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Thursday, August 15, 2013 6:59:25 AM
On August 14, 2013, Tony Bogolin informed the Board of Directors the Company of his resignation from his positions as the Company’s President and Chief Executive Officer and from the Board, effective the close of business August 14, 2013. In connection with Mr. Bogolin’s resignation, Mr. Bogolin and the Company executed a separation agreement (the "Bogolin Separation Agreement") on August 14, 2013. Pursuant to the terms of the Bogolin Separation Agreement, Mr. Bogolin will receive payment of the equivalent of four and one half months of his base salary and unused accrued vacation ($105,966) payable in three equal monthly payments and immediate accelerated vesting of options to purchase 370,000 shares of the Company’s common stock. The exercise period of the vested options will be extended from ninety (90) days to seven years after execution of the Bogolin Separation Agreement. In addition, Mr. Bogolin will receive continued coverage under the Company's benefit plans or equivalent coverage through December 31, 2013.
Richard Heddle will serve in the capacity as Interim President and Chief Executive Officer for the foreseeable future.
On August 14, 2013, Matthew Ingham informed the Board of Directors the Company of his resignation from his positions as the Company’s Chief Financial Officer and from the Board, effective the close of business August 14, 2013. In connection with Mr. Ingham’s resignation, Mr. Ingham and the Company executed a separation agreement (the "Ingham Separation Agreement") on August 14, 2013. Pursuant to the terms of the Ingham Separation Agreement, Mr. Ingham will receive payment of the equivalent of four and one half months of his base salary and unused accrued vacation ($74,176) payable in three equal monthly payments and immediate accelerated vesting of options to purchase 200,000 shares of the Company’s common stock. The exercise period of the vested options will be extended from ninety (90) days to seven years after execution of the Ingham Separation Agreement. In addition, Mr. Ingham will receive continued coverage under the Company's benefit plans or equivalent coverage through December 31, 2013.
The Board of Directors has appointed Nicholas Terranova, Corporate Controller, as the interim Chief Financial Officer.
On August 14, 2013, the Company entered into a binding term sheet agreement with Richard Heddle to secure an investment in the Company of $3 million. The investment will consist of a proposed Senior Secured Debt Payment in Kind Note (“Senior Debt”) secured by the property, plant and equipment and intellectual property of the Company, bears an interest rate of 12.5%. The Senior Debt has a term of five years and has detachable warrants valued at 120% of the closing price of the stock on the date prior to funding.
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=9460916
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