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Subsequent Event | 9 Months Ended
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Sep. 30, 2014
Subsequent Events [Abstract] |
Subsequent Event | Subsequent Event Retirement of President and Chief Executive Officer On October 14, 2014, the Company announced the retirement of Peter J. McDonald, 64, the Company’s President and Chief Executive Officer, as an executive officer and a director of the Company effective October 14, 2014. To ensure a smooth transition of his responsibilities, the Company and Mr. McDonald have entered into a Consulting Services Agreement, dated October 14, 2014 pursuant to which the Company will retain Mr. McDonald as a consultant for a term of twelve months, beginning on October 14, 2014. While he serves as a consultant, Mr. McDonald is not due any additional compensation beyond the severance benefits provided in his employment agreement with the Company, dated December 19, 2013. Appointment of President and Chief Executive Officer On October 14, 2014, the Company announced the appointment of Joseph A. Walsh, 51, as President and Chief Executive Officer of the Company and his election to the Company’s Board of Directors effective October 14, 2014. Mr. Walsh has been the Chairman and Chief Executive Officer of Walsh Partners, a private company founded in 2012 that has been focused on investments and advisory services since its inception. Mr. Walsh was previously employed by Yellowbook Inc. from 1987 until 2011 and served as President and Chief Executive Officer and as a member of the board of directors from 1993 until 2011. In connection with Mr. Walsh’s appointment as President and Chief Executive Officer, Mr. Walsh and the Company entered into an Employment Agreement, dated as of October 14, 2014 (the “Employment Agreement”). The Employment Agreement provides for an initial term of three years, during which Mr. Walsh is entitled to an annual base salary of $150,000. Mr. Walsh is also entitled to a grant of options to purchase 271,000 shares of the Company’s common stock, which vest on December 31, 2017, as well as an award granted under the Company’s Value Creation Program, which was approved by the Company’s Board of Directors and the grant was effective on October 14, 2014. For additional information related to these events, see our Current Report on Form 8-K filed with the SEC on October 15, 2014.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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