Note 15 - Subsequent Events

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

1

5

—SUBSEQUENT EVENT

S

The Company evaluates events or transactions that occur after the balance sheet date through to the date which the financial statements are issued, for potential recognition or disclosure in its consolidated financial statements in accordance with Subsequent Events.

Effective

January 4, 2019,

James A. Reinstein resigned from his position as Chief Executive Officer and as a member of the Company's board of directors. Effective as of that same date, the board of directors appointed the Company’s current Chief Operating Officer, R. Jason Richey to serve as Interim President and Chief Executive Officer of the Company while the board of directors conducts a search for the Company’s next Chief Executive Officer.

In connection with Mr. Reinstein's resignation, the Company entered into a Separation Agreement and release with him. Pursuant to the Separation Agreement, Mr. Reinstein will serve as a consultant to the Company for

six

months to assist with transition matters. In accordance with the Separation Agreement and General Release filed as Exhibit 

10.2

to Form

8

-K filed on

January 9, 2019,

Mr. Reinstein will receive a cash payment of approximately

$0.6

million, equivalent to (i)

twelve

(

12

) months of his annual base salary as in effect on the Separation Date, and (ii)

100%

of his actual bonus for the prior fiscal year, consistent with the

2018

MBP program payout, less applicable withholdings. The payment was made to Mr. Reinstein within

thirty

(

30

) days after the effective date. He will also vest in outstanding equity awards of

4,667

shares through

April 4, 2019.