☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 26-2017431 | |||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.001 per share | NEWR | New York Stock Exchange |
Large accelerated filer |
☒
|
Accelerated filer | ☐ | ||||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||||||||
Emerging growth company | ☐ |
Page | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
September 30, 2019 | March 31, 2019 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 242,407 | $ | 234,356 | |||||||
Short-term investments | 529,068 | 510,372 | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $2,153 and $2,457, respectively
|
76,954 | 120,605 | |||||||||
Prepaid expenses and other current assets | 17,029 | 21,838 | |||||||||
Deferred contract acquisition costs | 29,331 | 27,161 | |||||||||
Total current assets | 894,789 | 914,332 | |||||||||
Property and equipment, net | 100,742 | 80,742 | |||||||||
Restricted cash | 5,658 | 8,805 | |||||||||
Goodwill | 41,512 | 41,512 | |||||||||
Intangible assets, net | 12,975 | 13,855 | |||||||||
Deferred contract acquisition costs, non-current | 26,349 | 26,218 | |||||||||
Lease right-of-use assets | 61,766 | — | |||||||||
Other assets, non-current | 6,580 | 4,763 | |||||||||
Total assets | $ | 1,150,371 | $ | 1,090,227 | |||||||
Liabilities, redeemable non-controlling interest and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 19,502 | $ | 10,249 | |||||||
Accrued compensation and benefits | 22,805 | 23,537 | |||||||||
Other current liabilities | 14,057 | 14,572 | |||||||||
Deferred revenue | 233,176 | 267,000 | |||||||||
Lease liabilities | 7,780 | — | |||||||||
Total current liabilities | 297,320 | 315,358 | |||||||||
Convertible senior notes, net | 416,341 | 405,937 | |||||||||
Lease liabilities, non-current | 61,513 | — | |||||||||
Deferred rent, non-current | — | 11,025 | |||||||||
Deferred revenue, non-current | 39 | 4,597 | |||||||||
Other liabilities, non-current | 1,184 | 947 | |||||||||
Total liabilities | 776,397 | 737,864 | |||||||||
Commitments and contingencies (Note 10) | |||||||||||
Redeemable non-controlling interest | 2,814 | 2,733 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.001 par value; 100,000 shares authorized at September 30, 2019 and March 31, 2019; 59,036 shares and 58,366 shares issued at September 30, 2019 and March 31, 2019; and 58,776 shares and 58,106 shares outstanding at September 30, 2019 and March 31, 2019
|
59 | 58 | |||||||||
Treasury stock - at cost (260 shares)
|
(263) | (263) | |||||||||
Additional paid-in capital | 708,761 | 654,759 | |||||||||
Accumulated other comprehensive income | 1,955 | 645 | |||||||||
Accumulated deficit | (339,352) | (305,569) | |||||||||
Total stockholders’ equity | 371,160 | 349,630 | |||||||||
Total liabilities, redeemable non-controlling interest and stockholders’ equity | $ | 1,150,371 | $ | 1,090,227 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Revenue | $ | 145,815 | $ | 114,896 | $ | 286,825 | $ | 223,117 | |||||||||||||||||||||||||||
Cost of revenue | 25,149 | 18,447 | 48,762 | 35,497 | |||||||||||||||||||||||||||||||
Gross profit | 120,666 | 96,449 | 238,063 | 187,620 | |||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Research and development | 34,132 | 23,962 | 68,471 | 46,565 | |||||||||||||||||||||||||||||||
Sales and marketing | 80,157 | 61,142 | 157,007 | 118,630 | |||||||||||||||||||||||||||||||
General and administrative | 23,278 | 16,880 | 46,378 | 31,591 | |||||||||||||||||||||||||||||||
Total operating expenses | 137,567 | 101,984 | 271,856 | 196,786 | |||||||||||||||||||||||||||||||
Loss from operations | (16,901) | (5,535) | (33,793) | (9,166) | |||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||
Interest income | 4,011 | 3,259 | 8,151 | 5,104 | |||||||||||||||||||||||||||||||
Interest expense | (5,888) | (5,597) | (11,707) | (8,263) | |||||||||||||||||||||||||||||||
Other income (expense), net | 315 | (435) | 3,293 | (1,277) | |||||||||||||||||||||||||||||||
Loss before income taxes | (18,463) | (8,308) | (34,056) | (13,602) | |||||||||||||||||||||||||||||||
Income tax provision | 660 | 225 | 624 | 546 | |||||||||||||||||||||||||||||||
Net loss | $ | (19,123) | $ | (8,533) | $ | (34,680) | $ | (14,148) | |||||||||||||||||||||||||||
Net loss attributable to redeemable non-controlling interest | 509 | 197 | 897 | 197 | |||||||||||||||||||||||||||||||
Net loss attributable to New Relic | $ | (18,614) | $ | (8,336) | $ | (33,783) | $ | (13,951) | |||||||||||||||||||||||||||
Net loss attributable to New Relic per share, basic and diluted | $ | (0.32) | $ | (0.15) | $ | (0.58) | $ | (0.25) | |||||||||||||||||||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 58,372 | 56,706 | 58,161 | 56,446 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net loss attributable to New Relic | $ | (18,614) | $ | (8,336) | $ | (33,783) | $ | (13,951) | |||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on available-for-sale securities, net of tax | (186) | (303) | 1,310 | (249) | |||||||||||||||||||||||||||||||
Comprehensive loss | $ | (18,800) | $ | (8,639) | $ | (32,473) | $ | (14,200) |
Three Months Ended September 30, 2019 | Three Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock |
Additional
Paid-In Capital |
Treasury Stock |
Accumulated
Other Comprehensive Income (Loss) |
Accumulated
Deficit |
Total
Stockholders’ Equity |
Common Stock |
Additional
Paid-In Capital |
Treasury Stock |
Accumulated
Other Comprehensive Income (Loss) |
Accumulated
Deficit |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | 58,655 | $ | 58 | $ | 678,533 | 260 | $ | (263) | $ | 2,141 | $ | (320,738) | $ | 359,731 | 56,758 | 57 | $ | 575,110 | 260 | $ | (263) | $ | (270) | $ | (270,286) | $ | 304,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 37 | — | 783 | — | — | — | — | 783 | 131 | — | 3,198 | — | — | — | — | 3,198 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for vested restricted stock units | 227 | 1 | (1) | — | — | — | — | — | 227 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to employee stock purchase plan | 117 | — | 5,933 | — | — | — | — | 5,933 | 83 | 4,887 | — | — | — | — | 4,887 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 23,513 | — | — | — | — | 23,513 | — | — | 14,053 | — | — | — | — | 14,053 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | (186) | — | (186) | — | — | — | — | — | (303) | — | (303) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to New Relic | — | — | — | — | — | — | (18,614) | (18,614) | — | — | — | — | — | — | (8,336) | (8,336) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | 59,036 | $ | 59 | $ | 708,761 | 260 | $ | (263) | $ | 1,955 | $ | (339,352) | $ | 371,160 | 57,199 | $ | 57 | $ | 597,248 | 260 | $ | (263) | $ | (573) | $ | (278,622) | $ | 317,847 |
