Separation Agreement

12 Months Ended

Dec. 31, 2017

Separation Agreement

Separation Agreement

10. Separation Agreements

On October 9, 2017, Thomas J. Dee ceased to be an employee of the Company. In connection with the termination of his employment, the Company paid Mr. Dee $0.5 million, which was recorded within general and administrative expenses for the year ended December 31, 2017.

On April 22, 2015, John Carbona ceased to be an employee of the Company. In connection with the termination of his employment, the Company agreed to pay Mr. Carbona $0.5 million which was recorded within general and administrative expenses for the year ended December 31, 2015.

Additionally, the Company agreed to fully accelerate the vesting of 53,820 unvested stock options held by Mr. Carbona at the time of the termination of his employment. The Company determined that the acceleration of vesting was a Type III modification pursuant to ASC 718. Therefore, the Company recognized the incremental fair value of the awards as of the modification date and recognized the amount immediately since the awards did not require further service. In connection with this modification, the Company recorded a charge of $0.5 million within general and administrative expenses for the year ended December 31, 2015.