Quantum names Hiral Patel chief accounting officer
Quantum Corporation (QMCO) appointed Hiral A. Patel as Chief Accounting Officer and Principal Accounting Officer effective September 1, 2026.
Rhea-AI Filing Summary
Quantum Corporation (QMCO) appointed Hiral A. Patel as Chief Accounting Officer and Principal Accounting Officer effective September 1, 2026. Patel brings extensive public-company accounting experience from roles at Pep Boys, IKEA Retail, Verifone Systems and Ernst & Young, and is a Certified Public Accountant with a BBA from Temple University.
Her offer provides a $335,000 annual base salary and eligibility for a target bonus equal to 50% of base salary, based on company and individual performance. As a material inducement to join Quantum, she will receive 50,000 RSUs vesting in three equal annual installments under the 2021 Inducement Plan, with the grant expected to be effective on or around October 1, 2026. Patel also entered into the company’s standard change of control and indemnification agreements, providing specified severance, bonus, equity vesting and COBRA-related benefits if her employment is involuntarily terminated under defined conditions.
Positive
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Filing Explained
With Hiral A. Patel’s appointment effective
8-K Event Classification
3 items: 5.02, 8.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Annual base salary: $335,000
Target bonus percentage: 50% of base salary
Restricted stock units grant: 50,000 RSUs
+5 more
8 metrics
Annual base salary
$335,000
Base salary for Hiral A. Patel as Chief Accounting Officer
Target bonus percentage
50% of base salary
Target bonus opportunity under company bonus program
Restricted stock units grant
50,000 RSUs
Inducement equity award vesting in three equal annual installments
Change of Control Period
3 months before to 12 months after Change of Control
Window during which Involuntary Termination triggers enhanced severance
Change-of-control cash severance
12 months base salary + 100% target bonus
Lump sum payment upon qualifying Involuntary Termination in Change of Control Period
COBRA benefits in change of control scenario
12 months COBRA premiums
Lump sum cash payment upon qualifying Involuntary Termination in Change of Control Period
COBRA benefits outside change of control
6 months COBRA premiums
Reimbursed upon Involuntary Termination outside Change of Control Period
Severance outside change of control
6 months base salary
Lump sum upon Involuntary Termination outside Change of Control Period
Key Terms
restricted stock units, Change of Control, Involuntary Termination, COBRA, +1 more
5 terms
restricted stock units financial
"approved the grant of 50,000 restricted stock units (“RSUs”), which vest"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Change of Control financial
"if a Change of Control (as defined in the Change of Control Agreement)"
A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.
Involuntary Termination financial
"ends as a result of an Involuntary Termination (as defined in the Change"
COBRA financial
"a lump sum cash payment equal to twelve (12) months’ worth of COBRA premiums"
COBRA is a U.S. federal law that lets employees and their dependents temporarily keep employer-sponsored health insurance after job loss, reduction in hours, or other qualifying events by paying the premiums themselves. Investors should care because offering COBRA can affect a company’s cash flow, administrative costs and legal disclosures when workforce changes occur—similar to a former club member paying to keep their membership active after leaving the club.
2021 Inducement Plan financial
"subject to continued employment and the terms of the Company’s 2021 Inducement Plan"
FAQ
What executive change did Quantum Corporation (QMCO) announce on September 1, 2026?
Quantum appointed Hiral A. Patel as Chief Accounting Officer and Principal Accounting Officer, effective September 1, 2026, to lead global accounting, financial reporting, revenue recognition, internal controls, and tax-related functions.
What is Hiral Patel’s compensation package at Quantum (QMCO)?
Hiral Patel will receive an annual base salary of $335,000 and is eligible for a target bonus equal to 50% of base salary, with actual bonus based on company and individual performance, plus an inducement grant of 50,000 RSUs vesting over three years.
What equity award did Quantum (QMCO) grant to Hiral Patel?
Quantum’s board approved a grant of 50,000 restricted stock units (RSUs) to Hiral Patel as a material inducement to her employment. The RSUs vest in three equal annual installments, subject to continued employment, and are expected to be granted on or around October 1, 2026 under the 2021 Inducement Plan.
What severance does Hiral Patel receive under Quantum’s change of control agreement?
If a Change of Control occurs and Hiral Patel is Involuntarily Terminated within the defined period, she receives a lump sum equal to 12 months of base salary plus 100% of target bonus, 100% accelerated vesting of time-vested equity, and a lump sum equal to 12 months of COBRA premiums.
