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Subsequent Events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events
Note 18
Subsequent Events:
Effective January 31, 2015, the Company and its subsidiary LCA-Vision Inc. ("LCA") entered into a Stock Purchase Agreement (the "Stock Purchase Agreement") with Vision Acquisition, LLC ("Vision"), under which Vision acquired LCA and its subsidiaries from the Company for a total purchase price of $40 million in cash (the "Purchase Price"). After giving effect to working capital and indebtedness adjustments and the payment of professional fees, the Company realized net proceeds of approximately $36.5 million from this sale, of which $2 million was placed in escrow. The Company had originally purchased LCA in a stock-for- cash transaction which closed on May 12, 2014. Pursuant to the Termination of Joinder, dated as of January 31, 2015, LCA has been released from all of its obligations, including its guarantee and collateral obligations, in connection with the Company's Credit Agreement, dated as of May 12, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"), by and between the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, First Niagara Bank, N.A. and PNC Bank, National Association, each as Co-Syndication Agents, J.P. Morgan Securities LLC, as Lead Arranger and Bookrunner, and the other Lenders party thereto. The Company has used the proceeds from this transaction to pay down portions of its outstanding revolving line of credit and term loan under the Credit Agreement.
The Purchase Price was subject to working capital and indebtedness adjustments at closing, in the amount of approximately $2.1 million. The closing working capital adjustment was based upon the difference between the target net working capital and an estimated computation of LCA's net working capital as of December 31, 2014. There will also be post-closing working capital and indebtedness adjustments. Pursuant to the post-closing working capital adjustment, the purchase price paid to the Company at closing will be adjusted up or down by an amount equal to the difference between LCA's net working capital as of December 31, 2014 and LCA's net working capital as of January 31, 2015, subject to a $250,000 collar (if applicable).

The Stock Purchase Agreement contains customary representations, warranties and covenants by each of the Company, LCA and Vision, as well customary indemnification provisions among the parties.
The parties entered into several ancillary agreements as part of this transaction.
Under a Contingency Escrow Agreement among the parties, $2 million of the Purchase Price (the "Escrow Amount") has been placed into an escrow account held by Fifth Third Bank, Cincinnati, Ohio, as Escrow Agent. Under the terms of the Stock Purchase Agreement, LCA and the Company must obtain consents to the transaction from certain of LCA's vendors; a designated portion of the Escrow Amount will be released to the Company upon the receipt of each consent. If a consent is not obtained, a designated portion of the Escrow Amount may be released to Vision.
The parties have also entered into an XTRAC Exclusivity Agreement, under which LCA has granted to the Company sole and exclusive rights to provide certain excimer light source products, systems and equipment to LCA's Lasik Plus centers for the next seven years.  The terms of each placement, if any, will be determined on a center-by-center basis.
Finally, the Company and LCA have entered into a Transition Services Agreement, under which LCA will continue to provide certain accounting, human resources and call center services to the Company for an initial period of 60 days. During that period, the Company will arrange to transition those services back to the Company's own personnel and offices.
On March 10, 2015, each of the two executives, Dr. Dolev Rafaeli and Mr. Dennis McGrath, entered into Amended and Restated Employment Agreements (the "Amended Agreements") with the Company which supersede their respective Amended and Restated Employment Agreements previously entered into on August 5, 2014. 
The March 2015 Amended Agreements were required by certain provisions contained in the Second Amended and Restated Forbearance Agreement between the Company and its Lenders. Under the Amended Agreements, all cash bonuses to Dr. Rafaeli and Mr. McGrath will be deferred until the Company's repayment of the outstanding Facilities under the Credit Agreement in accordance with the provisions of the Forbearance Agreement.
Under the cash bonus provisions of the Amended Agreements (and subject to the deferral described in the preceding praagraph), Dr. Rafaeli will receive quarterly cash bonuses equal to the greater of $300,000 per calendar quarter and 1% of the Company's U.S. GAAP sales per calendar quarter in excess of targets set by the Compensation Committee, and Mr. McGrath will receive an annual cash bonus of not less than $316,000 per year. All or a portion of such bonuses may be paid in shares of Company stock to the extent mutually agreed by the Board and the executive.
The Amended Agreements also clarify the executives' rights to resign due to "Good Reason" in the event of a breach of the Amended Agreements by the Company or for any reason during the 30-day period immediately following a Change of Control of the Company and to payment of deferred bonuses in connection with the termination of their employment.