Restructuring Plans

12 Months Ended

Sep. 30, 2019

Restructuring And Related Activities [Abstract]

Restructuring Plans

6.  Restructuring Plans

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 the following benefits:

• 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. Mr. Pentinga has 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; and

• certain other benefits as set forth in the Separation Agreement.

The table below details the restructuring activity at our continuing operations for the year ended September 30, 2019.  This activity is primarily related to the departure of our former CEO as well as additional headcount reductions as we consolidated satellite offices in our Semiconductor segment.  The outstanding obligations as of September 30, 2019, are as follows, in thousands:

	Year Ended September 30,
Balance at September 30, 2018	$	—
Severance expense, net of adjustments		1,110
Cash payments		(1,070	)
Balance at September 30, 2019	$	40