mr. Schumacher was in finance leadership roles of increasing responsibility for Rockwell Automation, an industrial automation company. Mr. Schumacher earned his bachelor's degree in accounting from the University of Minnesota's Carlson School of Management.

In connection with his role as CFO, Mr. Schumacher will receive a base annual salary of $360,000 and will be eligible for an annual target cash incentive bonus payment of 65% of his base salary. Mr. Schumacher will also receive restricted stock units with a value of $300,000 on the date of grant, stock options with a value of $150,000 on the date of grant, and performance stock units with a target value of $150,000 on the date of grant under the Company's long-term incentive plan. These equity awards will be granted in 2022 by the Compensation Committee of the Company's Board of Directors.

Mr. Schumacher will be eligible for annual equity grants beginning in 2023. Mr. Schumacher will not enter into an employment agreement with the Company, but he will enter into a severance and change in control agreement with the Company. In addition, he has entered into a restrictive covenants agreement with the Company regarding confidentiality, intellectual property, non-solicitation, and non-competition.