Digital Turbine Inc
For the period ended Mar 31, 2024. Filed Jul 15, 2024.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Mar 31, 2024 · Filed Jul 15, 2024
Contents
SUMMARY COMPENSATION TABLE
The following compensation table sets forth for fiscal years 2024, 2023, and 2022, the base salary and other compensation of our named executive officers.
| Position · Fiscal YearEndedMarch 31, · Salary($) · Bonus($) · Non-EquityIncentive PlanCompensation · StockAwards($)(1) · OptionAwards($)(1) · All OtherCompensation($) (2) · Total ($) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| William G. Stone III | 2024 | 650,000 | — | — | 4,575,000 | 1,525,000 | 29,631 | 6,779,631 | |
| Chief Executive Officer | 2023 | 625,000 | 62,500 | — | 5,625,000 | 1,875,000 | 28,942 | 8,216,442 | |
| 2022 | 575,000 | 134,000 | 514,000 | 4,875,000 | 1,625,000 | 25,317 | 7,748,317 | ||
| Barrett Garrison | 2024 | 420,000 | — | — | 2,525,000 | 625,000 | 31,924 | 3,601,924 | |
| Executive Vice President | 2023 | 400,000 | 40,000 | — | 2,100,000 | 700,000 | 31,385 | 3,271,385 | |
| and Chief Financial Officer | 2022 | 365,000 | 64,000 | 242,000 | 1,500,000 | 500,000 | 25,562 | 2,696,562 | |
| Senthil Kanagaratnam(3) | 2024 | 420,000 | — | — | 1,127,500 | 312,500 | 31,857 | 1,891,857 | |
| Chief Technology Officer | 2023 | 400,000 | 250,000 | (4) | — | 1,650,000 | 550,000 | 8,597 | 2,858,597 |
| Matthew Gillis(5) | 2024 | 420,000 | — | — | 1,725,000 | 375,000 | 457,015 | 2,977,015 | |
| Former President | 2023 | 400,000 | — | — | 900,000 | 300,000 | 36,715 | 1,636,715 | |
| 2022 | 400,000 | 100,000 | — | — | — | 6,190 | 506,190 | ||
| Michael B. Miller(6) | 2024 | 310,000 | — | — | 551,000 | — | 26,256 | 887,256 | |
| Former Chief Accounting Officer | 2023 | 310,000 | — | — | 475,693 | 170,766 | 30,660 | 987,119 | |
| 2022 | 275,000 | 66,603 | — | — | — | 10,362 | 351,965 | ||
(1)The amounts in the “Stock Awards” and “Option Awards” columns relate to awards of stock options, RSUs and PSUs made under our 2020 Plan. With respect to each award, the amounts disclosed generally reflect the fair value of the award as of the grant date for all awards issued in the respective fiscal year, in accordance with FASB ASC Topic 718 “Compensation-Stock Compensation.” Generally, ASC Topic 718 “Compensation-Stock Compensation” requires the full grant-date fair value of an award to be amortized and recognized as compensation cost over the service period that relates to the award. Note 12, “Stock-Based Compensation,” in the Notes to the Consolidated Financial Statements included in our Annual Report sets forth the relevant assumptions used to determine the valuation of our awards.
(2)Amounts under “All Other Compensation” represent Company paid health benefits and 401K employer matching contributions. “All Other Compensation” for Mr. Gillis also includes a $420,000 severance payment made to him in connection with his departure.
(3)Mr. Kanagaratnam joined the Company and was appointed as our Chief Technology Officer in November 2022. The amount in the “Salary” column for 2023 reflects Mr. Kanagaratnam’s total annual base salary for such fiscal year.
(4)Under Mr. Kanagaratnam’s employment agreement, the Company paid Mr. Kanagaratnam a signing bonus of $250,000. If Mr. Kanagaratnam voluntarily terminates his employment or if the Company terminates his employment for cause (as defined in Mr. Kanagaratnam’s employment agreement) (a) prior to the first anniversary of his start date, Mr. Kanagaratnam must repay 50% of the signing bonus back to the Company and (b) on or after the first anniversary and prior to the second anniversary of his start date, Mr. Kanagaratnam must repay 33% of the signing bonus back to the Company. Mr. Kanagaratnam’s start date was in November 2022.
(5)Mr. Gillis departed the Company on March 31, 2024. As a result of his termination, all outstanding stock awards that had not vested as of the date of his departure, or that were set to vest on or before June 30, 2024, were canceled. For the years ended March 31, 2024, and 2023, the total amount of stock awards canceled amounted to $1,331,256 and $623,263, respectively. Additionally, as outlined in the 2020 Plan, all outstanding stock option awards are to be cancelled following ninety continuous days of unemployment with the Company. Mr. Gillis had not exercised any of the outstanding stock option awards as of ninety days after his termination. Therefore, all such stock option awards granted to Mr. Gillis during his employment were canceled.
(6)Mr. Miller departed the Company on February 27, 2024. As a result of his termination, all outstanding stock awards that had not vested as of the date of his departure were canceled. For the years ended March 31, 2024, and 2023, the total amount of stock awards canceled amounted to $385,630 and $218,902, respectively. Additionally, as outlined in the 2020 Plan, all outstanding stock option awards are to be cancelled following ninety continuous days of unemployment with the Company. Mr. Miller had not exercised any of the outstanding stock option awards as of 90 days after his termination. Therefore, all such stock option awards granted to Mr. Miller during his employment were canceled.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.