The company said the expiration dates for 779,084 shares under outstanding vested options held by former employees were in dispute. Those options were granted in 2017 to former President and Chief Executive Officer Charles R. Kummeth. Under the award agreements, the expiration date was August 9, 2024.

1. 01

   The company said the expiration dates for 779,084 shares under outstanding vested options held by former employees were in dispute. Those options were granted in 2017 to former President and Chief Executive Officer Charles R. Kummeth. Under the award agreements, the expiration date was August 9, 2024.

2. 02

   The company said an administrative error caused its stock plan administration platform to show the option expiration date incorrectly as October 26, 2024. Kummeth tried to exercise the options in September 2024 and was notified that they had expired. He then filed for arbitration under the agreement.

3. 03

   The company said an arbitrator issued an order in favor of Kummeth on February 26, 2025. The arbitrator concluded that, without the administrative error, he would have exercised the options before the August 9, 2024 expiration date. The arbitrator also required payment of about $35,978,000 related to the options.

4. 04

   The company said the arbitrator also required it to pay interest of about $980,000 and legal fees and costs of about $234,000 required under the award agreements, in addition to about $35,978,000 related to the options.

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