Share-based Payments

12 Months Ended

Mar. 31, 2026

19. Share-based Payments

2022 Incentive Award Plan (the “2022 Plan”)

In September 2022, the Company’s shareholders approved the 2022 Incentive Award Plan (the “2022 Plan”). Under the 2022 Plan, a total of 924,200 shares of the Company’s common stock were reserved for grants to its employees, non-employee directors, and consultants. In September 2024, the shareholders approved an amendment to the 2022 Plan that increased the number of shares of common stock reserved for grant under the 2022 Plan from 924,200 to 2,655,200. At March 31, 2026 and 2025, respectively, there were (i) 130,533 and 130,933 options to purchase shares of common stock outstanding, (ii) 684,720 and 452,531 shares of restricted stock units outstanding, and (iii) 744,542 and 644,679 shares of performance stock units outstanding under the 2022 Plan. There were 777,699 and 1,516,084 shares of common stock available for grant under the 2022 Plan at March 31, 2026 and 2025, respectively.

2010 Incentive Award Plan

At March 31, 2026 and 2025, there were 835,301 and 922,628, respectively, options to purchase shares of common stock outstanding under the 2010 Incentive Award Plan. At March 31, 2026, there were no shares of restricted stock or performance stock units outstanding under the 2010 Incentive Award Plan. At March 31, 2025, there were 52,842 shares of restricted stock units outstanding and 119,708 shares of performance stock units outstanding under the 2010 Incentive Award Plan. No shares of common stock remain available for grant under this plan.

Stock Options

The Company did not grant any stock options during the years ended March 31, 2026 and 2025, and options to purchase 132,133 shares of common stock were granted during the year ended March 31, 2024. The following summarizes the Black-Scholes option-pricing model assumptions used to derive the weighted average fair value of the stock options granted during the year ended March 31, 2024.


	Year Ended March 31,
	2024
Weighted average risk free interest rate		4.53	%
Weighted average expected holding period (years)		6.57
Weighted average expected volatility		51.29	%
Weighted average expected dividend yield		-
Weighted average fair value of options granted		3.75

The following is a summary of stock option transactions:


	Number of			Weighted Average
	Shares			Exercise Price
Outstanding at March 31, 2025	1,053,561		$	20.20
Exercised	(6,466	)	$	15.59
Forfeited/Cancelled	(13,061	)	$	20.08
Expired	(68,200	)	$	31.13
Outstanding at March 31, 2026	965,834		$	19.47

At March 31, 2026, options to purchase 43,245 shares of common stock were unvested at the weighted average exercise price of $9.32.

The pre-tax intrinsic value of options exercised during the year ended March 31, 2026 was $7,000 based on the market value of the Company’s common stock at March 31, 2026. No options were exercised during the years ended March 31, 2625 and 2024. The total fair value of stock options vested during the years ended March 31, 2026, 2025, and 2024 was $164,000, $164,000, and $324,000, respectively.

The following summarizes information about the options outstanding at March 31, 2026:




	Options Outstanding							Options Exercisable
					Weighted							Weighted
				Weighted	Average						Weighted	Average
				Average	Remaining		Aggregate				Average	Remaining		Aggregate
Range of				Exercise	Life		Intrinsic				Exercise	Life		Intrinsic
Exercise price		Shares		Price	In Years		Value		Shares		Price	In Years		Value

$9.32 to $17.38		322,923	$	12.89	5.49	$	227,000		279,678	$	13.44	5.18	$	152,000
$19.00 to $22.73		399,287		19.58	2.78				399,287		19.58	2.78
$25.21 to $27.40		124,500		27.33	1.22				124,500		27.33	1.22
$28.68 to $30.31		119,124		28.72	0.25				119,124		28.72	0.25

		965,834	$	19.47	3.17	$	227,000		922,589	$	19.95	2.97	$	152,000

The aggregate intrinsic values in the above table represent the pre-tax value of all in-the-money options if all such options had been exercised on March 31, 2026 based on the Company’s closing stock price of $11.06 as of that date.

At March 31, 2026, there was $77,000 of total unrecognized compensation expense from stock-based compensation granted under the plans, which is related to non-vested shares. The compensation expense is expected to be recognized over a weighted average vesting period of 0.5 years.

Restricted Stock Units and Restricted Stock (collectively “RSUs”)

During the years ended March 31, 2026, 2025, and 2024 the Company granted 487,597, 453,453, and 100,624, respectively, of time-based vesting restricted stock units, based on the closing market price on the grant date. The estimated grant date fair value of the RSUs of $5,047,000, $2,984,000, and $800,000, for the years ended March 31, 2026, 2025, and 2024, respectively, was based on the closing market price on the date of grant. The fair value related to these awards is recognized as compensation expense over the vesting period. These awards generally vest in three equal installments beginning each anniversary from the grant date, subject to continued employment. Upon vesting, these awards may be net share settled to cover the required withholding tax with the remaining amount converted into an equivalent number of shares of common stock. Total shares withheld during the years ended March 31, 2026, 2025, and 2024 were 51,387, 19,761, and 42,720, respectively, based on the value of these awards as determined by the Company’s closing stock price on the vesting date.

