Item 3. Legal Proceedings
ITEM 3. LEGAL PROCEEDINGS
On September 18, 2024, Matthias Alder (“Mr. Alder”) filed suit against us in the Circuit Court of Maryland for Montgomery County (the “Litigation”). On October 10, 2024, Mr. Alder amended the complaint in the Litigation to add Jeffrey Riley, a member of our board of directors, and Khalid Islam, Executive Chairman of the board of directors, as defendants. Mr. Alder served as our Chief Operating Officer and subsequently as Chief Executive Officer during his approximately two and a half year tenure with us beginning in October 2021. Mr. Alder’s employment with us was terminated on June 25, 2024. In connection with Mr. Alder’s departure, we entered into a separation and general release agreement with Mr. Alder on June 27, 2024 (the “Separation Agreement”). In his suit, Mr. Alder alleges, among other things, that we breached the Separation Agreement and employment agreement with Mr. Alder by failing to pay certain severance amounts as well as violated non-disparagement obligations to Mr. Alder. We are vigorously defending ourselves in the matter. If the lawsuit is not amicably resolved at a mediation session currently scheduled for March 31, 2025, we will consider filing counterclaims against Mr. Alder.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
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Table of Contents
PART II
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