Item 9A. Controls and Procedures
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and our principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, the end of the period covered by this Annual Report on Form 10-K.
Based on this evaluation, our chief executive officer and chief financial officer concluded that, as of December 31, 2020, our disclosure controls and procedures were effective at a reasonable assurance level.
Management’s Annual Report on Internal Control Over Financial Reporting
This Annual Report on Form 10-K does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of our independent registered public accounting firm as permitted in this transition period under the rules of the SEC for newly public companies.
Changes in Internal Control Over Financial Reporting
There was no change in our internal control over financial reporting (as defined in Rules 13a-15(d) and 15d-15(d) under the Exchange Act) that occurred during the quarter ended December 31, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
The effectiveness of any system of internal control over financial reporting, including ours, is subject to inherent limitations, including the exercise of judgment in designing, implementing, operating, and evaluating the controls and procedures, and the inability to eliminate misconduct completely. Accordingly, any system of internal control over financial reporting, including ours, no matter how well designed and operated, can only provide reasonable, not absolute assurances. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We intend to continue to monitor and upgrade our internal controls as necessary or appropriate for our business, but there can be no assurance that such improvements will be sufficient to provide us with effective internal control over financial reporting.
Item 9B. Other Information.
None.
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PART III
Item 10. Directors, Executive Officers and Corporate Governance.
The information required by this Item that is found in our Definitive Proxy Statement to be filed with the SEC in connection with the solicitation of proxies for our 2021 Annual Meeting of Stockholders, or the Proxy Statement, is incorporated herein by reference to our Proxy Statement. The Proxy Statement will be filed with the SEC within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Item 11. Executive Compensation.
The information required by this Item is incorporated herein by reference to our Proxy Statement.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The information required by this Item is incorporated herein by reference to our Proxy Statement.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
The information required by this Item is incorporated herein by reference to our Proxy Statement.
Item 14. Principal Accounting Fees and Services.
The information required by this Item is incorporated herein by reference to our Proxy Statement.
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PART IV
Item 15. Exhibits and Financial Statement Schedules.
(a)
The following documents are filed as part of this Annual Report on Form 10-K:
1. Financial Statements
See the “Index to Combined Consolidation Financial Statements” under Part II, Item 8 of this report.
2. Financial Statement Schedules
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
Balance at
Beginning of
Year
Charges to
Statements of
Operations (1)
Claims and
Adjustments
Applied
Against
Allowances
Balance at
End of Year
(In thousands)
Allowance for credit losses on accounts receivable:
2020
$
212
$
681
$
( 547
)
$
346
2019
65
220
( 73
)
212
2018
314
237
( 486
)
65
(1)
The amount for the year ended December 31, 2019 includes an immaterial impact from the business acquisitions during the year.
All other financial schedules have been omitted, since the required information is not applicable or is not present in amounts sufficient to require submission of the schedule, or because the information required information is included in the combined consolidated financial statements and notes thereto included in this Annual Report on Form 10-K.
3. Exhibits
Incorporated by Reference
Exhibit
Number
Description
Form
Date
Number
Filed Herewith
3.1
Amended and Restated Certificate of Incorporation.
8-K
September 25, 2020
3.1
3.2
Amended and Restated Bylaws.
8-K
September 25, 2020
3.2
4.1
Reference is made to exhibits 3.1 through 3.2 .
4.2
Form of Stock Certificate.
S-1/A
September 18, 2020
4.2
4.3
Description of Corsair’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.
X
10.1#
Form of Indemnification Agreement to be entered into between Corsair Gaming, Inc. and each of its directors and executive officers.
S-1/A
August 21, 2020
10.1
10.2#
Corsair Gaming, Inc. Equity Incentive Program
S-1/A
September 18, 2020
10.2
10.2(a)#
Form of Unit Award Agreement (U.S. Form) under EagleTree-Carbide Holdings (Cayman), LP Equity Incentive Program
S-1
August 21, 2020
10.2(a)
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10.2(b)#
Form of Unit Award Agreement (Non-U.S. Form) under EagleTree-Carbide Holdings (Cayman), LP Equity Incentive Program
S-1
August 21, 2020
10.2(b)
10.3#
2020 Incentive Award Plan
S-1/A
September 14, 2020
10.3
10.3(a)#
Form of Stock Option Grant Notice and Stock Option Agreement under the 2020 Incentive Award Plan.
S-1/A
September 14, 2020
10.3(a)
10.3(b)#
Form of Restricted Stock Award Grant Notice under the 2020 Incentive Award Plan.
S-1/A
September 14, 2020
10.3(b)
10.3(c)#
Form of Restricted Stock Unit Award Grant Notice under the 2020 Incentive Award Plan.
S-1/A
September 14, 2020
10.3(c)
10.4#
2020 Employee Stock Purchase Plan.
S-1/A
September 14, 2020
10.4
10.5(a)
First Lien Credit and Guaranty Agreement, dated as of August 28, 2017, by and among Corsair Group (Cayman), LP and certain of its subsidiaries including the Registrant, Macquarie Capital Funding LLC, as administrative agent, and the other parties thereto.
S-1
August 21, 2020
10.5(a)
10.5(b)
Amendment No. 1 to First Lien Credit and Guaranty Agreement, dated as of October 3, 2017, by and among Corsair Group (Cayman), LP and certain of its subsidiaries including the Registrant, Macquarie Capital Funding LLC, as administrative agent, and the other parties thereto.
S-1
August 21, 2020
10.5(b)
10.5(c)
Amendment No. 2 to First Lien Credit and Guaranty Agreement, dated as of March 29, 2018, by and among Corsair Group (Cayman), LP and certain of its subsidiaries including the Registrant, Macquarie Capital Funding LLC, as administrative agent, and the other parties thereto.
