XML 34 R25.htm IDEA: XBRL DOCUMENT v3.3.0.814
Note 19 - Subsequent Event
6 Months Ended
Sep. 27, 2015
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE 19.      SUBSEQUENT EVENTS


On October 14, 2015, Louis DiNardo and Our Board of Directors (the “Board”) mutually agreed to the termination of Mr. DiNardo’s employment as the CEO and President of Exar and as a member of the Board.


In connection with the termination of Mr. DiNardo’s employment, Exar entered into a Separation and General Release Agreement with Mr. DiNardo (the “Separation Agreement”). The Separation Agreement provided for Mr. DiNardo to receive $600,000 in cash as severance, paid over twelve months, a lump sum cash payment of $140,000 as a prorated bonus for the current fiscal year, and payment of twelve months of COBRA premiums. In addition, Mr. DiNardo was entitled to twelve months’ accelerated vesting of his equity awards granted by Exar (subject in the case of performance-based vesting awards to satisfaction of the applicable performance requirements), as well as accelerated vesting of an outstanding award of 33,333 restricted stock units if a change in control of Exar occurs within a specified period following his separation date, and he would have up to twelve months from the date of his resignation to exercise his vested stock options. The Separation Agreement also included a full and general release by Mr. DiNardo in favor of Exar and Mr. DiNardo’s agreement to certain confidentiality, non-solicitation and non-disparagement obligations. We will record any stock compensation expense (benefit) related to these modifications in the third quarter of fiscal year 2016.


Simultaneous with Mr. DiNardo’s departure, the Board had appointed Mr. Richard L. Leza to serve as Exar’s interim CEO and President while Exar conducts a search for a permanent replacement for Mr. DiNardo. Mr. Leza will continue to serve as Chairman of the Board following his appointment as interim CEO and President.