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STOCK OPTION AND EMPLOYEE BENEFIT PLANS
12 Months Ended
Dec. 31, 2011
STOCK OPTION AND EMPLOYEE BENEFIT PLANS  
STOCK OPTION AND EMPLOYEE BENEFIT PLANS

NOTE 8:       STOCK OPTION AND EMPLOYEE BENEFIT PLANS

 

STOCK OPTION PLANS

 

On November 25, 2008, the Company established the 2008 Stock Option Plan (the “Plan”).  The Plan registered via an S8 registration statement up to 9,000 shares of common stock to be issued to qualified recipients.  Eligible participants in the Plan were key employees, non-employee directors, and consultants of the Company and its subsidiaries, whether or not members of the Board, as the Committee, in its sole discretion, may designate from time to time.  The Committee considered such factors as it deemed pertinent in selecting participants and in determining the types and amounts of their respective awards.  In January 2009, 8,741 shares were issued pursuant to compensation agreements, primarily with consultants.  The Board of Directors terminated the 2008 Plan on November 16, 2009.

 

In connection with the Company's acquisition of The Sarasota Group, Inc., a former subsidiary, in 2001, the Company renegotiated the stock options previously granted to former members of management.  These options for 434 shares are fully vested, expire in 2011 and are exercisable at $200.00 per share, the adjusted closing bid price of the Company's common stock on the date of grant.  These options were granted under the 1997 Stock Option Plan which was terminated by the Board of Directors on November 16,2009.

 

EXECUTIVE COMPENSATION PLAN

 

Effective July 20, 2010, pursuant to a majority consent of shareholders and the unanimous consent of the board of directors, the executive compensation plan which provides executive compensation in the range of $5,000 to $20,000 per month for the chief executive officer, chief financial officer, chief investment officer, chief technology officer and chief operations officer and provides for an executive profit sharing plan of 20% of the Company's net income after taxes was approved.