She was right that materiality is a legal test and not a feeling.

She was right that a great many private human catastrophes happen inside public companies and belong in no filing anywhere.

And none of it applied, because her company had signed a contract in which a counterparty had bought, specifically and in writing, her ability to discharge the duties of the office, and had paid for it, and had a right to walk away if it failed.

The moment that clause went into that agreement, her capacity stopped being private.