Stock-based compensation plan

6 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

The Company has issued equity-classified share incentives under the MiX Telematics Long-Term Incentive Plan (“LTIP”) to directors and certain key employees within the Company.

The LTIP provides for three types of grants to be issued, namely performance shares, restricted share units (“RSUs”) and stock appreciation rights (“SARs”).

As of September 30, 2021, there were 47,090,000 shares reserved for future issuance under the LTIP.

The total stock-based compensation expense recognized during the three months ended September 30, 2020 and 2021 was $0.3 million and $0.3 million, respectively. The total stock-based compensation expense recognized during the six months ended September 30, 2020 and 2021 was $0.6 million and $0.7 million, respectively.

Stock appreciation rights granted under the LTIP

The following table summarizes the activities for the outstanding SARs:


	Number of SARs	Weighted- Average Exercise Price in U.S. Cents*	Weighted Average Contractual Remaining Term (years)	Aggregate Intrinsic Values (in thousands)
Outstanding as of April 1, 2021	40,567,917	36

Exercised	(1,392,917)	21

Forfeited	(300,000)	46
Outstanding as of September 30, 2021	38,875,000	37	2.87

Vested and expected to vest as of September 30, 2021	37,762,500	37	2.06	5,857
Vested as of September 30, 2021	16,625,000	28	1.48	3,799

As of September 30, 2021, there was $1.4 million of unrecognized compensation cost related to unvested SARs. This amount is expected to be recognized over a weighted-average period of 3.8 years.

*U.S. currency amounts are based on a ZAR:USD exchange rate of R15.125 as of September 30, 2021.

Restricted share units granted under the LTIP

2 million RSUs were outstanding and unvested as of April 1, 2021, and remain as such as of September 30, 2021. Management estimates forfeiture to be approximately 5%. The unrecognized compensation cost related to unvested RSUs as of September 30, 2021 was $0.3 million, which will be recognized over a weighted average period of 1.5 years, which is the same period as the weighted average remaining contractual term.