Settlement Agreement and Related Director and Officer Insurance Receivable

9 Months Ended

Sep. 30, 2018

Settlement Agreement and Related Director and Officer Insurance Receivable

Settlement Agreement and Related Director and Officer Insurance Receivable

9.  Settlement Agreement and Related Director and Officer Insurance Receivable

On August 7, 2018, the Company entered into a confidential settlement agreement and mutual release (the “Settlement Agreement”) with its former CEO, former CFO and a former and then current director.  For more details see Note 10. The Company accrued approximately $1.5 million related to this Settlement Agreement and as of September 30, 2018, the Company has paid $0.8 million. The Company is also entitled to a partial reimbursement for this accrual from the Company’s insurance company of approximately $0.5 million which was collected in October 2018. This resulted in a net settlement expense of approximately $1.0 million for the nine months ended September 30, 2018.