Six Months Ended September 30, 2019 | Six Months Ended September 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | 58,366 | $ | 58 | $ | 654,759 | 260 | $ | (263) | $ | 645 | $ | (305,569) | $ | 349,630 | 56,213 | 56 | $ | 521,119 | 260 | $ | (263) | $ | (324) | $ | (305,484) | $ | 215,104 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | 121 | — | 3,054 | — | — | — | — | 3,054 | 455 | 1 | 9,016 | — | — | — | — | 9,017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock for vested restricted stock units | 432 | 1 | (1) | — | — | — | — | — | 448 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock related to employee stock purchase plan | 117 | — | 5,933 | — | — | — | — | 5,933 | 83 | — | 4,887 | — | — | — | — | 4,887 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | 45,016 | — | — | — | — | 45,016 | — | — | 25,272 | — | — | — | — | 25,272 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net | — | — | — | — | — | 1,310 | — | 1,310 | — | — | — | — | — | (249) | — | (249) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to New Relic | — | — | — | — | — | — | (33,783) | (33,783) | — | — | — | — | — | — | (13,951) | (13,951) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity component of convertible senior notes, net of issuance costs | — | — | — | — | — | — | — | — | — | — | 100,136 | — | — | — | — | 100,136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of capped calls | — | — | — | — | — | — | — | — | — | — | (63,182) | — | — | — | — | (63,182) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment for ASU 2014-09 adoption | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 40,813 | 40,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period | 59,036 | $ | 59 | $ | 708,761 | 260 | $ | (263) | $ | 1,955 | $ | (339,352) | $ | 371,160 | 57,199 | $ | 57 | $ | 597,248 | 260 | $ | (263) | $ | (573) | $ | (278,622) | $ | 317,847 |
Six Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net loss attributable to New Relic | $ | (33,783) | $ | (13,951) | |||||||||||||
Net loss attributable to redeemable non-controlling interest (Note 3) | (897) | (197) | |||||||||||||||
Net loss: | $ | (34,680) | $ | (14,148) | |||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 37,268 | 24,823 | |||||||||||||||
Stock-based compensation expense | 44,546 | 24,860 | |||||||||||||||
Amortization of debt discount and issuance costs | 10,404 | 7,292 | |||||||||||||||
Gain on lease modification | (3,006) | — | |||||||||||||||
Other | (1,465) | 588 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable, net | 43,651 | 23,345 | |||||||||||||||
Prepaid expenses and other assets | 368 | 724 | |||||||||||||||
Deferred contract acquisition costs | (18,038) | (17,415) | |||||||||||||||
Lease right-of-use assets | 17,512 | — | |||||||||||||||
Accounts payable | 3,208 | 1,960 | |||||||||||||||
Accrued compensation and benefits and other liabilities | 275 | 4,570 | |||||||||||||||
Lease liabilities | (16,157) | — | |||||||||||||||
Deferred revenue | (38,382) | 639 | |||||||||||||||
Deferred rent | — | 976 | |||||||||||||||
Net cash provided by operating activities | 45,504 | 58,214 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchases of property and equipment | (31,570) | (14,255) | |||||||||||||||
Purchases of short-term investments | (263,321) | (496,229) | |||||||||||||||
Proceeds from sale and maturity of short-term investments | 247,379 | 76,683 | |||||||||||||||
Capitalized software development costs | (3,053) | (3,062) | |||||||||||||||
Net cash used in investing activities | (50,565) | (436,863) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Investment from redeemable non-controlling interest | 978 | 3,596 | |||||||||||||||
Proceeds from issuance of convertible senior notes, net of issuance costs paid of $11,582
|
— | 488,669 | |||||||||||||||
Purchase of capped call related to convertible senior notes | — | (63,182) | |||||||||||||||
Proceeds from employee stock purchase plan | 5,933 | 4,887 | |||||||||||||||
Proceeds from exercise of employee stock options | 3,054 | 8,998 | |||||||||||||||
Net cash provided by financing activities | 9,965 | 442,968 | |||||||||||||||
Net increase in cash, cash equivalents and restricted cash | 4,904 | 64,319 | |||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 243,161 | 140,681 | |||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 248,065 | $ | 205,000 | |||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest and income taxes | $ | 1,894 | $ | 457 | |||||||||||||
Noncash investing and financing activities: | |||||||||||||||||
Property and equipment purchased but not yet paid | $ | 13,100 | $ | 6,878 |
Cash consideration paid | $ | 25,119 | |||
Fair value of common shares issued | $ | 24,535 | |||
Total consideration | $ | 49,654 | |||
Post-business combination compensation expense | $ | (12,639) | |||
Cash paid to settle unvested stock options | $ | (764) | |||
Total purchase price | $ | 36,251 | |||
Net liabilities assumed | $ | 259 | |||
Deferred tax liabilities | $ | 2,289 | |||
Deferred tax assets | $ | (1,721) | |||
Developed technology acquired | $ | (10,900) | |||
Goodwill | $ | 26,178 |
Balance as of April 1, 2019 | $ | 2,733 | |||
Investment by redeemable non-controlling interest | 978 | ||||
Net loss attributable to redeemable non-controlling interest | (897) | ||||
Balance as of September 30, 2019
|
$ | 2,814 |
Fair Value Measurements as of September 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 126,909 | $ | — | $ | — | $ | 126,909 | |||||||||||||||||||||||||||||||||
Commercial paper | — | 6,793 | — | 6,793 | |||||||||||||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | — | 33,867 | — | 33,867 | |||||||||||||||||||||||||||||||||||||
