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Note 13 - Subsequent Event
6 Months Ended
Jun. 30, 2011
Subsequent Events [Text Block]

13.      Subsequent Event

On July 15, 2011, the Company announced that it has named Jenniffer Collins as its new Chief Financial Officer, effective July 21, 2011.  Joyce Erony will continue to serve as the Company’s Acting Principal Financial and Accounting Officer until August 15, 2011.  Under the terms of her employment agreement, Ms. Collins will receive an annual salary of $210,000.  As soon as practicable following the effective date of her employment agreement and subject to the approval of the Board of Directors, Ms. Collins will also receive an option to purchase 225,000 shares of  Common Stock, the vesting terms of which are explained below.  In addition, Ms. Collins will be entitled to participate in certain of the Company’s benefit programs on the same terms and conditions generally provided by the Company to its executive employees.  Ms. Collins will also be eligible to receive an annual performance bonus for each calendar year during the term of her employment, which may be payable in either, cash, stock options and/or restricted stock.  Ms. Collins’ target bonus will be equal to 30% of her base salary for the applicable fiscal year.  All performance targets pursuant to such plan shall be determined by the Company’s Compensation Committee.  Ms. Collins is also subject to certain restrictive covenants as set forth in her employment agreement, including confidentiality, non-solicitation and non-competition.  Ms. Collins’ employment agreement further provides for payments upon certain types of employment termination events as further set forth in her employment agreement.

The above stock option grant will have an exercise price equal to the closing price of  Common Stock on the date of grant and will become fully vested over a period of three years as follows:  (i) one-third of the stock options shall vest on the first anniversary of the date of the grant; (ii) one-third of the stock options shall vest on the second anniversary of the date of the grant and (iii) one-third of the stock options shall vest on the third anniversary of the date of the grant.  In addition, any options that remain unvested immediately prior to a change in control will become vested, provided that the executive remains in continuous service with the Company through the consummation of the change in control.