Item 1.02 Termination of a Material Definitive Agreement
Reference is made to Item 5.02 below relating to the termination of the employment agreement between the Company and Susan Lutz.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective July 1, 2012, Jerry McClean resigned as a director of the Company. Effective July 3, 2012, Susan Lutz resigned as a director and also indicated in a letter that she was terminating her employment contract as President of the Company for cause for the reasons set forth in such letter. The Company disputes that Ms. Lutz has the right to terminate her contract for cause, and considers that Ms. Lutz has resigned as President of the Company. In turn, Ms. Lutz disputes the Company's position.