Commercial paper | — | 15,883 | — | 15,883 | |||||||||||||||||||||||||||||||||||||
Corporate notes and bonds | — | 40,592 | — | 40,592 | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | 429,111 | — | — | 429,111 | |||||||||||||||||||||||||||||||||||||
U.S. government agencies | — | 9,615 | — | 9,615 | |||||||||||||||||||||||||||||||||||||
Restricted cash: | |||||||||||||||||||||||||||||||||||||||||
Money market funds | 5,658 | — | — | 5,658 | |||||||||||||||||||||||||||||||||||||
Total | $ | 561,678 | $ | 106,750 | $ | — | $ | 668,428 | |||||||||||||||||||||||||||||||||
Included in cash and cash equivalents | $ | 133,702 | |||||||||||||||||||||||||||||||||||||||
Included in short-term investments | $ | 529,068 | |||||||||||||||||||||||||||||||||||||||
Included in restricted cash | $ | 5,658 | |||||||||||||||||||||||||||||||||||||||
Fair Value Measurements as of March 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 133,239 | $ | — | $ | — | $ | 133,239 | |||||||||||||||||||||||||||||||||
Commercial paper | — | 9,973 | — | 9,973 | |||||||||||||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | — | 24,726 | — | 24,726 | |||||||||||||||||||||||||||||||||||||
Commercial paper | — | 37,071 | — | 37,071 | |||||||||||||||||||||||||||||||||||||
Corporate notes and bonds | — | 27,259 | — | 27,259 | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | 402,091 | — | — | 402,091 | |||||||||||||||||||||||||||||||||||||
U.S. government agencies | — | 19,225 | — | 19,225 | |||||||||||||||||||||||||||||||||||||
Restricted cash: | |||||||||||||||||||||||||||||||||||||||||
Money market funds | 8,805 | — | — | 8,805 | |||||||||||||||||||||||||||||||||||||
Total | $ | 544,135 | $ | 118,254 | $ | — | $ | 662,389 | |||||||||||||||||||||||||||||||||
Included in cash and cash equivalents | $ | 143,212 | |||||||||||||||||||||||||||||||||||||||
Included in short-term investments | $ | 510,372 | |||||||||||||||||||||||||||||||||||||||
Included in restricted cash | $ | 8,805 |
September 30, 2019 | March 31, 2019 | ||||||||||
Due within one year | $ | 317,454 | $ | 346,768 | |||||||
Due after one year and within three years | 211,614 | 163,604 | |||||||||
Total | $ | 529,068 | $ | 510,372 |
September 30, 2019 | March 31, 2019 | ||||||||||
Computers, software, and equipment | $ | 12,476 | $ | 11,245 | |||||||
Site operation equipment | 92,326 | 66,727 | |||||||||
Furniture and fixtures | 4,692 | 3,990 | |||||||||
Leasehold improvements | 38,050 | 40,541 | |||||||||
Capitalized software development costs | 46,451 | 43,063 | |||||||||
Total property and equipment | 193,995 | 165,566 | |||||||||
Less: accumulated depreciation and amortization | (93,253) | (84,824) | |||||||||
Total property and equipment, net | $ | 100,742 | $ | 80,742 |
September 30, 2019 | March 31, 2019 | ||||||||||
Principal | $ | 500,250 | $ | 500,250 | |||||||
Unamortized debt discount | (76,760) | (86,374) | |||||||||
Unamortized issuance costs | (7,149) | (7,939) | |||||||||
Net carrying amount | $ | 416,341 | $ | 405,937 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Amortization of debt discount | $ | 4,838 | $ | 4,593 | $ | 9,614 | $ | 6,767 | |||||||||||||||||||||||||||
Amortization of issuance costs | 401 | 357 | 790 | 524 | |||||||||||||||||||||||||||||||
Contractual interest expense | 626 | 625 | 1,251 | 924 | |||||||||||||||||||||||||||||||
Total interest expense | $ | 5,865 | $ | 5,575 | $ | 11,655 | $ | 8,215 |
Gross Carrying
Amount |
Accumulated
Amortization |
Net Carrying
Amount |
|||||||||||||||
Developed technology | $ | 18,716 | $ | (5,741) | $ | 12,975 |
Gross Carrying
Amount |
Accumulated
Amortization |
Net Carrying
Amount |
|||||||||||||||
Developed technology | $ | 18,716 | $ | (4,861) | $ | 13,855 |
Fiscal Years Ending March 31, | Estimated Future Amortization Expense | ||||
2020 (remaining six months) | $ | 617 | |||
2021 | 4,605 | ||||
2022 | 4,119 | ||||
2023 | 3,634 | ||||
$ | 12,975 |
September 30, 2019 | |||||
Assets | |||||
Lease right-of-use-assets | $ | 61,766 | |||
Liabilities | |||||
Lease liabilities | $ | 7,780 | |||
Lease liabilities, non-current | 61,513 | ||||
Total operating lease liabilities | $ | 69,293 |
Three Months Ended September 30, 2019 | Six Months Ended September 30, 2019 | ||||||||||
Operating lease expense | $ | 3,674 | $ | 7,670 | |||||||
Short-term lease expense | 311 | 532 | |||||||||
Variable lease expense | 645 | 1,390 |
Six Months Ended September 30, 2019 | |||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 6,212 | |||
Operating lease assets obtained in exchange for new lease liabilities | 1,586 |
Fiscal Years Ending March 31, | Operating Leases | ||||
2020 (remaining six months) | $ | 5,453 | |||
2021 | 12,701 | ||||
2022 | 11,846 | ||||
2023 | 12,207 | ||||
2024 | 11,300 | ||||
2025 | 9,710 | ||||
Thereafter | 24,562 | ||||
Total operating lease payments | $ | 87,779 | |||
Less imputed interest | (18,486) | ||||
Total operating lease liabilities | $ | 69,293 |
Fiscal Years Ending March 31, | Operating Leases | ||||
2020 | $ | 16,374 | |||
2021 | 16,155 | ||||
2022 | 15,620 | ||||
2023 | 16,105 | ||||
2024 | 13,484 | ||||
Thereafter | 32,849 | ||||
Total minimum future lease payments | $ | 110,587 |
Options Outstanding | RSUs Outstanding | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number
of Shares |
Weighted-
Average Exercise Price |
Weighted-
Average Remaining Contractual Term (in years) |
Aggregate Intrinsic Value |
Number
of Shares |
Weighted-
Average Grant Date Fair Value |
Weighted-
Average Remaining Contractual Term (in years) |
Aggregate Intrinsic Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding - April 1, 2019 | 2,751 | $ | 35.10 | 6.3 | $ | 176,002 | 2,419 | $ | 76.34 | 3.0 | $ | 238,734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options granted | 273 | 91.94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs granted | 521 | 82.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | (121) | 25.22 | 7,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs vested | (432) | 61.85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options canceled/forfeited | (43) | 67.87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RSUs canceled/forfeited | (212) | 75.54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding - September 30, 2019 | 2,860 | $ | 40.45 | 5.6 | $ | 85,051 | 2,296 | $ | 80.48 | 2.7 | $ | 141,140 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Cost of revenue | $ | 1,300 | $ | 895 | $ | 2,522 | $ | 1,588 | |||||||||||||||||||||||||||