What severance is available to Hiral Patel at Quantum (QMCO) outside a change of control?
If Hiral Patel is Involuntarily Terminated outside the change of control period, she is entitled to a lump sum equal to 6 months of then-annual base salary and reimbursement of 6 months of COBRA premiums for her and eligible dependents, subject to a release of claims.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 1, 2026
(Exact name of registrant as specified in its charter) | ||
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Securities registered pursuant to Section 12(b) of the Act:
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 1, 2026, Quantum Corporation (the “Company”) announced the appointment of Hiral A. Patel as the Company’s Chief Accounting Officer, effective September 1, 2026. In connection with her appointment, Ms. Patel will also assume the role of Principal Accounting Officer.
Ms. Patel, 38, most recently served as Chief Accounting Officer at Pep Boys, an automotive service and retail company, from October 2025 to June 2026. From March 2024 to October 2025, Ms. Patel was Vice President, Controller at IKEA Retail, the global home furnishing division of IKEA. Prior to that, Ms. Patel held positions of Senior Director of Accounting and Corporate Assistant Controller at VeriFone Systems Inc., a leader in payments and commerce solutions, from September 2020 to March 2024. She also served as Assurance Senior Manager for Ernst & Young LLP, a large global independent public accounting firm, from October 2011 to August 2020. Ms. Patel is a Certified Public Accountant and holds a Bachelor of Business Administration degree from Temple University.
In connection with her appointment, Ms. Patel entered into an offer letter (the “Offer Letter”) with the Company providing for (a) an annual base salary of $335,000 and (b) participation in the Company’s bonus program with a target bonus equal to 50% of her base salary, with the actual payout to be based on company and individual performance. In addition, as a material inducement to Ms. Patel entering into employment with the Company, the Leadership and Compensation Committee of the Company’s board of directors approved the grant of 50,000 restricted stock units (“RSUs”), which vest annually in three equal installments on each anniversary of the grant date, subject to continued employment and the terms of the Company’s 2021 Inducement Plan, as amended. The grant is expected to be effective on or around October 1, 2026.
Ms. Patel also entered into the Company’s standard form of change of control agreement for its executive officers (the “Change of Control Agreement”), under which, if a Change of Control (as defined in the Change of Control Agreement) of the Company occurs and within the period beginning three (3) months prior to and ending twelve (12) months following the Change of Control (the “Change of Control Period”), Ms. Patel’s employment with the Company ends as a result of
an Involuntary Termination (as defined in the Change of Control Agreement), the Company will provide to Ms. Patel the following severance payments and benefits:
• a lump sum cash payment equal to (a) twelve (12) months of her then-annual base salary, plus (b) 100% of her target annual bonus opportunity,
• 100% accelerated vesting of her then-outstanding time-vested equity awards, and
• a lump sum cash payment equal to twelve (12) months’ worth of COBRA premiums.
In addition, under the terms of the Offer Letter and outside of the Change of Control Period, if Ms. Patel’s employment with the Company is Involuntarily Terminated, the Company will provide to Ms. Patel the following severance payments and benefits:
• a lump sum cash payment equal to six (6) months of her then-annual base salary, and
• reimbursement of premiums for six (6) months continued COBRA coverage for Ms. Patel and her eligible dependents (or such earlier date that Ms. Patel is no longer eligible for COBRA), subject to the terms set forth in the Offer Letter.
The severance payments and benefits described above are subject to Ms. Patel entering into and not revoking a release of claims in favor of the Company.
The foregoing descriptions of the Offer Letter and the Change of Control Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Offer Letter and the Change of Control Agreement, copies of which are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.
Ms. Patel has also entered into the Company’s standard form of indemnification agreement. There is no arrangement or understanding between Ms. Patel and any other person pursuant to which she was selected as an officer of the Company. There are no transactions between Ms. Patel and the Company that would be required to be reported under Item 404(a) of Regulation S-K. Additionally, there are no family relationships between Ms. Patel and any director or executive officer of the Company.
Item 8.01 Other Events.
