CORPORATE GOVERNANCE
other matters as it deems appropriate, including our strategic outlook, business plans, prospects and performance, succession planning, risk management, cybersecurity, and other matters for which it has oversight responsibility.
The Board carries out its general oversight responsibility both by acting as a whole as well as through its committees. Among other things, the Board periodically reviews our processes for identifying, ranking, and assessing risks that affect our organization as well as the output of those processes. The Board also receives periodic reports from our management on various risks, including risks of the types mentioned facing our businesses, risks presented by transactions that are presented to the Board for approval, and risks arising out of our corporate strategy.
The Board also maintains several standing committees with risk oversight responsibility for various Board functions. Although the Board has ultimate responsibility for overseeing risk, its standing committees perform certain of its risk oversight responsibilities. For example, the Audit Committee engages in ongoing discussions regarding major financial and accounting risk exposures and the process and system employed to monitor and control such exposures. In addition, the Audit Committee engages in periodic discussions with management concerning the process by which risk assessment and management are undertaken, and it exercises oversight regarding the risk assessment and management processes related to, among other things, internal controls, credit, capital structure, liquidity, cybersecurity, and insurance programs. In carrying out these responsibilities, the Audit Committee, among other things, regularly reviews with the Internal Audit Director the audits or assessments of significant accounting and audit risks conducted by Internal Audit personnel based on their audit plan, and the Audit Committee regularly meets in executive sessions with the Internal Audit Director. The Audit Committee also regularly reviews with management our internal control over financial reporting, including any significant deficiencies or material weaknesses. As part of these reviews, the Audit Committee reviews steps taken by management to monitor, control, and mitigate risks. The Audit Committee also regularly reviews with the Chief Legal Officer (or other head legal officer) significant legal, regulatory, and compliance matters that could have a material impact on our financial statements or business. Finally, from time to time, executives who are responsible for managing particular risks, such as cybersecurity, report to the Audit Committee on how those risks are being controlled and mitigated.
Other Board committees also exercise responsibility to oversee risk within their areas of responsibility and expertise. For example, as noted in the section entitled “Risk Assessment of Compensation Policies and Practices,” the Compensation Committee oversees risk assessment and management with respect to our compensation policies and practices, and it exercises oversight with respect to our 401(k) plan; the CCGS Committee engages in periodic discussions with our Chief Compliance Officer regarding major environment, health, and safety risks and engages in ongoing discussion with the Chief Compliance Officer and the Chief Legal Officer (or other head legal officer) regarding regulatory and compliance matters, including compliance with applicable export controls, government contracts, FDA compliance, and similar governmental regulatory regimes.
In those cases where committees have risk oversight responsibilities, the Chairs of the committees regularly report to the full Board the significant risks facing the Company, as identified by management, and the measures undertaken by management for controlling and mitigating those risks.
RISK ASSESSMENT OF COMPENSATION POLICIES AND PRACTICES
Our Compensation Committee has reviewed our incentive compensation programs, discussed the concept of risk as it relates to our compensation program, considered various mitigating factors, and reviewed these items with its independent consultant, Meridian Compensation Partners, LLC (“Meridian”). In addition, our Compensation Committee asked Meridian to conduct an independent risk assessment of our executive compensation program. Based on these reviews and discussions, the Compensation Committee does not believe our compensation program creates risks that are reasonably likely to have a material adverse effect on our business.
For more information regarding our compensation program, see the section entitled “Compensation Discussion and Analysis” beginning on page 26.
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2025 PROXY STATEMENT |
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13 |
CORPORATE GOVERNANCE
Enable Localized Production: We enable customers to manufacture products closer to their end markets, which can support our customers in reducing transportation emissions, lowering logistics costs, enhancing supply chain resilience, and taking advantage of incentives for domestic manufacturing, where applicable.
Advancing Material Design: Our additive manufacturing solutions focus on advancing material design and engineering capabilities to meet customers’ unique needs and requirements, with the ability to select the most suitable materials for their specific applications.
Utilizing Digitization for Prototyping: Our digitized prototyping processes enable rapid iteration and customization of product designs, which can minimize waste and optimize material usage. This empowers our customers to iterate quickly, test concepts efficiently, and refine designs, thereby reducing the generation of physical prototypes and associated waste.
We are a member of the Additive Manufacturing Green Trade Association (AMGTA) whose mission is to educate and share knowledge with other members about the positive environmental benefits of additive manufacturing, develop best practices, and promote the adoption of additive manufacturing as an alternative to traditional manufacturing.