Research and development | 7,434 | 3,858 | 14,462 | 7,121 | |||||||||||||||||||||||||||||||
Sales and marketing | 10,533 | 6,028 | 19,592 | 10,818 | |||||||||||||||||||||||||||||||
General and administrative | 4,091 | 3,052 | 7,970 | 5,333 | |||||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 23,358 | $ | 13,833 | $ | 44,546 | $ | 24,860 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||||
Net loss attributable to New Relic | $ | (18,614) | $ | (8,336) | $ | (33,783) | $ | (13,951) | |||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||
Weighted average shares used to compute net loss per share, basic and diluted | 58,372 | 56,706 | 58,161 | 56,446 | |||||||||||||||||||||||||||||||
Net loss attributable to New Relic per share—basic and diluted | $ | (0.32) | $ | (0.15) | $ | (0.58) | $ | (0.25) |
As of September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Options to purchase common stock | 2,860 | 3,037 | |||||||||||||||
Restricted stock units | 2,296 | 2,092 | |||||||||||||||
ESPP shares | 55 | 26 | |||||||||||||||
5,211 | 5,155 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
United States | $ | 99,264 | $ | 78,297 | $ | 195,871 | $ | 152,368 | |||||||||||||||||||||||||||
EMEA | 25,735 | 21,271 | 50,903 | 41,215 | |||||||||||||||||||||||||||||||
APAC | 13,027 | 9,116 | 25,148 | 17,470 | |||||||||||||||||||||||||||||||
Other | 7,789 | 6,212 | 14,903 | 12,064 | |||||||||||||||||||||||||||||||
Total revenue | $ | 145,815 | $ | 114,896 | $ | 286,825 | $ | 223,117 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||
Revenue | $ | 145,815 | $ | 114,896 | $ | 286,825 | $ | 223,117 | |||||||||||||||||||||||||||||||||
Cost of revenue (1) | 25,149 | 18,447 | 48,762 | 35,497 | |||||||||||||||||||||||||||||||||||||
Gross profit | 120,666 | 96,449 | 238,063 | 187,620 | |||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Research and development (1) | 34,132 | 23,962 | 68,471 | 46,565 | |||||||||||||||||||||||||||||||||||||
Sales and marketing (1) | 80,157 | 61,142 | 157,007 | 118,630 | |||||||||||||||||||||||||||||||||||||
General and administrative (1) | 23,278 | 16,880 | 46,378 | 31,591 | |||||||||||||||||||||||||||||||||||||
Total operating expenses | 137,567 | 101,984 | 271,856 | 196,786 | |||||||||||||||||||||||||||||||||||||
Loss from operations | (16,901) | (5,535) | (33,793) | (9,166) | |||||||||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||
Interest income | 4,011 | 3,259 | 8,151 | 5,104 | |||||||||||||||||||||||||||||||||||||
Interest expense | (5,888) | (5,597) | (11,707) | (8,263) | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | 315 | (435) | 3,293 | (1,277) | |||||||||||||||||||||||||||||||||||||
Loss before income taxes | (18,463) | (8,308) | (34,056) | (13,602) | |||||||||||||||||||||||||||||||||||||
Income tax provision | 660 | 225 | 624 | 546 | |||||||||||||||||||||||||||||||||||||
Net loss | $ | (19,123) | $ | (8,533) | $ | (34,680) | $ | (14,148) | |||||||||||||||||||||||||||||||||
Net loss attributable to redeemable non-controlling interest | 509 | 197 | 897 | 197 | |||||||||||||||||||||||||||||||||||||
Net loss attributable to New Relic | $ | (18,614) | $ | (8,336) | $ | (33,783) | $ | (13,951) | |||||||||||||||||||||||||||||||||
Net loss attributable to New Relic per share, basic and diluted | $ | (0.32) | $ | (0.15) | $ | (0.58) | $ | (0.25) | |||||||||||||||||||||||||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 58,372 | 56,706 | 58,161 | 56,446 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 1,300 | $ | 895 | $ | 2,522 | $ | 1,588 | |||||||||||||||||||||||||||||||||
Research and development | 7,434 | 3,858 | 14,462 | 7,121 | |||||||||||||||||||||||||||||||||||||
Sales and marketing | 10,533 | 6,028 | 19,592 | 10,818 | |||||||||||||||||||||||||||||||||||||
General and administrative | 4,091 | 3,052 | 7,970 | 5,333 | |||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense | $ | 23,358 | $ | 13,833 | $ | 44,546 | $ | 24,860 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
(as a percentage of revenue) | |||||||||||||||||||||||||||||||||||||||||
Revenue | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||||||
Cost of revenue (1) | 17 | 16 | 17 | 16 | |||||||||||||||||||||||||||||||||||||
Gross profit | 83 | 84 | 83 | 84 | |||||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||||||||
Research and development (1) | 23 | 21 | 24 | 21 | |||||||||||||||||||||||||||||||||||||
Sales and marketing (1) | 56 | 53 | 55 | 53 | |||||||||||||||||||||||||||||||||||||
General and administrative (1) | 16 | 15 | 16 | 14 | |||||||||||||||||||||||||||||||||||||
Total operating expenses | 95 | 89 | 95 | 88 | |||||||||||||||||||||||||||||||||||||
Loss from operations | (12) | (5) | (12) | (4) | |||||||||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||
Interest income | 3 | 3 | 3 | 2 | |||||||||||||||||||||||||||||||||||||
Interest expense | (4) | (5) | (4) | (4) | |||||||||||||||||||||||||||||||||||||
Other income (expense), net | — | — | 1 | (1) | |||||||||||||||||||||||||||||||||||||
Loss before income taxes | (13) | (7) | (12) | (7) | |||||||||||||||||||||||||||||||||||||
Income tax provision | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net loss | (13) | % | (7) | % | (12) | % | (7) | % | |||||||||||||||||||||||||||||||||
Net loss attributable to redeemable non-controlling interest | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net loss attributable to New Relic | (13) | % | (7) | % | (12) | % | (7) | % |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
(as a percentage of revenue) | |||||||||||||||||||||||||||||||||||||||||
Cost of revenue | 1 | % | 1 | % | 1 | % | 1 | % | |||||||||||||||||||||||||||||||||
Research and development | 5 | 3 | 5 | 3 | |||||||||||||||||||||||||||||||||||||
Sales and marketing | 7 | 5 | 7 | 5 | |||||||||||||||||||||||||||||||||||||
General and administrative | 3 | 3 | 3 | 2 | |||||||||||||||||||||||||||||||||||||
