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Subsequent Events
6 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Chief Executive Officer Transition
On October 8, 2024, the Company announced the appointment of Scott Lang as President and Chief Executive Officer, to succeed Robert Schwartz effective November 1, 2024. Mr. Schwartz stepped down from the President and Chief Executive Officer role after a decade of leadership and provided support to Mr. Lang and served as an advisor to the Board to assist in a successful leadership transition (the “CEO Transition”). During this CEO Transition and through November 1, 2024 (the “Separation Date”), Mr. Schwartz continued to receive his then current base salary and was eligible for any benefits he was entitled to receive as an executive of the Company. In connection with the CEO Transition, Mr. Schwartz also resigned from his service on the Company’s Board.
In connection with his resignation, the Company negotiated a Transition and Separation Agreement with Mr. Schwartz (the “Transition Agreement”), which provides the following benefits (subject to effectiveness and the terms and conditions of the Transition Agreement), (i) two times the sum of his annualized salary and target bonus, for an aggregate amount of approximately $2.2 million, (ii) a pro-rata target bonus for fiscal year 2025, less amount previously paid for fiscal year 2025, for an aggregate amount of approximately $0.2 million and (iii) a subsidized COBRA continuation coverage for 18 months.
Additionally, the 68,788 unvested time-based awards and 33,417 performance-based awards accelerated and vested. Mr. Schwartz was also granted an option exercise period extension for each of his outstanding stock option awards equal to the lessor of two years from the Separation Date or the applicable expiration term of the stock option awards.
The foregoing severance benefits will be offered under the Transition Agreement in exchange for a release and waiver of claims and continued obligations related to the Company’s proprietary information. Further, pursuant to the Transition Agreement, for a period of 24 months following the Separation Date, Mr. Schwartz agreed to certain non-solicitation provisions relating to the Company’s employees, the Company’s business and current or potential customers, and agreed to not invest, counsel, advise or otherwise be engaged or be employed by, a competitor of the Company as defined in the Transition Agreement.
Further, as part of the CEO Transition, the Board also designated Mr. Lang as the Company’s principal executive officer for purposes of the rules and regulations of the Securities and Exchange Commission. Due to his service as an executive of the Company, effective as of the date of his appointment, Mr. Lang resigned from serving on the Board’s Audit Committee and Nominating and Governance Committee.