EXA Corporation (NASDAQ:EXA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements with Certain Officers.
(b)
On March15, 2017, Robert Schechter notified us that he will not
stand for re-election to our Board of Directors at our Annual
Meeting of Stockholders scheduled for June15, 2017 (the 2017
Annual Meeting). His term as a director will expire at our 2017
Annual Meeting.
Mr.Schechter has served as a member of our Board of Directors
since 2008. We thank Mr.Schechter for his valuable contributions
to the work of our Board of Directors.
(e)
On March15, 2017, our Board of Directors adopted the Exa
Corporation Policy Governing the Recovery of Certain Compensation
(the Clawback Policy).
Under the terms of the Clawback Policy, in the event of an
accounting restatement due to our material noncompliance with any
financial reporting requirement (excluding any restatement
effected to comply with subsequent changes to applicable
accounting principles), whether or not as the result of
misconduct, we will have the right to recover from any executive
officer that our Board determines was personally responsible for
the noncompliance that triggered the restatement the amount of
any cash bonus or equity incentive award that was granted, earned
or vested on the basis of having met or exceeded performance
targets, to the extent that amount would have been less if based
on the restated financial results. Under the Clawback Policy, we
may not recover compensation more than three years after it has
vested or been paid. The Clawback Policy will be administered by
our Board. The foregoing description of the Clawback Policy is
qualified in its entirety by reference to the full text of the
Clawback Policy, which is attached hereto as Exhibit 99.1 and
incorporated herein by reference.
Also on March15, 2017, our Board of Directors adopted a form of
Restricted Stock Unit Agreement (time-based) for use under our
Amended and Restated 2011 Stock Incentive Plan. A copy of the
form of Restricted Stock Unit Agreement (time-based) is attached
hereto as Exhibit 99.2 and incorporated herein by reference.
Item9.01 Financial Statements and Exhibits
(d) Exhibits.
| 99.1 |
Exa Corporation Policy Governing the Recovery of Certain Compensation. |
| 99.2 |
Form of Restricted Stock Unit Agreement (time-based) for use under the Exa Corporation Amended and Restated 2011 Stock Incentive Plan. |
About EXA Corporation (NASDAQ:EXA)
Exa Corporation develops, sells and supports simulation software and services that manufacturers use in design and engineering processes. The Company focuses primarily on the ground transportation market, including manufacturers in the passenger vehicle, highway truck, off-highway vehicle and train markets, as well as their suppliers. Its product, PowerFLOW, is a software solution for simulating fluid flow problems, including aerodynamics, thermal management and aeroacoustics, or wind noise. PowerFLOW uses its Digital Physics technology that enables it to predict fluid flows. PowerFLOW directly simulates unpredictable turbulent scales. The PowerFLOW software suite includes the simulation engine and grid generation engine, along with pre- and post-processing software products. The software is delivered in client/server architecture, or through its cloud-based offering, ExaCLOUD. With the ExaCLOUD solution, various client features and functions are accessed through a Web browser. EXA Corporation (NASDAQ:EXA) Recent Trading Information
EXA Corporation (NASDAQ:EXA) closed its last trading session down -0.12 at 13.38 with 202,664 shares trading hands.