Total stock-based compensation expense | 16 | % | 12 | % | 16 | % | 11 | % |
Three Months Ended September 30, | Change | Six Months Ended September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | Amount | % | 2019 | 2018 | Amount | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 99,264 | $ | 78,297 | $ | 20,967 | 27 | % | $ | 195,871 | $ | 152,368 | $ | 43,503 | 29 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | 25,735 | 21,271 | 4,464 | 21 | 50,903 | 41,215 | 9,688 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
APAC | 13,027 | 9,116 | 3,911 | 43 | 25,148 | 17,470 | 7,678 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 7,789 | 6,212 | 1,577 | 25 | 14,903 | 12,064 | 2,839 | 24 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 145,815 | $ | 114,896 | $ | 30,919 | 27 | % | $ | 286,825 | $ | 223,117 | $ | 63,708 | 29 | % |
Three Months Ended September 30, | Change | Six Months Ended September 30, | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | Amount | % | 2019 | 2018 | Amount | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | $ | (1,562) | $ | (2,773) | $ | 1,211 | 44 | % | $ | (263) | $ | (4,436) | $ | 4,173 | 94 | % |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
GAAP loss from operations | $ | (16,901) | $ | (5,535) | (33,793) | $ | (9,166) | ||||||||||||||||||||||||||||
Plus: Stock-based compensation expense | 23,358 | 13,833 | 44,546 | 24,860 | |||||||||||||||||||||||||||||||
Plus: Lease exit costs and accelerated depreciation | 3,641 | — | 3,641 | — | |||||||||||||||||||||||||||||||
Plus: Amortization of purchased intangibles | 440 | 197 | 880 | 394 | |||||||||||||||||||||||||||||||
Plus: Transaction costs related to acquisition | — | 330 | — | 330 | |||||||||||||||||||||||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 227 | 174 | 434 | 363 | |||||||||||||||||||||||||||||||
Plus: Lawsuit litigation cost and other expense | — | — | 1,521 | — | |||||||||||||||||||||||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 386 | 660 | 1,304 | 1,595 | |||||||||||||||||||||||||||||||
Non-GAAP income from operations | $ | 11,151 | $ | 9,659 | $ | 18,533 | $ | 18,376 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
GAAP net loss attributable to New Relic | $ | (18,614) | $ | (8,336) | $ | (33,783) | $ | (13,951) | |||||||||||||||||||||||||||
Plus: Stock-based compensation expense | 23,358 | 13,833 | 44,546 | 24,860 | |||||||||||||||||||||||||||||||
Plus: Lease exit costs and accelerated depreciation | 3,641 | — | 3,641 | — | |||||||||||||||||||||||||||||||
Plus: Amortization of purchased intangibles | 440 | 197 | 880 | 394 | |||||||||||||||||||||||||||||||
Plus: Transaction costs related to acquisition | — | 330 | — | 330 | |||||||||||||||||||||||||||||||
Plus: Amortization of stock-based compensation capitalized in software development costs | 227 | 174 | 434 | 363 | |||||||||||||||||||||||||||||||
Plus: Lawsuit litigation cost and other expense | — | — | 1,521 | — | |||||||||||||||||||||||||||||||
Plus: Employer payroll tax on employee equity incentive plans | 386 | 660 | 1,304 | 1,595 | |||||||||||||||||||||||||||||||
Plus: Amortization of debt discount and issuance costs | 5,239 | 4,952 | 10,404 | 7,292 | |||||||||||||||||||||||||||||||
Less: Gain on lease modification | — | — | (3,006) | — | |||||||||||||||||||||||||||||||
Non-GAAP net income attributable to New Relic | $ | 14,677 | $ | 11,810 | $ | 25,941 | $ | 20,883 |
Six Months Ended September 30, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Cash provided by operating activities | $ | 45,504 | $ | 58,214 | |||||||||||||
Cash used in investing activities | (50,565) | (436,863) | |||||||||||||||
Cash provided by financing activities | 9,965 | 442,968 | |||||||||||||||
Net increase in cash, cash equivalents and restricted cash | $ | 4,904 | $ | 64,319 |
Exhibit
No. |
Description of Exhibit | Incorporated by Reference |
Filed
Herewith |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
Form | File No. | Exhibit | File Date | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amended and Restated Certificate of Incorporation of the Registrant. | 10-K | 001-36766 | 3.1 | May 28, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amended and Restated Bylaws of the Registrant. | S-1 | 333-200078 | 3.4 | November 10, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 Equity Incentive Plan and related form agreements. | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Separation and Transition Agreement and General Release between the Registrant and James Gochee, dated September 13, 2019. | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offer Letter between the Registrant and Michael Christenson, dated as of September 15, 2019. | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
32.1(1)
|
Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the In-line XBRL document. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
NEW RELIC, INC. | |||||||||||
Date: | November 5, 2019 | ||||||||||
By: | /s/ Mark Sachleben | ||||||||||
Mark Sachleben | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer and Duly Authorized Signatory) |
Optionholder: | ||||||||
Date of Grant: | ||||||||
Vesting Commencement Date: | ||||||||
Number of Shares Subject to Option: | ||||||||
Exercise Price (Per Share): | ||||||||
Total Exercise Price: | ||||||||
Expiration Date: |
Payment: | By one or a combination of the following items (described in the Option Agreement): | ||||||||||
x By cash, check, bank draft or money order payable to the Company
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x After the completion of a Public Offering, pursuant to a Regulation T Program
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x By delivery of already-owned shares
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x If and only to the extent this option is a Nonstatutory Stock Option, and subject to the Company’s consent at the time of exercise, by a “net exercise” arrangement
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1 |
If this is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options) cannot be first exercisable for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option.