Advancing Customer Solutions
We provide solutions to empower our customers to address their evolving sustainability priorities. Our unique offerings of hardware, software, materials, and services provide application-specific solutions powered by the expertise of our global team of application engineers. We are progressing our product development activities to address our customers’ environmental and social priorities.
Circular Economy Solutions: We are contributing to a circular economy by evaluating the recyclability of materials, reducing parts and components in our products, and working on opportunities to extend product lifespans. By evolving our product design, we are adopting modular technology and interchangeable components, supporting longevity and ease of repair.
Decarbonization Solutions: We are focusing on decarbonization solutions for our products by reducing material use and weight, improving energy and resource efficiency, and driving carbon capture and storage technologies. 3D Systems is working with leading innovators in the direct air capture space to create components that remove carbon from the atmosphere through a system of filters, heat exchangers, condensers, gas separators, and compressors using our additive manufacturing solutions. The benefits of 3D printing solutions can accelerate the effectiveness of carbon capture, through attributes such as design optimization, long service life, speed of iteration, scalability, and supply chain efficiencies.
Patient-Centered Healthcare Solutions: Customers leverage our additive manufacturing solutions to deliver high-quality, patient-centered healthcare solutions. Our personalized solutions can optimize patient care by enhancing patient comfort, functionality, and accuracy, which may result in increased patient satisfaction, well-being, and quality of life. Personalization can promote healthcare accessibility with the capability of addressing unique individual needs.
Upholding Responsible Business Practices
We hold ourselves accountable to operate in a responsible and ethical manner, comply with applicable laws and regulations, and adhere to corporate governance standards to sustain the long-term value of our Company. We leverage this foundation to influence our sustainability strategy, including utilizing our governance structure for oversight of our sustainability program.
Program Governance: Our sustainability program is led by our Chief People Officer and Chief Administrative Officer, and the Board of Directors has delegated oversight of the Company’s sustainability program to its CCGS Committee. In 2024, we provided periodic updates on our sustainability program strategy, annual priorities, and progress to the CCGS Committee, with materials available to the full Board.
Workplace Safety: We operate responsibly across our sites through practices to promote a safe, secure, healthy, and injury-free workplace. To fulfill this commitment, we provide annual global and site-specific safety communications and company-wide safety trainings. We also have robust, site-specific safety programs in place, which includes
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2025 PROXY STATEMENT |
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15 |
FREQUENTLY ASKED QUESTIONS
When and where is the Annual Meeting?
We will hold our Annual Meeting on Friday, May 16, 2025, at 2:00 PM Eastern. Our meeting will be held virtually; you will not be able to attend the meeting in person.
How can I attend the Annual Meeting?
In order to attend the Annual Meeting, you must register at www.proxydocs.com/DDD. Upon completing your registration, you will receive further instructions via a confirmation email that includes a unique link that will allow you access to the Annual Meeting and to vote and submit questions during the Annual Meeting. Confirmation emails are sent one hour prior to the start of the Annual Meeting.
As part of the registration process, you must enter the control number located on your proxy card or voting instruction form. If you are a beneficial owner of shares registered in the name of a bank, brokerage firm, broker-dealer, or similar organization, you will also need to provide the registered name on your account and the name of your bank, brokerage firm, broker-dealer, or similar organization as part of the registration process.
On the day of the Annual Meeting, May 16, 2025, stockholders may begin to log in to the Annual Meeting platform 15 minutes prior to the Annual Meeting. The Annual Meeting will begin promptly at 2:00 PM Eastern.
We will have technicians ready to assist you with any technical difficulties you may encounter by accessing the virtual-only Annual Meeting platform, including any difficulties voting or submitting questions. Technical support contact information including links to an FAQ Knowledgebase and a meeting specific technical support telephone number will be provided on the meeting invitation sent one hour prior to the meeting and will be available until the meeting concludes.
How do I ask a question at the Annual Meeting?
Our virtual Annual Meeting will allow stockholders to submit questions before and during the Annual Meeting. Please follow the instructions in the email you receive upon registering. Questions pertinent to meeting matters will be answered during the meeting subject to time constraints. Questions regarding personal matters, including those related to employment, product or service issues, or suggestions for product innovations, are not pertinent to meeting matters and, therefore, will not be answered.
What is included in our proxy materials?
Our proxy materials, which are available at www.proxydocs.com/DDD, include: our Proxy Statement and our 2024 Annual Report to Stockholders. If you received these materials by mail (rather than by electronic delivery), these materials also included a proxy card or voting instruction form.
