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Subsequent Events
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3 Months Ended |
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Sep. 30, 2014
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| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 18 - Subsequent Events
Hastings Repurchase. On October 10, 2014, the Company entered into an Options and Stock Purchase Agreement with William H. Hastings, a former executive officer and Director of the Company, and a beneficial owner of more than five percent of the Company’s Common Stock as of October 10, 2014. The Options and Stock Purchase Agreement provided for the purchase by the Company of options previously granted to Mr. Hastings under the Company’s 1998 Stock Incentive Plan, as amended, to purchase 1,512,500 shares of the Company’s Common Stock at an exercise price of $1.20 per share, and 250,000 shares of Common Stock held in an individual retirement account for the benefit of Mr. Hastings, for a total purchase price of $1,445,625. The Options and Stock Purchase Agreement was approved by the CNG Committee and the Board of Directors, and was completed on October 17, 2014. Pursuant to the terms of the 2012 Stock Incentive Plan, the options repurchased from Mr. Hastings and canceled became available for future grants under the 2012 Stock Incentive Plan.
Executive officer changes and executive compensation. On October 31, 2014, the Board appointed Antoine J. Lafargue as the Company’s new Senior Vice President of Strategy and Business Development and Chief Commercial Officer, and Matthew R. Ciardiello as the Company’s Vice President – Chief Financial Officer, Treasurer, and Corporate Secretary. In connection with the above executive promotions and effective on October 31, 2014, the Board’s Compensation, Nominating and Governance Committee (the “CNG Committee”) established a new 2015 incentive compensation program (the "2015 Program") that included increases in base salaries, grants of restricted stock, and grants of performance and market based options under the 2012 Stock Incentive Plan to Mr. Lafargue, Mr. Ciardiello, and J. Thomas Wilson, President and Chief Executive Officer of the Company, and a grant of restricted stock to J. Robinson West, Chairman of the Board.
In aggregate, under the 2015 Program, 150,000 shares of restricted stock and 1,650,000 stock options were issued under the 2012 Stock Incentive Plan. The exercise price of the options is $1.80 per share. As of November 7, 2014, the number of shares available for future issuance under the 2012 Stock Incentive Plan, including the options repurchased from Mr. Hastings and canceled as described above, was 492,657.
Stock option exercise. Subsequent to September 30, 2014, 206,250 stock options previously granted under the 2012 Stock Incentive Plan were exercised resulting in the issuance of 47,663 shares of common stock, which number is net of shares withheld to satisfy certain employee tax and exercise price obligations.
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