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Type of option (check one): |
Incentive ¨
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Nonstatutory ¨
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Option Grant Date: | ||||||||||||||
Number of Shares as to which the Option is exercised: | ||||||||||||||
Certificates to be issued in name of: | ||||||||||||||
Total exercise price: |
$
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$
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Cash payment delivered herewith: |
$
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$
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Value of Shares delivered herewith1:
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$
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$
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Value of Shares pursuant to net exercise2:
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$
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$
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Regulation T Program (cashless exercise3):
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$
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$
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1 | Shares must meet the public trading requirements set forth in the option agreement. Shares must be valued in accordance with the terms of the Option being exercised, and must be owned free and clear of any liens, claims, encumbrances or security interests. Certificates must be endorsed or accompanied by an executed assignment separate from certificate. | ||||
2 | Only available for exercise of nonstatutory stock option, and only if the Company has established net exercise procedures at the time of exercise. | ||||
3 | Shares must meet the public trading requirements set forth in the option agreement. | ||||
Very truly yours, | ||||||||
Signature | ||||||||
Print Name |
Participant: | ||||||||||||||
Date of Grant: | ||||||||||||||
Vesting Commencement Date: | ||||||||||||||
Number of Restricted Stock Units: |
/s/ Mark Sachleben
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/s/ James Gochee
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9/13/2019 |
1.Nondisclosure
1.1 Recognition of Company’s Rights; Nondisclosure. At all times during my employment and for a period of five (5) years thereafter, I will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Company’s Proprietary Information (defined below), except as such disclosure, use or publication may be required in connection with my work for the Company, or unless an officer of the Company expressly authorizes such in writing. I will obtain Company’s written approval before publishing or submitting for publication any material (written, verbal, or otherwise) that relates to my work at Company and/or incorporates any Proprietary Information. I hereby assign to the Company any rights I may have or acquire in such Proprietary Information and recognize that all Proprietary Information shall be the sole property of the Company and its assigns.
1.2 Proprietary Information. The term “Proprietary Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the Company. By way of illustration but not limitation, “Proprietary Information” includes (a) trade secrets, inventions, mask works, ideas, processes, formulas, source and object codes, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques (hereinafter collectively referred to as “Inventions”); and (b) information regarding plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (c) information regarding the skills and compensation of other employees of the Company. Notwithstanding the foregoing, it is understood that, at all such times, I am free to use information which is generally known in the trade or industry, which is not gained as result of a breach of this Agreement, and my own skill, knowledge, know-how and experience to whatever extent and in whichever way I wish.
1.3 Third Party Information. I understand, in addition, that the Company has
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received and in the future will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of my employment and thereafter, I will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work for the Company) or use, except in connection with my work for the Company, Third Party Information unless expressly authorized by an officer of the Company in writing.
1.4 No Improper Use of Information of Prior Employers and Others. During my employment by the Company I will not improperly use or disclose any confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality, and I will not bring onto the premises of the Company any unpublished documents or any property belonging to any former employer or any other person to whom I have an obligation of confidentiality unless consented to in writing by that former employer or person. I will use in the performance of my duties only information which is generally known and used by persons with training and experience comparable to my own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company.
2. Assignment of Inventions.
2.1 Proprietary Rights. The term “Proprietary Rights” shall mean all trade secret, patent, copyright, mask work and other intellectual property rights throughout the world.
2.2 Prior Inventions. Inventions, if any, patented or unpatented, which I made prior to the commencement of my employment with the Company are excluded from the scope of this Agreement. To preclude any possible uncertainty, I have set forth on Exhibit C (Previous Inventions) attached hereto a
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complete list of all Inventions that I have, alone or jointly with others, conceived, developed or reduced to practice or caused to be conceived, developed or reduced to practice prior to the commencement of my employment with the Company, that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement (collectively referred to as “Prior Inventions”). If disclosure of any such Prior Invention would cause me to violate any prior confidentiality agreement, I understand that I am not to list such Prior Inventions in Exhibit C but am only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs and the fact that full disclosure as to such inventions has not been made for that reason. A space is provided on Exhibit C for such purpose. If no such disclosure is attached, I represent that there are no Prior Inventions. If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company product, process or machine, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use and sell such Prior Invention. Notwithstanding the foregoing, I agree that I will not incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions without the Company’s prior written consent.
2.3 Assignment of Inventions. Subject to Sections 2.4, and 2.6, I hereby assign and agree to assign in the future (when any such Inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to the Company all my right, title and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto) whether or not patentable or registrable under copyright or similar statutes, made or conceived or reduced to practice or learned by me, either alone or jointly with others, during the period of my employment with the Company. Inventions assigned to the Company, or to a third party as directed by the Company pursuant to this Section 2, are hereinafter referred to as “Company Inventions.”
2.4 Nonassignable Inventions. This Agreement does not apply to an Invention which qualifies fully as a nonassignable Invention under Section 2870 of the California Labor Code (hereinafter “Section 2870”). I have reviewed the notification on Exhibit A (Limited Exclusion
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Notification) and agree that my signature acknowledges receipt of the notification.
2.5 Obligation to Keep Company Informed. During the period of my employment and for six (6) months after termination of my employment with the Company, I will promptly disclose to the Company fully and in writing all Inventions authored, conceived or reduced to practice by me, either alone or jointly with others. In addition, I will promptly disclose to the Company all patent applications filed by me or on my behalf within a year after termination of employment. At the time of each such disclosure, I will advise the Company in writing of any Inventions that I believe fully qualify for protection under Section 2870; and I will at that time provide to the Company in writing all evidence necessary to substantiate that belief. The Company will keep in confidence and will not use for any purpose or disclose to third parties without my consent any confidential information disclosed in writing to the Company pursuant to this Agreement relating to Inventions that qualify fully for protection under the provisions of Section 2870. I will preserve the confidentiality of any Invention that does not fully qualify for protection under Section 2870.
2.6 Government or Third Party. I also agree to assign all my right, title and interest in and to any particular Company Invention to a third party, including without limitation the United States, as directed by the Company.
2.7 Works for Hire. I acknowledge that all original works of authorship which are made by me (solely or jointly with others) within the scope of my employment and which are protectable by copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section 101).
2.8 Enforcement of Proprietary Rights. I will assist the Company in every proper way to obtain, and from time to time enforce, United States and foreign Proprietary Rights relating to Company Inventions in any and all countries. To that end I will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof. In addition, I will execute, verify and deliver assignments of such Proprietary Rights to the Company or its designee. My obligation to assist the Company with respect to Proprietary
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Rights relating to such Company Inventions in any and all countries shall continue beyond the termination of my employment, but the Company shall compensate me at a reasonable rate after my termination for the time actually spent by me at the Company’s request on such assistance.
In the event the Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions specified in the preceding paragraph, I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and in my behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by me. I hereby waive and quitclaim to the Company any and all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company.
3. Records. I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that may be required by the Company) of all Proprietary Information developed by me and all Inventions made by me during the period of my employment at the Company, which records shall be available to and remain the sole property of the Company at all times.