Who can vote and what is the quorum requirement?
A quorum, or the presence of the majority of the outstanding shares of Common Stock as of the record date, is required to transact business at the Annual Meeting. The record date is March 18, 2025. Abstentions and broker non-votes are treated as present for quorum purposes.
Our Common Stock is our only outstanding class of voting securities. As of March 18, 2025, the record date for the Annual Meeting, there were 135,544,654 shares of Common Stock issued and outstanding. Each such share of Common Stock is entitled to one vote on each matter to be voted on at the Annual Meeting.
What is the difference between holding shares as a stockholder of record and as a beneficial owner of shares held in street name?
Stockholder of Record. If your shares of Common Stock are registered directly with Computershare, our transfer agent, you are considered a “stockholder of record” of those shares.
Beneficial Owner of Shares Held in Street Name. If your shares are held in an account at a bank, brokerage firm, broker-dealer, or similar organization, then you are a “beneficial owner of shares held in street name.” In that case, you will have received these proxy materials from the bank, brokerage firm, broker-dealer, or similar organization holding your account, and, as a beneficial owner, you have the right to direct your bank, brokerage firm, broker-dealer, or similar organization as to how to vote the shares held in your account.
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62 |
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2025 PROXY STATEMENT |
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FREQUENTLY ASKED QUESTIONS
How do I vote?
Please refer to the instructions on your proxy card or voting instruction form to cast your vote. To be valid, your vote by Internet, telephone, or mail must be received by the deadline specified on the proxy card or voting instruction form, as applicable. Whether or not you plan to attend the Annual Meeting, we urge you to vote and submit your proxy in advance of the meeting.
Can I change my vote after I have voted?
Any stockholder may vote during the Annual Meeting whether or not he or she has previously voted and regardless of whether the prior vote was cast by Internet, telephone or mail. Since the Annual Meeting will be conducted solely online via live webcast, you will be able to vote electronically on the Internet during the Annual Meeting at www.proxydocs.com/DDD until the Chair of the Annual Meeting declares the polls closed. Instructions on voting during the Annual Meeting will be provided once you access the meeting webcast. If you attend the Annual Meeting virtually on the Internet, your shares will be counted as present for quorum purposes.
If you wish to revoke your proxy, you may do so at any time before your shares are voted at the Annual Meeting by voting electronically at a later time, voting by telephone at a later time, submitting a properly signed proxy or voting instruction form with a later date, or voting live during the Annual Meeting.
Who counts the votes?
Representatives of Mediant, a BetaNXT company, will tabulate the votes and act as the inspector of election.
Where can I find the voting results of the Annual Meeting?
We expect to announce the preliminary voting results at the Annual Meeting. The final voting results will be reported in a Current Report on Form 8-K that we will file with the SEC after the Annual Meeting.
Who pays the expenses of this proxy solicitation?
This Proxy Statement is being delivered to you on our behalf. We are bearing the expenses of preparing, printing, web hosting, and mailing this Proxy Statement and other proxy materials and all other expenses of soliciting proxies. In addition, our directors, officers, and employees may solicit proxies by personal interview, mail, telephone, Internet, or other means of electronic transmission, although they will receive no additional compensation for such solicitation.
What is householding?
Some brokers and other nominee record holders may be “householding” our proxy materials. This means a single proxy statement and annual report with separate proxy cards will be delivered to multiple stockholders who share an address, unless we receive other instructions. If you are a beneficial owner and receive multiple copies of our proxy materials and you would like to receive only one copy, or if you and another shareholder receive only one copy and would like to receive multiple copies, contact your bank, broker, or other nominee.
How can I recommend a director candidate to the Compliance, Corporate Governance and Sustainability Committee?
Our CCGS Committee welcomes candidates recommended by stockholders and will consider these candidates in the same manner as other candidates. Director nominees recommended by stockholders must be in accordance with our Corporate Governance Guidelines, the CCGS Committee’s Charter, and the Policy and Procedure for Shareholders Nominees to the Board. The Company’s Governance documents are available at “Availability of Information” on page 19.
Stockholders who wish to recommend director candidates for consideration by our CCGS Committee may do so by submitting in writing such candidates’ names, along with the information requested in the noted documents, to Corporate Secretary, 333 Three D Systems Circle, Rock Hill, South Carolina 29730.
