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Note 10 - Subsequent Events
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9 Months Ended |
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Sep. 30, 2012
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| Subsequent Events [Text Block] |
10. Subsequent
Events
Hiring
of Vice President, Global Sales and Marketing
In
November 2012, the Company hired a Vice President, Global
Sales and Marketing (the “VP of
Sales”). The related employment agreement
stipulates that in November 2012, the VP of Sales will be
granted stock options to purchase 300,000 shares of the
Company’s common stock and that an additional 100,000
options will be granted on both the first and second
anniversary dates of his starting date. The employment
agreement also provides for certain payments in connection
with a change of control transaction. Pursuant
to the employment agreement, on November 10, 2012, the
Company granted the VP of Sales options to purchase 300,000
shares of the Company’s common stock at an exercise
price of $1.63 per share, such options having a 10 year
term.
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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. No definition available.
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