A system includes a first transistor having a drain and source connected between a supply voltage and an output of a voltage regulator. A gate of the first transistor receives a first gate voltage. The system includes a second transistor having a drain and source connected between the supply voltage and the drain of the first transistor. The second transistor protects the first transistor from excessive voltage. The system includes a level shifter connected between a gate of the second transistor and a gate of the first transistor. The level shifter produces a level-shifted gate voltage for the second transistor that is based on the first gate voltage and that is proportional to an output load current output at the source of the first transistor.