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Subsequent Event
3 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

Note 17: Subsequent Event


On October 21, 2013, by mutual agreement with the Company’s Board of Directors, Dr. Chris L. Koliopoulos stepped down as the Chairman of the Board, President and Chief Executive Officer of the Company. In connection with Dr. Koliopoulos’ separation from Zygo, Zygo entered into a Separation Agreement (“Agreement”) with Dr. Koliopoulos, which provides for the terms of his separation and severance from the Company. Among other things, the Agreement provides that the Company will make an upfront cash payment to Dr. Koliopoulos of $125,000, less applicable tax withholdings, and salary continuation payments in the amount of $450,900 per year for a period of two years and provide continued group health coverage for 18 months. Dr. Koliopoulos’ unvested outstanding Zygo stock options (except with respect to 26,250 shares) became fully vested and the expiration date of 447,062 of Company stock options held by Dr. Koliopoulos was extended to April 2015. Dr. Koliopoulos also vested in 51,574 restricted stock units, with the remaining 65,148 unvested restricted stock units being cancelled. The Company will record additional compensation expense in the quarter ending December 31, 2013 in connection with the modified stock awards. The Agreement contains certain restrictive covenants on the part of Dr. Koliopoulos, including non-solicitation of employees, non-interference with business relationships and noncompetition, each for a period of two years from the date of the Agreement and provides for recoupment by Zygo of all amounts paid to Dr. Koliopoulos under the Agreement in the event a court determines that Dr. Koliopoulos has failed to comply with any of these restrictive covenants.