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64 |
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2025 PROXY STATEMENT |
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Pay vs Performance Disclosure - USD ($)
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4 Months Ended |
8 Months Ended |
12 Months Ended |
Apr. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Pay vs Performance Disclosure |
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Pay vs Performance Disclosure, Table |
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Pay Versus Performance As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive Compensation Actually Paid (“CAP”) to our named executive officers (“NEOs”) and the Company’s financial performance. The Company does not use CAP as a basis for making compensation decisions, nor does it use the performance measures defined by the SEC for the Pay Versus Performance table to measure performance for incentive plan purposes. For further information concerning the Company’s variable philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation Matters – Compensation Discussion and Analysis.” Pay Versus Performance Table
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Summary Compensation Table Total for CEO & Former CEO (1) |
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Compensation Actually Paid (“CAP”) to CEO & Former CEO (2) |
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Value of Initial Fixed $100 Investment Based On: |
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Average summary compensation table total for non-CEO named executive officers (3) |
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Average compensation actually paid to non-CEO named executive officers (2) |
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Total Shareholder Return (4) |
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Peer Group Total Shareholder Return (4) |
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Adjusted EBITDA (in millions) (5) |
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2024 |
|
$ |
2,126,755 |
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$ |
3,420,597 |
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|
$ 888,183 |
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$ |
1,540,478 |
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|
$ 37 |
|
$151 |
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$(256.9) |
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$(66.4) |
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2023 |
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$ |
6,535,630 |
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$ |
2,603,992 |
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|
$1,706,156 |
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$ |
492,584 |
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|
$ 62 |
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$213 |
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$(362.7) |
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$(26.3) |
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2022 |
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$ |
5,687,163 |
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$ |
(7,091,673 |
) |
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|
$1,636,419 |
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$ |
(1,319,015 |
) |
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$ 86 |
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$160 |
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$(121.7) |
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$ (5.8) |
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2021 |
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$ |
8,574,250 |
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$ |
15,609,540 |
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|
$3,081,939 |
|
$ |
5,899,487 |
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|
$162 |
|
$227 |
|
$ 322.1 |
|
$ 56.1 |
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2020 |
|
$ |
5,917,360 |
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|
$ |
849,757 |
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|
$ |
8,175,388 |
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$ |
(5,271,672 |
) |
|
$1,248,601 |
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$ |
616,092 |
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|
$121 |
|
$240 |
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$(149.6) |
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$ 27.8 |
(1) |
Dr. Jeffrey Graves, who joined the Company in May 2020, was the Company’s principal executive officer (“CEO”) for 2020, 2021, 2022, 2023 and 2024. Mr. Vyomesh Joshi, who retired in May 2020, was the Company’s former principal executive officer (“Former CEO”) for 2020. |
(2) |
The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Jeffrey Creech, Phyllis Nordstrom, Reji Puthenveetil, and Joseph Zuiker; (ii) for 2023, Michael Turner, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jeffrey Creech, and Phyllis Nordstrom; (iii) for 2022, Michael Turner, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jagtar Narula, and Wayne Pensky; (iv) for 2021, Andrew Johnson, Menno Ellis, Reji Puthenveetil, and Jagtar Narula; and (v) for 2020, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jagtar Narula, Wayne Pensky, Todd Booth, Philip Schultz, and Herbert Koeck. |
(3) |
SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine CAP as reported herein. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the applicable NEO without restriction during the applicable year but rather are a valuation calculated under applicable SEC rules. |
