SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On March 26, 2018, the Company filed a definitive proxy statement with the SEC which included a share increase proposal for consideration by the Company’s stockholders and, consistent with Mr. Wilson's employment agreement, an issuance of 33,000 shares of performance-based restricted common stock to Mr. Wilson if this proposal is approved at the Company’s 2018 Annual Meeting of Stockholders on May 3, 2018. This share increase proposal and restricted common stock issuance to Mr. Wilson was approved by the Company’s stockholders on May 3, 2018. The vesting of these shares is subject to the achievement of certain Company performance conditions, and, in some instances, a service period requirement.

On May 3, 2018, the Company issued 4,230 shares of our Common Stock to the Company's non-employee directors. These grants are to vest (the "Vesting Time") in full on the latter of (i) the one year anniversary of the date of grant and (ii) the Company’s Annual Meeting of Stockholders for the year following the year of grant for the award (the "Vesting Meeting"), subject to (i) the non-employee director's continued service to the Company through the Vesting Time, unless the non-employee director’s current term expires at the Vesting Meeting in which case vesting is subject to the non-employee director’s service to the Vesting Meeting and (ii) the non-employee director not engaging in “competition”, as defined in a restricted stock grant agreement executed by the non-employee director, to the Vesting Time.