The following is a summary of non-vested RSUs:


	Number of Shares			Weighted Average Grant Date Fair Value

Outstanding at March 31, 2025		505,373		$	7.26
Granted		487,597		$	10.35
Vested		(289,872	)	$	7.99
Forfeited/Cancelled		(18,378	)	$	11.62
Outstanding at March 31, 2026		684,720		$	9.03

As of March 31, 2026, there was $4,358,000 of unrecognized compensation expense related to these awards, which will be recognized over the remaining vesting period of approximately 2.0 years.

Performance Stock Units (“PSUs”)

During the year ended March 31, 2026, the Company granted 353,778 PSUs (at target performance levels) based on the Company’s stock price or a total shareholder return (“TSR”) market conditions. During the year ended March 31, 2025, the Company granted 258,983 PSUs (at target performance levels), based on a TSR market condition. During the year ended March 31, 2024, the Company granted 585,583 PSUs based on the Company’s stock price market condition. All PSUs granted have a three-year performance period, subject to continued employment. The estimated grant date fair value of the PSUs of $3,738,000, $2,264,000, and $2,637,000, for the years ended March 31, 2026, 2025, and 2024, respectively, was based on the estimated fair value of the award using the Monte Carlo valuation model for performance stock units subject to market conditions.

Stock Price PSUs

During the year ended March 31, 2026, the Company granted 176,893 PSUs (at target performance levels), which vest as follows: (i) if the stock price is greater than or equal to $15.00 per share, then 1/3 of the grant will vest, (ii) if the stock price is greater than or equal to $17.00 per share then the next 1/3 of the grant will vest, and (iii) if the stock price is greater than or equal to $20.00 per share then the final 1/3 of the grant will vest. Recipients are eligible to vest in between 50% and 150% of the third tranche by achieving a stock price between $18.00 and $22.00 per share (each stock price target must be met for thirty consecutive trading days). The Company calculated the fair value of these PSUs individually for each tranche using the Monte Carlo Simulation Model at the grant date. Compensation cost is recognized over the estimated derived service period. Compensation cost related to these awards will not be adjusted even if the market condition is not met.

During the year ended March 31, 2025, the Company did not grant any PSUs based on the Company’s stock price.

During the year ended March 31, 2024, the Company granted 585,583 PSUs, which vest as follows: (i) if the stock price is greater than or equal to $10.00 per share, then 1/3 of the grant will vest, (ii) if the stock price is greater than or equal to $15.00 per share then the next 1/3 of the grant will vest, and (iii) if the stock price is greater than or equal to $20.00 per share then the final 1/3 of the grant will vest. Recipients are eligible to vest in between 50% and 150% of the third tranche by achieving a stock price between $17.50 and $25.00 per share (each stock price target must be met for thirty consecutive trading days). The Company calculated the fair value of these PSUs individually for each tranche using the Monte Carlo Simulation Model at the grant date. Compensation cost is recognized over the estimated derived service period. Compensation cost related to these awards will not be adjusted even if the market condition is not met.

TSR PSUs

During the years ended March 31, 2026 and 2025, the Company granted 176,885 and 258,983 PSUs (at target performance levels), respectively, which cliff vest and the number of shares earned at the end of the three-year performance period will vary, based only on actual performance, from 0% to 150% of the target number of PSUs granted, depending on the Company’s TSR percentile rank relative to that of a peer group over the performance period. TSR is measured based on a comparison of the closing price on the first trading day of the performance period and the average closing price over the last 30 trading days of the performance period. TSR is considered a market condition because it measures the Company’s return against the performance of the Russell 3000, excluding companies classified as financials and real estate and companies with a market capitalization of more than $600 million, as of the start of the performance period. Compensation cost is determined at the grant date and recognized on a straight-line basis over the requisite service period to the extent the conditions are deemed probable. Compensation cost related to the TSR award will not be adjusted even if the market condition is not met.

During the year ended March 31, 2024, the Company did not grant any PSUs based on a TSR market condition.

The fair value of PSUs subject to a market condition is determined using the Monte Carlo simulation model. The following table summarizes the assumptions used in determining the fair value of the awards subject to market conditions:


	Year Ended March 31,
	2026			2025			2024
Risk free interest rate		3.86	%		4.21-4.45	%		4.32-4.35	%
Expected life in years		0.7-3.0			3			0.2-1.8
Expected volatility of MPA common stock		66.8	%		59.8-62.8	%		54.2-55.1	%
Average correlation coefficient of peer companies		15.7	%		16.5-17.4			-
Expected dividend yield		-			-			-
Grant date fair value	$	7.33-12.68		$	8.65-8.88		$	3.57-8.37

Upon vesting, these awards may be net share settled to cover the required withholding tax with the remaining amount converted into an equivalent number of shares of common stock. Total shares withheld during the years ended March 31, 2026 and 2025 were 94,771 and 75,491, respectively, based on the value of these awards as determined by the Company’s closing stock price on the vesting date. No shares were withheld during the year ended March 31, 2024 since no PSUs were vested during those years.

The following is a summary of non-vested PSUs:


	Number of Shares			Weighted Average Grant Date Fair Value
Outstanding at March 31, 2025		764,387		$	7.42
Granted		353,778		$	10.57
Vested		(294,540	)	$	6.77
Forfeited/Cancelled		(79,083	)	$	13.36
Outstanding at March 31, 2026		744,542		$	8.54

At March 31, 2026, there was $2,899,000 of unrecognized compensation expense related to these awards, which will be recognized over the weighted average remaining vesting period of approximately 1.7 years.