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For purposes of the CAP calculation, there was no actuarial change in pension value or pension related adjustments to report. In addition, for purposes of the equity award adjustments shown below, there are no dividends or interest accrued to report. |
(4) |
TSR is determined based on the value of an initial fixed investment of $100. The peer group TSR represents TSR of the S&P SmallCap 600 Information Technology Index, which is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K. |
(5) |
Adjusted EBITDA is the financial measure from the tabular list of 2024 Most Important Measures shown that, in the Company’s assessment, represents for 2024 the most important performance measure used to link compensation actually paid to our CEO and other NEOs to the Company’s performance. The Company selected this measure as the most important because adjusted EBITDA accounted for 50% of target annual bonus award opportunities for our NEOs in 2024. Adjusted EBITDA is defined on page 36 and is a non-GAAP financial measure. |
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Add Equity Award Adjustments |
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Summary Compensation Table (SCT) Total for Covered Year |
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Subtract Grant Date Fair Value of Awards as Reported in |
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|
Add Covered Year-End Value of Awards Granted in Covered Year and Outstanding and Unvested as of Covered Year-End |
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Covered Year-End (as Compared to Prior Year-End) of Equity Awards Granted Prior to Covered Year and Outstanding and Unvested as of Covered Year-End |
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Add, for Awards Granted and Vested in the Covered Year, Fair Value as of Vesting Date |
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Vesting Date (as Compared to Prior Year-End) of Equity Awards Granted Prior to Covered Year that Vested During Covered |
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Subtract Prior Year-End Value of Equity Awards that Failed to Meet Vesting Conditions During Covered Year |
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2024 |
|
CEO |
|
$ |
2,126,755 |
|
|
($ |
1,252,062 |
) |
|
$ |
1,581,813 |
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|
($ |
843,813 |
) |
|
$ |
— |
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|
($ |
696,219 |
) |
|
$ |
— |
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|
|
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|
|
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Other NEOs |
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$ |
888,183 |
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($ |
417,352 |
) |
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$ |
2,117,339 |
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|
($ |
529,335 |
) |
|
$ |
— |
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|
($ |
590,763 |
) |
|
$ |
— |
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2023 |
|
CEO |
|
$ |
6,535,630 |
|
|
($ |
5,268,229 |
) |
|
$ |
2,094,393 |
|
|
($ |
1,114,020 |
) |
|
$ |
— |
|
|
$ |
356,218 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
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Other NEOs |
|
$ |
1,706,156 |
|
|
($ |
1,300,976 |
) |
|
$ |
532,787 |
|
|
($ |
273,623 |
) |
|
$ |
— |
|
|
($ |
65,805 |
) |
|
($ |
105,956 |
) |
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2022 |
|
CEO |
|
$ |
5,687,163 |
|
|
($ |
4,765,861 |
) |
|
$ |
1,882,109 |
|
|
($ |
7,695,443 |
) |
|
$ |
— |
|
|
($ |
2,199,640 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
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Other NEOs |
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$ |
1,636,419 |
|
|
($ |
1,269,985 |
) |
|
$ |
456,106 |
|
|
($ |
1,221,213 |
) |
|
$ |
14,940 |
|
|
($ |
116,787 |
) |
|
($ |
818,495 |
) |
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|
2021 |
|
CEO |
|
$ |
8,574,250 |
|
|
($ |
6,378,719 |
) |
|
$ |
5,693,472 |
|
|
$ |
5,445,859 |
|
|
$ |
— |
|
|
$ |
2,274,678 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
3,081,939 |
|
|
($ |
2,302,472 |
) |
|
$ |
2,022,950 |
|
|
$ |
1,973,281 |
|
|
$ |
— |
|
|
$ |
1,224,538 |
|
|
($ |
100,749 |
) |
|
|
|
|
|
|
|
|
|
2020 |
|
CEO |
|
$ |
5,917,360 |
|
|
($ |
4,928,697 |
) |
|
$ |
6,616,383 |
|
|
$ |
— |
|
|
$ |
570,343 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Former CEO |
|
$ |
849,757 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
94,849 |
|
|
$ |
— |
|
|
($ |
6,858 |
) |
|
($ |
6,209,420 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
1,248,601 |
|
|
($ |
844,436 |
) |
|
$ |
772,676 |
|
|
$ |
60,044 |
|
|
$ |
28,603 |
|
|
($ |
7,240 |
) |
|
($ |
642,155 |
) |
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|
|
|
|
Company Selected Measure Name |
|
|
Adjusted EBITDA
|
|
|
|
|
Named Executive Officers, Footnote |
|
|
The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Jeffrey Creech, Phyllis Nordstrom, Reji Puthenveetil, and Joseph Zuiker; (ii) for 2023, Michael Turner, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jeffrey Creech, and Phyllis Nordstrom; (iii) for 2022, Michael Turner, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jagtar Narula, and Wayne Pensky; (iv) for 2021, Andrew Johnson, Menno Ellis, Reji Puthenveetil, and Jagtar Narula; and (v) for 2020, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jagtar Narula, Wayne Pensky, Todd Booth, Philip Schultz, and Herbert Koeck.
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Peer Group Issuers, Footnote |
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|
TSR is determined based on the value of an initial fixed investment of $100. The peer group TSR represents TSR of the S&P SmallCap 600 Information Technology Index, which is the peer group used by the Company for purposes of Item 201(e) of Regulation S-K.
