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13. Subsequent Events
3 Months Ended
Mar. 31, 2015
Notes  
13. Subsequent Events

13.  Subsequent Events

 

On May 4, 2015, Patrick Highsmith, President and Chief Executive Officer of the Company, tendered his resignation as the Company's President and Chief Executive Officer, effective immediately. Simultaneously therewith, Mr. Highsmith tendered his resignation as a member of the Board of Directors of the Company, also effective immediately.

 

Subsequently, on May 5, 2015, the Board of Directors accepted the resignation of Mr. Highsmith as Chief Executive Officer, President and Director. The Company and Mr. Highsmith entered into a Resignation and Release agreement with Patrick Highsmith, effective as of May 1, 2015. Pursuant to the Agreement, the Company agreed to pay Mr. Highsmith his base salary through the end of May, provide his medical benefits for the months of May and June, and provide him with the previously vested stock options. The agreement included a mutual release of claims.

 

On May 5, 2015, the Board of Directors of the Company reappointed Mr. Delbert Steiner (70) as the Company’s Chief Executive Officer, and reappointed Mr. John Swallow (48) as the Company’s President. Mr. Steiner and Mr. Swallow also currently serve on the Company’s Board of Directors and their compensation arraignment with the Company was unchanged. The Company will recognize any general and administrative expenses related to these events in the second quarter of 2015.