Subsequent events

12 Months Ended

Dec. 31, 2015

Subsequent events

Subsequent events

19. Subsequent events

On February 2, 2016, the Company entered into an employment agreement with Carl J. Williams, its Chief Executive Officer and Chairman of the Board of Directors (the “Agreement”).  The initial term of the Agreement expires on May 1, 2017, and the Agreement is subject to evergreen one-year renewals. 

The Agreement provides for the extension of certain applicable vesting and expiration periods in respect of stock options and restricted stock upon the occurrence of certain events, including death, disability, involuntary termination, and a change of control.  Further, the Agreement provides for (i) payment of twelve months of base salary as severance and up to twelve months of health benefits continuation in the event of certain “involuntary” terminations of employment occurring prior to a change of control, i.e., termination by the Company without ‘cause’ or by Mr. Williams for ‘good reason’; and (ii) payment of six months of base salary in the event of a change of control of the Company, in each case, subject to an execution of a release of claims in favor of the Company.