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|
Adjustment To PEO Compensation, Footnote |
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|
(3) |
SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine CAP as reported herein. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the applicable NEO without restriction during the applicable year but rather are a valuation calculated under applicable SEC rules. |
|
For purposes of the CAP calculation, there was no actuarial change in pension value or pension related adjustments to report. In addition, for purposes of the equity award adjustments shown below, there are no dividends or interest accrued to report. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add Equity Award Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Compensation Table (SCT) Total for Covered Year |
|
|
Subtract Grant Date Fair Value of Awards as Reported in |
|
|
Add Covered Year-End Value of Awards Granted in Covered Year and Outstanding and Unvested as of Covered Year-End |
|
|
Covered Year-End (as Compared to Prior Year-End) of Equity Awards Granted Prior to Covered Year and Outstanding and Unvested as of Covered Year-End |
|
|
Add, for Awards Granted and Vested in the Covered Year, Fair Value as of Vesting Date |
|
|
Vesting Date (as Compared to Prior Year-End) of Equity Awards Granted Prior to Covered Year that Vested During Covered |
|
|
Subtract Prior Year-End Value of Equity Awards that Failed to Meet Vesting Conditions During Covered Year |
|
|
|
|
|
|
|
|
|
|
2024 |
|
CEO |
|
$ |
2,126,755 |
|
|
($ |
1,252,062 |
) |
|
$ |
1,581,813 |
|
|
($ |
843,813 |
) |
|
$ |
— |
|
|
($ |
696,219 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
888,183 |
|
|
($ |
417,352 |
) |
|
$ |
2,117,339 |
|
|
($ |
529,335 |
) |
|
$ |
— |
|
|
($ |
590,763 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
2023 |
|
CEO |
|
$ |
6,535,630 |
|
|
($ |
5,268,229 |
) |
|
$ |
2,094,393 |
|
|
($ |
1,114,020 |
) |
|
$ |
— |
|
|
$ |
356,218 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
1,706,156 |
|
|
($ |
1,300,976 |
) |
|
$ |
532,787 |
|
|
($ |
273,623 |
) |
|
$ |
— |
|
|
($ |
65,805 |
) |
|
($ |
105,956 |
) |
|
|
|
|
|
|
|
|
|
2022 |
|
CEO |
|
$ |
5,687,163 |
|
|
($ |
4,765,861 |
) |
|
$ |
1,882,109 |
|
|
($ |
7,695,443 |
) |
|
$ |
— |
|
|
($ |
2,199,640 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
1,636,419 |
|
|
($ |
1,269,985 |
) |
|
$ |
456,106 |
|
|
($ |
1,221,213 |
) |
|
$ |
14,940 |
|
|
($ |
116,787 |
) |
|
($ |
818,495 |
) |
|
|
|
|
|
|
|
|
|
2021 |
|
CEO |
|
$ |
8,574,250 |
|
|
($ |
6,378,719 |
) |
|
$ |
5,693,472 |
|
|
$ |
5,445,859 |
|
|
$ |
— |
|
|
$ |
2,274,678 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
3,081,939 |
|
|
($ |
2,302,472 |
) |
|
$ |
2,022,950 |
|
|
$ |
1,973,281 |
|
|
$ |
— |
|
|
$ |
1,224,538 |
|
|
($ |
100,749 |
) |
|
|
|
|
|
|
|
|
|
2020 |
|
CEO |
|
$ |
5,917,360 |
|
|
($ |
4,928,697 |
) |
|
$ |
6,616,383 |
|
|
$ |
— |
|
|
$ |
570,343 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Former CEO |
|
$ |
849,757 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
94,849 |
|
|
$ |
— |
|
|
($ |
6,858 |
) |
|
($ |
6,209,420 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
1,248,601 |
|
|
($ |
844,436 |
) |
|
$ |
772,676 |
|
|
$ |
60,044 |
|
|
$ |
28,603 |
|
|
($ |
7,240 |
) |
|
($ |
642,155 |
) |
|
|
|
|
|
Non-PEO NEO Average Total Compensation Amount |
|
|
$ 888,183
|
$ 1,706,156
|
$ 1,636,419
|
$ 3,081,939
|
$ 1,248,601
|
Non-PEO NEO Average Compensation Actually Paid Amount |
|
|
$ 1,540,478
|
492,584
|
(1,319,015)
|
5,899,487
|
616,092
|
Adjustment to Non-PEO NEO Compensation Footnote |
|
|
(3) |
SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine CAP as reported herein. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the applicable NEO without restriction during the applicable year but rather are a valuation calculated under applicable SEC rules. |
|
For purposes of the CAP calculation, there was no actuarial change in pension value or pension related adjustments to report. In addition, for purposes of the equity award adjustments shown below, there are no dividends or interest accrued to report. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add Equity Award Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Compensation Table (SCT) Total for Covered Year |
