XML 34 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Equity and Other Long Term Incentive Plans
3 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Equity and Other Long Term Incentive Plans

(11) Equity and Other Long Term Incentive Plans

 

The 1994 Plan (“1994 Plan”)

 

Under the terms of the 1994 Plan, the number and price of the stock incentive awards granted to employees is determined by the Board of Directors and such grants vest, in most cases, incrementally over a period of four years and expire no more than ten years after the date of grant. At the time of approval, 395,000 shares of our common stock were reserved for issuance under this plan. As of September 30, 2014, there are no shares available for grant. Based on the terms of the 1994 Plan, no awards shall be granted more than ten years after the effective date of the plan unless amended.

 

The Directors’ Stock Option Plan (“Director’s Plan”)

 

Options under the Director’s Plan vest after one year and expire seven years from the date of grant. At the time of approval, 50,000 shares of our common stock were reserved for issuance under this plan. As of September 30, 2014, there are 45,000 shares available for future grant.

 

2008 Stock Incentive Plan (“2008 Plan”)

 

The 2008 Plan was created to promote growth of the Company by aligning the long-term financial success of the Company with the employees, directors and consultants. At the time of approval, 5,500,000 shares of our common stock were reserved for issuance under this plan. The 2008 Plan, administered by the Compensation Committee of the Board of Directors, provides for granting of incentive awards in the form of stock options, stock appreciation rights (“SARs”) and restricted stock to employees, directors and consultants of the Company. Stock options previously awarded vested upon the Company’s stock achieving a closing price of $1.63 on October 21, 2013, and expire ten years from grant date or upon employee or director termination. Restricted shares awarded will vest 33.33% per year over a three year period and expire upon employee or director termination. There have been no SARs granted under the 2008 Plan. As of September 30, 2014, there are 362,501 shares available for grant under the 2008 Plan.

 

2011 Stock Incentive Plan (“2011 Plan”)

 

The 2011 Plan was designed to increase shareholder value by compensating employees over the long term. The plan is to be used to promote long-term financial success and execution of our business strategy. At the time of approval, 1,750,000 shares of our common stock were reserved for issuance under this plan. On June 26, 2014, an additional 2,000,000 shares of our common stock were approved for issuance under this plan. The 2011 Plan, administered by the Compensation Committee of the Board of Directors, provides for granting of incentive awards in the form of stock options, SARs and restricted stock to employees, directors and consultants of the Company. Stock options previously awarded vested upon the Company’s stock achieving a closing price of $1.63 on October 21, 2013, and expire ten years from the grant date or upon employee or director termination. There have been no SARs or restricted stock granted under the 2011 Plan. As of September 30, 2014, there are 3,266,000 shares available for grant under the 2011 Plan.

 

At September 30, 2014, 3,673,501 shares of Common Stock were reserved for future grants of stock incentive grants under the Company’s four stock incentive plans.