Subsequent Events

9 Months Ended

Sep. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

(13) Subsequent Events

On November 7, 2011, the Company announced the hiring of several senior level employees as part of the Company’s realignment of its management structure to better suit the Company’s strategic plans. Among the hires announced was Bryan Urquhart, who became the Company’s Vice President and Chief Financial Officer on November 3, 2011. Mr. Urquhart is an Executive Officer of the Company and will become the Company’s Principal Accounting and Financial Officer on November 10, 2011. Jim Weber will continue to serve as the Company’s Vice President of Operations.

Mr. Urquhart is an employee at will. The Company has agreed to pay him an annual salary of $285,000. In addition, on November 7, 2011, Mr. Urquhart was granted options to purchase 300,000 shares of the Company’s common stock. These options vest 33%, 33% and 34% on each of the three anniversaries commencing one year from the date of grant. In addition, the Company agreed to recommend to the Compensation Committee of its Board of Directors that Mr. Urquhart receive grants of options to purchase 50,000 shares of the Company’s common stock in each of the next two years following the first anniversary of his employment. Mr. Urquhart was also included in the Company’s Key Executive Severance Protection Plan, which would provide him with certain payments and benefits if his position changed following a change in control of the Company. Mr. Urquhart is also entitled to the standard benefits available to other Company executive officers.