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Severance Accrual
12 Months Ended
Dec. 31, 2015
Severance Accrual  
Severance Accrual

 

12.Severance Accrual. During the year ended December 31, 2015, the Company recorded a net charge of $265,000 to general and administrative expenses relating to the resignation of the Company’s Chief Executive Officer. This net charge consisted of severance costs of $350,000, reduced by the effect of forfeitures of previously expensed unvested stock options and restricted stock unit awards that together totaled $85,000. A severance accrual of $350,000 is included in accrued compensation on the Company’s balance sheet as of December 31, 2015. This amount was paid in January 2016.