Quarterly report pursuant to Section 13 or 15(d)

Significant Agreements

Significant Agreements
3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Significant Agreements

11. Significant Agreements

On March 25, 2016, the Company entered into a separation agreement and release of claims with its former Chief Executive Officer, Julia P. Gregory. Subject to Ms. Gregory’s continued compliance with restrictive covenants contained in her employment agreement with the Company, the separation agreement provides for Ms. Gregory to receive severance payments totaling approximately $1.2 million for a period of 18 months following the effective date of Ms. Gregory’s retirement, the accelerated vesting of all unvested portions of stock option grants dated April 29, 2014 and February 8, 2016, and continued medical, dental and vision coverage paid for by the Company under the Company’s group healthcare plans for up to eighteen months following the effective date of Ms. Gregory’s retirement. The total amount of these charges was recognized as part of general and administrative expenses for the period ended March 31, 2016. Ms. Gregory will have a period of two years following the effective date of her retirement to exercise her vested Company stock options.