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Agreements with former officer
3 Months Ended
Dec. 31, 2013
Postemployment Benefits [Abstract]  
Agreements with former officer

In February 2013, the Company granted warrants to purchase up to 200,000 shares of common stock to Kim Petry, the Company’s former CFO. She replaced former CFO, Jonathan Shultz. The warrants vest over a period of three years; have an exercise price of $5.85 per share; include a cashless exercise option; and expire five years after the date of grant. The fair value of these warrants on the grant date was $587,802.  Ms. Petry resigned from the Company in October 2013, and the cost associated with the remainder of her warrants was recorded then.

 

On June 28, 2012, the Company entered into a Severance Agreement and General Release with James Collas the Company’s former President and Chief Executive Officer. Pursuant to the significant terms of the Agreement: 1) Mr. Collas left the Company’s employment effective July 6, 2012; 2) Mr. Collas surrendered 40,000 shares of common stock owned or controlled by him in exchange for $160,000 cash; and 3) Mr. Collas and the Company mutually released one another for all liabilities resulting from Mr. Collas’ employment with our Company.

 

On April 26, 2011, the Company entered into an Agreement and Release with Mr. Collas pursuant to which the parties agreed that effective as of April 26, 2011, (i) Mr. Collas resigned as an officer and director of the Company; (ii) Mr. Collas’ Employment Agreement dated January 31, 2011was terminated and Mr. Collas continued his employment with the Company as a non-executive on an “at-will” basis; (iii) the Company paid Mr. Collas $400,000 in satisfaction of all of its obligations under a terminated Employment Agreement; and (iv) Mr. Collas surrendered to the Company 66,667 shares of the Company’s common stock held by him.