XML 29 R18.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 13 - Subsequent Events
3 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Subsequent Events [Text Block]
13.
Subsequent Events
 
The Company extended the employment of Michael Brodsky by entering into an amendment dated
August 10, 2017 (
the “Amendment”) to his existing employment offer letter pursuant to which he would continue to serve as an employee in a non-executive capacity as Special Advisor to the CEO with an annual salary of
$15,000
through
September 1, 2018.  
Mr. Brodsky also continues to serve as Chairman of the Board of the Company.  Pursuant to the Amendment, Mr. Brodsky will be granted an option to purchase
75,600
shares of the Company’s common stock and
37,800
restricted stock units under the Company’s
2015
Equity Incentive Plan (the “EIP”), subject to vesting in equal monthly installments over a
12
month period of continuous service monthly, and in each case subject to the approval of such shares by the Company’s stockholders.  The options and restricted stock units will automatically accelerate and be fully vested upon a Change in Control of the Company, as defined in the EIP; provided, however, that in the event of a Change in Control prior to the approval of the underlying shares by the Company’s stockholders, the Company would provide a cash amount equal to the approximate value of the underlying equity.  All of the other terms and provisions that were in effect under Mr. Brodsky’s employment offer letter immediately prior to the execution of the Amendment will continue in effect under the Amendment.
 
Effective
August 14, 2017,
the Board of Directors of the Company approved an executive bonus grant in restricted stock units under the Company’s EIP, subject to the approval of such shares by the Company’s stockholders.  The restricted stock units will fully vest upon grant; provided, however, that in the event of a Change in Control prior to the approval of the underlying shares by the Company’s stockholders, the Company would provide a cash amount equal to the approximate value of the underlying equity.  The bonus grants include grants to the Company’s Chief Executive Officer Patrick Stakenas in the amount of
22,059
restricted stock units and to the Company’s Chief Financial Officer John Nolan in the amount of
14,706
restricted stock units.