XML 29 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Restructuring Plans
12 Months Ended
Sep. 30, 2021
Restructuring And Related Activities [Abstract]  
Restructuring Plans

 

5. Restructuring Plans

 

The table below details the restructuring activity for the years ended September 30, 2021 and 2020. The activity during 2020 is the result of staff reductions at our Massachusetts operations as we evaluated staffing across our Semiconductor operations. The activity during 2021 relates to staff reductions in our Semiconductor and Material and Substrate operations. The outstanding obligations as of September 30, 2021 and 2020 are as follows, in thousands:

 

 

 

Years Ended September 30,

 

 

 

2021

 

 

2020

 

Balance at beginning of the year

 

$

102

 

 

$

40

 

Severance expense, net of adjustments

 

 

86

 

 

 

217

 

Cash payments

 

 

(171

)

 

 

(155

)

Balance at the end of the year

 

$

17

 

 

$

102

 

 

During fiscal 2019, the Company and its former Chief Executive Officer and President, Fokko Pentinga, agreed on a transition of leadership, pursuant to which Mr. Pentinga stepped down as the Chief Executive Officer, President and a director of the Company effective December 6, 2018 (the “Effective Date”). In connection with his departure, Mr. Pentinga and the Company entered into a Separation Agreement and General Release of all Claims, dated November 28, 2018 (the “Separation Agreement”). Pursuant to the Separation Agreement, Mr. Pentinga received a severance payment of $864,000 in gross, less all customary and appropriate income and employment taxes; a payment of $458,500 for all other amounts due him; all of his time-based stock options (the “Options”) became fully vested and immediately exercisable; and certain other benefits as set forth in the Separation Agreement. Mr. Pentinga had the right to exercise Options with an exercise price of $7.01 or less until December 31, 2019. The remaining Options were exercisable during the 90-day period following the Effective Date, which resulted in an additional $108,000 in stock-based compensation expense.