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SUBSEQUENT EVENT | 12 Months Ended
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Dec. 31, 2013
SUBSEQUENT EVENT [Abstract] |
SUBSEQUENT EVENT | 13. SUBSEQUENT EVENT: On March 5, 2014, the Company’s President and Chief Executive Officer, Edward J. Fred, resigned his position with the Company. He will remain with the Company in an advisory capacity until May 16, 2014, and for 18 months thereafter, will be retained by the Company as a consultant. In connection with his resignation, the Company entered into a separation agreement with Mr. Fred, which terminates his previous employment agreement, dated December 16, 2009 (as amended), with the Company, except for certain confidentiality and non-competition provisions. Pursuant to the Separation Agreement, until May 16, 2014, Mr. Fred will receive his salary and benefits in effect immediately preceding his resignation. The Company will also pay him the performance bonus he earned for the fiscal year ended December 31, 2013 in accordance with his previous employment agreement. After the Separation Date and in consideration of Mr. Fred signing a release of claims, Mr. Fred will receive separation benefits consisting of a cash payment of $100,000 and for up to 18 months, payment of his medical and dental premiums for continued coverage on the Company’s plans as permitted under the Consolidated Omnibus Budget Reconciliation Act of 1985. The aggregate future commitment under these agreements is as follows:
Year ending December 31, |
2014 | $414,000
2015 | $221,000
| $635,000

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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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