|
|
Subtract Grant Date Fair Value of Awards as Reported in |
|
|
Add Covered Year-End Value of Awards Granted in Covered Year and Outstanding and Unvested as of Covered Year-End |
|
|
Covered Year-End (as Compared to Prior Year-End) of Equity Awards Granted Prior to Covered Year and Outstanding and Unvested as of Covered Year-End |
|
|
Add, for Awards Granted and Vested in the Covered Year, Fair Value as of Vesting Date |
|
|
Vesting Date (as Compared to Prior Year-End) of Equity Awards Granted Prior to Covered Year that Vested During Covered |
|
|
Subtract Prior Year-End Value of Equity Awards that Failed to Meet Vesting Conditions During Covered Year |
|
|
|
|
|
|
|
|
|
|
2024 |
|
CEO |
|
$ |
2,126,755 |
|
|
($ |
1,252,062 |
) |
|
$ |
1,581,813 |
|
|
($ |
843,813 |
) |
|
$ |
— |
|
|
($ |
696,219 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
888,183 |
|
|
($ |
417,352 |
) |
|
$ |
2,117,339 |
|
|
($ |
529,335 |
) |
|
$ |
— |
|
|
($ |
590,763 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
2023 |
|
CEO |
|
$ |
6,535,630 |
|
|
($ |
5,268,229 |
) |
|
$ |
2,094,393 |
|
|
($ |
1,114,020 |
) |
|
$ |
— |
|
|
$ |
356,218 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
1,706,156 |
|
|
($ |
1,300,976 |
) |
|
$ |
532,787 |
|
|
($ |
273,623 |
) |
|
$ |
— |
|
|
($ |
65,805 |
) |
|
($ |
105,956 |
) |
|
|
|
|
|
|
|
|
|
2022 |
|
CEO |
|
$ |
5,687,163 |
|
|
($ |
4,765,861 |
) |
|
$ |
1,882,109 |
|
|
($ |
7,695,443 |
) |
|
$ |
— |
|
|
($ |
2,199,640 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
1,636,419 |
|
|
($ |
1,269,985 |
) |
|
$ |
456,106 |
|
|
($ |
1,221,213 |
) |
|
$ |
14,940 |
|
|
($ |
116,787 |
) |
|
($ |
818,495 |
) |
|
|
|
|
|
|
|
|
|
2021 |
|
CEO |
|
$ |
8,574,250 |
|
|
($ |
6,378,719 |
) |
|
$ |
5,693,472 |
|
|
$ |
5,445,859 |
|
|
$ |
— |
|
|
$ |
2,274,678 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
3,081,939 |
|
|
($ |
2,302,472 |
) |
|
$ |
2,022,950 |
|
|
$ |
1,973,281 |
|
|
$ |
— |
|
|
$ |
1,224,538 |
|
|
($ |
100,749 |
) |
|
|
|
|
|
|
|
|
|
2020 |
|
CEO |
|
$ |
5,917,360 |
|
|
($ |
4,928,697 |
) |
|
$ |
6,616,383 |
|
|
$ |
— |
|
|
$ |
570,343 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Former CEO |
|
$ |
849,757 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
94,849 |
|
|
$ |
— |
|
|
($ |
6,858 |
) |
|
($ |
6,209,420 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other NEOs |
|
$ |
1,248,601 |
|
|
($ |
844,436 |
) |
|
$ |
772,676 |
|
|
$ |
60,044 |
|
|
$ |
28,603 |
|
|
($ |
7,240 |
) |
|
($ |
642,155 |
) |
|
|
|
|
|
Compensation Actually Paid vs. Total Shareholder Return |
|
|
|
|
|
|
|
Compensation Actually Paid vs. Net Income |
|
|
|
|
|
|
|
Compensation Actually Paid vs. Company Selected Measure |
|
|
|
|
|
|
|
Total Shareholder Return Vs Peer Group |
|
|
|
|
|
|
|
Tabular List, Table |
|
|
Financial Performance Measures As described in greater detail in “Executive Compensation Matters – Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a variable philosophy. The metrics that the Company uses for both our annual and long-term incentive awards are selected based on an objective of incentivizing our NEOs to increase the value of our enterprise for our stockholders. The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs for the most recently completed fiscal year to the Company’s performance are as follows:
• |
|
Relative TSR (the Company’s TSR as compared to the 3DPRNT Index) |
|
|
|
|
|
Total Shareholder Return Amount |
|
|
$ 37
|
62
|
86
|
162
|
121
|
Peer Group Total Shareholder Return Amount |
|
|
151
|
213
|
160
|
227
|
240
|
Net Income (Loss) |
|
|
$ (256,900,000)
|
$ (362,700,000)
|
$ (121,700,000)
|
$ 322,100,000
|
$ (149,600,000)
|
Company Selected Measure Amount |
|
|
(66,400,000)
|
(26,300,000)
|
(5,800,000)
|
56,100,000
|
27,800,000
|
Measure:: 1 |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Name |
|
|
Revenue
|
|
|
|
|
Measure:: 2 |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Name |
|
|
Adjusted EBITDA
|
|
|
|
|
Non-GAAP Measure Description |
|
|
The Company selected this measure as the most important because adjusted EBITDA accounted for 50% of target annual bonus award opportunities for our NEOs in 2024. Adjusted EBITDA is defined on page 36 and is a non-GAAP financial measure.