4. Additional Activities. I agree that during the period of my employment by the Company I will not, without the Company’s written consent, engage in any employment or business activity which is competitive with, or would otherwise conflict with, my employment by the Company. I agree further that for the period of my employment by the Company and for one (1) year after the date of termination of my employment by the Company I will not, either directly or through others, solicit or attempt to solicit any employee, independent contractor or consultant of the company to terminate his or her relationship with the Company in order to become an employee, consultant or independent contractor to or for any other person or entity.
5. No Conflicting Obligation. I represent that my performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence information acquired by me in confidence
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or in trust prior to my employment by the Company. I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict herewith.
6. Return of Company Documents. When I leave the employ of the Company, I will deliver to the Company any and all drawings, notes, memoranda, specifications, devices, formulas, and documents, together with all copies thereof, and any other material containing or disclosing any Company Inventions, Third Party Information or Proprietary Information of the Company. I further agree that any property situated on the Company’s premises and owned by the Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company personnel at any time with or without notice. Prior to leaving, I will cooperate with the Company in completing and signing the Company’s termination statement.
7. Legal and Equitable Remedies. Because my services are personal and unique and because I may have access to and become acquainted with the Proprietary Information of the Company, the Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement.
8. Notices. Any notices required or permitted hereunder shall be given to the appropriate party at the address specified below or at such other address as the party shall specify in writing. Such notice shall be deemed given upon personal delivery to the appropriate address or if sent by certified or registered mail, three (3) days after the date of mailing.
9. Notification of New Employer. In the event that I leave the employ of the Company, I hereby consent to the notification of my new employer of my rights and obligations under this Agreement.
10. General Provisions.
10.1 Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of the State of California, as such laws are applied to agreements entered into and to be performed entirely within California between California residents. I hereby expressly consent to the personal jurisdiction
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/s/ Mike Christenson |
September 15, 2019 |
1.Nondisclosure
1.1Recognition of Company’s Rights; Nondisclosure. I agree that at all times in perpetuity, both during my employment and thereafter, I will hold in strictest confidence and will not disclose, use, copy, summarize, remove from the premises of the Company, lecture upon or publish any of the Company’s Proprietary Information (defined below), except (a) as required in connection with my work for the Company, and (b) after termination of my employment, only if an officer of the Company expressly authorizes such in writing. I agree to take all reasonable measures to protect the Proprietary Information of the Company from falling into the public domain or the possession of persons other than those persons authorized to have any such Proprietary Information. I will obtain Company’s written approval before publishing or submitting for publication any material (written, verbal, or otherwise) that relates to my work at Company and/or incorporates any Proprietary Information. I hereby assign to the Company any rights I may have or acquire in such Proprietary Information and recognize that all Proprietary Information shall be the sole property of the Company and its assigns.
1.2Proprietary Information. The term “Proprietary Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the Company. By way of illustration but not limitation, “Proprietary Information” includes (a) trade secrets, inventions, mask works, ideas, processes, formulas, source and object codes, data, programs, other works of authorship, know-how, improvements, discoveries, developments, designs and techniques (hereinafter collectively referred to as “Inventions”); and (b) information regarding plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (c) lists of names or classes of customers or personnel. Notwithstanding the foregoing, it is understood that, at all such times, I am free to use information which is generally known
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in the trade or industry, which is not gained as result of a breach of this Agreement, and my own skill, knowledge, know-how and experience to whatever extent and in whichever way I wish.
1.3Third Party Information. I understand, in addition, that the Company has received and in the future will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of my employment and thereafter, I will hold Third Party Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work for the Company) or use, except in connection with my work for the Company, Third Party Information unless expressly authorized by an officer of the Company in writing.
1.4 No Improper Use of Information of Prior Employers and Others. During my employment with the Company I will not improperly use or disclose any confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality, and I will not bring onto the premises of the Company any unpublished documents or any property belonging to any former employer or any other person to whom I have an obligation of confidentiality unless consented to in writing by that former employer or person. I will use in the performance of my duties only information which is generally known and used by persons with training and experience comparable to my own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company.
2. Assignment of Inventions.
2.1 Proprietary Rights. The term “Proprietary Rights” shall mean all trade secret,
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patent, copyright, mask work and other intellectual property rights throughout the world.
2.2 Prior Inventions. Inventions, if any, patented or unpatented, which I made prior to the commencement of my employment with the Company are excluded from the scope of this Agreement. To preclude any possible uncertainty, I have set forth on Exhibit C (Previous Inventions) attached hereto a complete list of all Inventions that I have, alone or jointly with others, conceived, developed or reduced to practice or caused to be conceived, developed or reduced to practice prior to the commencement of my employment with the Company, that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement (collectively referred to as “Prior Inventions”). If disclosure of any such Prior Invention would cause me to violate any prior confidentiality agreement, I understand that I am not to list such Prior Inventions in Exhibit C but am only to disclose a cursory name for each such invention, a listing of the party(ies) to whom it belongs and the fact that full disclosure as to such inventions has not been made for that reason. A space is provided on Exhibit C for such purpose. If no such disclosure is attached, I represent that there are no Prior Inventions. If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company product, process or machine, the Company is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use and sell such Prior Invention. Notwithstanding the foregoing, I agree that I will not incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions without the Company’s prior written consent.
2.3 Assignment of Inventions. Subject to Sections 2.4, and 2.6, I hereby assign and agree to assign in the future (when any such Inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable) to the Company all my right, title and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto) whether or not patentable or registrable under copyright or similar statutes, made or conceived or reduced to practice or learned by me, either alone or jointly with others, during the period of my employment with the Company. Inventions assigned to the Company, or to a third party as directed by the Company pursuant to this Section 2, are hereinafter referred to as “Company Inventions.”
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2.4 Nonassignable Inventions. This Agreement does not apply to an Invention which qualifies fully as a nonassignable Invention under Section 2870 of the California Labor Code (hereinafter “Section 2870”). I have reviewed the notification on Exhibit B (Limited Exclusion Notification) and agree that my signature acknowledges receipt of the notification.
2.5 Obligation to Keep Company Informed. During the period of my employment and for six (6) months thereafter, I will promptly disclose to the Company fully and in writing all Inventions authored, conceived or reduced to practice by me, either alone or jointly with others. In addition, I will promptly disclose to the Company all patent applications filed by me or on my behalf within a year after the end of my employment. At the time of each such disclosure, I will advise the Company in writing of any Inventions that I believe fully qualify for protection under Section 2870; and I will at that time provide to the Company in writing all evidence necessary to substantiate that belief. The Company will keep in confidence and will not use for any purpose or disclose to third parties without my consent any confidential information disclosed in writing to the Company pursuant to this Agreement relating to Inventions that qualify fully for protection under the provisions of Section 2870. I will preserve the confidentiality of any Invention that does not fully qualify for protection under Section 2870.