On September 1, 2026, the Company issued a press release announcing the appointment of Ms. Patel as Chief Accounting Officer. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |||||||
| 10.1# | Offer Letter dated August 6, 2026 by and between the Company and Hiral A. Patel. | |||||||
| 10.2# | Form of Amended and Restated Change of Control Agreement by and between the Company and each of the company's Executive Officers (incorporated by reference to Exhibit 10.5 of the Company's Annual Report on Form 10-K filed August 26, 2025). | |||||||
| 99.1 | Press Release dated September 1, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
# Indicates management contract or compensatory plan or arrangement.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Quantum Corporation | ||||||||||||||
| (Registrant) | ||||||||||||||
| September 1, 2026 | /s/ William H. White | |||||||||||||
| (Date) | William H. White | |||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
Quantum Appoints Hiral A. Patel as Chief Accounting Officer
Brings More than Two Decades of Public-Company Accounting Experience to Support Quantum’s Continued Growth and Profitability
CENTENNIAL, Colo. Sept. 1, 2026 -- Quantum Corporation (Nasdaq: QMCO) today announced the appointment of Hiral A. Patel as its Chief Accounting Officer and principal accounting officer, effective immediately. Patel will lead Quantum’s global accounting organization, including financial reporting, revenue recognition, internal controls and tax-related functions.
“Hiral is highly qualified to advance Quantum's ongoing infrastructure revitalization through a disciplined, technical viewpoint intended to both streamline and enhance our operational execution,” said Hugues Meyrath, President and Chief Executive Officer of Quantum. “She has a proven track record of driving process improvement that supports global growth initiatives, which we expect to contribute to our continuing efforts toward delivering long-term value for employees, customers, partners, and shareholders.”
Patel most recently served as Chief Accounting Officer at Pep Boys, an automotive service and retail company, where she led external and internal financial reporting, tax compliance and strategy, and the accounting processes supporting the company's recent divestiture. Prior to Pep Boys, Patel was Vice President and Controller at IKEA Retail, the global home furnishing division of IKEA, where she directed several system and operational transformation efforts, including ERP implementation and market expansion initiatives. Earlier in her career, Patel was Senior Director of Accounting and Corporate Assistant Controller at Verifone Systems, Inc., a leader in payments and commerce solutions, where she was responsible for financial close and reporting processes, auditor engagements, and subsidiary management. She also spent several years serving as Assurance Senior Manager at Ernst & Young. Patel is a Certified Public Accountant and holds a Bachelor of Business Administration degree in Accounting from Temple University.
“I am truly excited to join the Quantum team and support its business expansion and growth initiatives,” said Patel. “Quantum has demonstrated recent success with improving revenue and profitability, and I look forward to helping further optimize and scale the company’s operations. Hugues and the leadership team have positioned Quantum to capitalize on the opportunity and momentum they've created, strengthening the company's ability to drive sustainable growth.”
As part of Patel’s compensation package and as an inducement material to her acceptance of employment with the company, the Leadership and Compensation Committee of Quantum’s Board of Directors approved the grant of 50,000 restricted stock units, which will vest in three equal annual installments. The grant is subject to Patel’s continued employment and is expected to be effective on or around October 1, 2026 under Quantum’s 2021 Inducement Plan.
About Quantum
Quantum delivers end-to-end data management solutions designed for the AI era. With over four decades of experience, our data platform has allowed customers to extract the maximum value from their unique, unstructured data. From high-performance ingest that powers AI applications and demanding data-intensive workloads, to massive, durable data lakes to fuel AI models, Quantum delivers the most comprehensive and cost-efficient solutions. Leading organizations in life sciences, government, media and entertainment, research, and industrial technology trust Quantum with their most valuable asset – their data.
Quantum is listed on Nasdaq (QMCO). Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.
For more information, visit www.quantum.com .
Forward-Looking Statements
The information provided in this press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and financial trends affecting our business. Such forward-looking statements include, in particular, statements about the anticipated benefits of Quantum’s appointment of Ms. Patel as Chief Accounting Officer as well as our business prospects, changes and trends in our business and the markets in which we operate.
These forward-looking statements may be identified by the use of terms and phrases such as "anticipates", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "plans", "projects", "targets", "will", and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters and other statements regarding matters that are not historical are forward-looking statements.
Investors are cautioned that these forward-looking statements relate to future events or our future performance and are subject to business, economic, and other risks, and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements.
These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: the competitive pressures we face; risks associated with executing our strategy; the distribution of our products and the delivery of our services effectively; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; and other risks that are described herein, including but not limited to the items discussed in "Risk Factors" in our filings with the SEC, including our Annual Report on Form 10-K filed with the SEC and any subsequent reports filed with the SEC. We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Investor Relations Contacts:
Shelton Group
Leanne K. Sievers | Brett L. Perry E: sheltonir@sheltongroup.com
Media Contact
Matter Communications Sara Beth Fahey quantum@matternow.com 401.351.9507
Source: Quantum Corporation