|
|
|
|
|
Measure:: 3 |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Name |
|
|
Relative TSR (the Company’s TSR as compared to the 3DPRNT Index)
|
|
|
|
|
Dr. Jeffrey Graves [Member] |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
PEO Total Compensation Amount |
|
|
$ 2,126,755
|
$ 6,535,630
|
$ 5,687,163
|
$ 8,574,250
|
$ 5,917,360
|
PEO Actually Paid Compensation Amount |
|
|
$ 3,420,597
|
$ 2,603,992
|
$ (7,091,673)
|
$ 15,609,540
|
8,175,388
|
PEO Name |
|
Dr. Jeffrey Graves
|
Dr. Jeffrey Graves
|
Dr. Jeffrey Graves
|
Dr. Jeffrey Graves
|
Dr. Jeffrey Graves
|
|
Mr. Vyomesh Joshi [Member] |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
PEO Total Compensation Amount |
|
|
|
|
|
|
849,757
|
PEO Actually Paid Compensation Amount |
|
|
|
|
|
|
(5,271,672)
|
PEO Name |
Mr. Vyomesh Joshi
|
|
|
|
|
|
|
PEO | Dr. Jeffrey Graves [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
$ (1,252,062)
|
$ (5,268,229)
|
$ (4,765,861)
|
$ (6,378,719)
|
(4,928,697)
|
PEO | Dr. Jeffrey Graves [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
1,581,813
|
2,094,393
|
1,882,109
|
5,693,472
|
6,616,383
|
PEO | Dr. Jeffrey Graves [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
(843,813)
|
(1,114,020)
|
(7,695,443)
|
5,445,859
|
0
|
PEO | Dr. Jeffrey Graves [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
0
|
0
|
0
|
0
|
570,343
|
PEO | Dr. Jeffrey Graves [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
(696,219)
|
356,218
|
(2,199,640)
|
2,274,678
|
0
|
PEO | Dr. Jeffrey Graves [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
0
|
0
|
0
|
0
|
0
|
PEO | Mr. Vyomesh Joshi [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
|
|
|
|
0
|
PEO | Mr. Vyomesh Joshi [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
|
|
|
|
0
|
PEO | Mr. Vyomesh Joshi [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
|
|
|
|
94,849
|
PEO | Mr. Vyomesh Joshi [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
|
|
|
|
0
|
PEO | Mr. Vyomesh Joshi [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
|
|
|
|
(6,858)
|
PEO | Mr. Vyomesh Joshi [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
|
|
|
|
(6,209,420)
|
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
(417,352)
|
(1,300,976)
|
(1,269,985)
|
(2,302,472)
|
(844,436)
|
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
2,117,339
|
532,787
|
456,106
|
2,022,950
|
772,676
|
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
(529,335)
|
(273,623)
|
(1,221,213)
|
1,973,281
|
60,044
|
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
0
|
0
|
14,940
|
0
|
28,603
|
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
(590,763)
|
(65,805)
|
(116,787)
|
1,224,538
|
(7,240)
|
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year |
|
|
|
|
|
|
|
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
Adjustment to Compensation, Amount |
|
|
$ 0
|
$ (105,956)
|
$ (818,495)
|
$ (100,749)
|
$ (642,155)
|