2.6 Government or Third Party. I also agree to assign all my right, title and interest in and to any particular Company Invention to a third party, including without limitation the United States, as directed by the Company.
2.7 Works for Hire. I acknowledge that all original works of authorship which are made by me (solely or jointly with others) within the scope of my employment and which are protectable by copyright are “works made for hire,” pursuant to United States Copyright Act (17 U.S.C., Section 101).
2.8 Enforcement of Proprietary Rights. I will assist the Company in every proper way to obtain, and from time to time enforce, United States and foreign Proprietary Rights relating to Company Inventions in any and all countries. To that end I will execute, verify and deliver such documents and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof. In addition, I will execute,
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verify and deliver assignments of such Proprietary Rights to the Company or its designee. My obligation to assist the Company with respect to Proprietary Rights relating to such Company Inventions in any and all countries shall continue beyond the termination of my employment, but the Company shall compensate me at a reasonable rate after my termination for the time actually spent by me at the Company’s request on such assistance.
In the event the Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions specified in the preceding paragraph, I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and in my behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by me. I hereby waive and quitclaim to the Company any and all claims, of any nature whatsoever, which I now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company.
3. Records. I agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that may be required by the Company) of all Proprietary Information developed by me and all Inventions made by me during the period of my employment at the Company, which records shall be available to and remain the sole property of the Company at all times.
4. Non-Competition & Non-Solicitation. I agree that during the period of my employment with the Company I will not, without the Company’s written consent, engage in any employment or business activity which is competitive with, or would otherwise conflict with, my employment with the Company. I agree further that for the period of my employment with the Company and for one (l) year thereafter, I will not, either directly or through others, solicit or attempt to solicit any employee, independent contractor or consultant of the company to terminate his or her relationship with the Company in order to become an employee, consultant or independent contractor to or for any other person or entity. In addition, I agree that I will not at any time after my employment with the Company use Company trade secrets to either solicit business from, or enter into a business relationship or transaction with, any person or entity that has or has had a business relationship with the Company (including, but not limited to,
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customers) or disrupt, or attempt to disrupt, any relationship, contractual or otherwise, between Company and any such person or entity.
5. No Conflicting Obligation. I represent that my performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment with the Company. I have not entered into, and I agree I will not enter into, any agreement either written or oral in conflict herewith.
6. Return of Company Documents. When I leave the employ of the Company, I will deliver to the Company any and all drawings, notes, memoranda, specifications, devices, formulas, and documents, together with all copies thereof, and any other material containing or disclosing any Company Inventions, Third Party Information or Proprietary Information of the Company. I further agree that any property situated on the Company’s premises and owned by the Company, including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company personnel at any time with or without notice. Prior to leaving, I will cooperate with the Company in completing and signing the Company’s termination statement to confirm my understanding and compliance with my obligations under this agreement.
7. Legal and Equitable Remedies. Because my services are personal and unique and because I may have access to and become acquainted with the Proprietary Information of the Company, the Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement.
8. Notices. Any notices required or permitted hereunder shall be given to the appropriate party at the address specified below or at such other address as the party shall specify in writing. Such notice shall be deemed given upon personal delivery to the appropriate address or if sent by certified or registered mail, three (3) days after the date of mailing.
9. Notification of New Employer. In the event that I leave the employ of the Company, I hereby consent to the notification of my new employer of my rights and obligations under this Agreement.
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10. General Provisions.
10.1 Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of the State of California, as such laws are applied to agreements entered into and to be performed entirely within California between California residents. I hereby expressly consent to the personal jurisdiction of the state and federal courts located in San Francisco County, California, for any lawsuit filed there against me by Company arising from or related to this Agreement.
10.2 Severability. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. If moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.
10.3 Successors and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and will be for the benefit of the Company, its successors, and its assigns.
10.4 Survival. The provisions of this Agreement shall survive the termination of my employment and the assignment of this Agreement by the Company to any successor in interest or other assignee.
10.5 At-Will Employment. I agree that my employment relationship with the Company is one of employment at will. I agree and understand that nothing in this Agreement shall confer any right with respect to continuation of employment with the Company, nor shall it interfere in any way with my right or the Company’s right to terminate my employment at any time without advance notice, with or without cause.
10.6 Waiver. No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by the Company of any right under this
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Agreement shall be construed as a waiver of any other right. The Company shall not be required to give notice to enforce strict adherence to all terms of this Agreement.
10.7 Advice of Counsel. I acknowledge that, in executing this Agreement, I have had the opportunity to seek the advice of independent legal counsel, and I have read and understood all of the terms and provisions of this Agreement. This agreement shall not be construed against any party by reason of the drafting or preparation hereof.
10.8 Entire Agreement. The obligations pursuant to Sections 1 and 2 of this Agreement shall apply to any time during which I was previously employed, or am in the future employed, by the Company if no other agreement governs nondisclosure and assignment of inventions during such period. This Agreement is the final, complete and exclusive agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior discussions between us. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the party to be charged. Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this Agreement.
This Agreement shall be effective as of the first day of my employment with the Company, namely: October 1, 2019.
I have read this Agreement carefully and understand its terms. I have completely filled out Exhibit B and C to this Agreement.
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Dated: September 15, 2019
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/s/ Mike Christenson | ||||||||
Mike Christenson | ||||||||
Accepted and Agreed To: New Relic, Inc.
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By: /s/ Mark Sachleben
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Title: CFO
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188 Spear Street, Suite 1200 | ||||||||
San Francisco, California 94105 | ||||||||
Dated: September 15, 2019
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Date: | November 5, 2019 | By: | /s/ Lewis Cirne | ||||||||
Lewis Cirne | |||||||||||
Chief Executive Officer
(Principal Executive Officer) |
Date: | November 5, 2019 | By: | /s/ Mark Sachleben | ||||||||
Mark Sachleben | |||||||||||
Chief Financial Officer
(Principal Financial Officer) |
Date: | November 5, 2019 | By: | /s/ Lewis Cirne | ||||||||
Lewis Cirne | |||||||||||
Chief Executive Officer |
Date: | November 5, 2019 | By: | /s/ Mark Sachleben | ||||||||
Mark Sachleben | |||||||||||
Chief Financial Officer |