S-1
August 21, 2020
10.5(c)
10.6(a)
Second Lien Credit and Guaranty Agreement, dated as of August 28, 2017, by and among Corsair Group (Cayman), LP and certain of its subsidiaries including the Registrant, Macquarie Capital Funding LLC, as administrative agent, and the other parties thereto.
S-1
August 21, 2020
10.6(a)
10.6(b)
Amendment No. 1 to Second Lien Credit and Guaranty, dated as of October 3, 2017, by and among Corsair Group (Cayman), LP, Macquarie Capital Funding LLC, as administrative agent, and the other parties thereto.
S-1
August 21, 2020
10.6(b)
10.7
Industrial Space Lease, dated as of August 18, 2014, by and among Corsair Memory, Inc. and Osprey Capital Building 50, LLC.
S-1
August 21, 2020
10.7
10.8(a)#
Severance Letter Agreement, dated as July 1, 2010, by and among Corsair Memory, Inc. and Andy Paul.
S-1
August 21, 2020
10.8(a)
10.8(b)#
Severance Letter Agreement, dated as July 1, 2010, by and among Corsair Memory, Inc. and Nick Hawkins.
S-1
August 21, 2020
10.8(b)
10.9#
Separation Agreement, dated April 30, 2019, by and among Corsair Memory, Inc. and Nick Hawkins.
S-1
August 21, 2020
10.9
10.10#
Offer Letter Agreement, dated October 17, 2019, by and among Corsair Gaming Inc., and Michael Potter.
S-1
August 21, 2020
10.10
10.11#
Second Separation Agreement, dated November 7, 2019, by and among Corsair Memory, Inc. and Nick Hawkins.
S-1
August 21, 2020
10.11
10.12
Amendment No. 3 to First Lien Credit and Guarantee Agreement, dated as of April 27, 2018, by and among Corsair Group (Cayman), LP and certain of its subsidiaries, including the Registrant, Macquarie Capital Funding LLC, as administrative agent, and the other parties thereto.
S-1/A
September 21, 2020
10.12
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10.13
Amendment No. 4 to First Lien Credit and Guarantee Agreement, dated as of October 11, 2018, by and among Corsair Group (Cayman), LP and certain of its subsidiaries, including the Registrant, Macquarie Capital Funding LLC, as administrative agent, and the other parties thereto.
S-1/A
September 21, 2020
10.13
10.14
Amendment No. 5 to First Lien Credit and Guarantee Agreement, dated as of December 19, 2019, by and among Corsair Group (Cayman), LP and certain of its subsidiaries, including the Registrant, Macquarie Capital Funding LLC, as administrative agent, and the other parties thereto.
S-1/A
September 21, 2020
10.14
10.15
Amendment No. 6 to First Lien Credit and Guarantee Agreement, dated as of September 25, 2020, by and among Corsair Group (Cayman), LP and certain of its subsidiaries, including the Registrant, Macquarie Capital Funding LLC, as administrative agent, and the other parties thereto.
8-K
October 1, 2020
10.1
21.1
List of the Registrant’s Significant Subsidiaries.
X
23.1
Consent of Independent Registered Public Accounting Firm.
X
24.1
Power of Attorney (included on signature page to this Annual Report on Form 10-K).
X
31.1
Certification of Principal Executive Officer Required under Securities Exchange Act Rule 13a-14(a) and 15d-14(a).
X
31.2
Certification of Principal Financial Officer Required under Securities Exchange Act Rule 13a-14(a) and 15d-14(a).
X
32.1*
Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350 and Securities Exchange Act Rule 13a-14(b),
X
101.INS
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
X
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 (embedded within the Inline XBRL document)
X
*
The certification attached as Exhibit 32.1 that accompanies this Annual Report on Form 10-K is not deemed filed with the SEC and is not to be incorporated by reference into any filing of Corsair Gaming, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation language contained in such filing.
#
Indicates management contract or compensatory plan.
Item 16. Form 10-K Summary
None.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized .
Corsair Gaming, Inc.
Date: March 11, 2021
By:
/s/ Andrew J. Paul
Andrew J. Paul
Chief Executive Officer and Director
(Principal Executive Officer)
Date: March 11, 2021
By:
/s/ Michael G. Potter
Michael G. Potter
Chief Financial Officer
(Principal Financial Officer)
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Andrew J. Paul and Michael G. Potter, and each or any one of them, his or her lawful attorneys-in-fact and agents, for such person in any and all capacities, to sign any and all amendments to this report and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that either of said attorneys-in-fact and agent, or substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Andrew J. Paul
Chief Executive Officer and Director
March 11, 2021
Andrew J. Paul
(Principal Executive Officer)
/s/ Michael G. Potter
Chief Financial Officer
March 11, 2021
Michael G. Potter
(Principal Financial Officer)
/s/ Gregg A. Lakritz
Vice President, Corporate Controller
March 11, 2021
Gregg A. Lakritz
(Principal Accounting Officer)
/s/ Anup Bagaria
Director
March 11, 2021
Anup Bagaria
/s/ Diana Bell
Director
March 11, 2021
Diana Bell
/s/ Jason Cahilly
Director
March 11, 2021
Jason Cahilly
/s/ George L. Majoros, Jr.
Director
March 11, 2021
George L. Majoros, Jr.
/s/ Stuart A. Martin
Director
March 11, 2021
Stuart A. Martin
/s/ Samuel R. Szteinbaum
Director
March 11, 2021
Samuel R. Szteinbaum
/s/ Randall J. Weisenburger
Director
March 11, 2021
Randall J. Weisenburger
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