Accrued Expenses Accrued Expenses
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses | Accrued Expenses Accrued expenses consisted of the following at March 31, 2013 and December 31, 2012 (in thousands):
On January 13, 2013, Mr. Joseph Laezza entered into a Separation Agreement and General Release (the “Laezza Separation Agreement”) with the Company pursuant to which he resigned, effective January 11, 2013, as the Company's President and Chief Executive Officer and as a member of the Company's Board of Directors (the “Board”). Under the terms of the Laezza Separation Agreement, Mr. Laezza agreed to remain employed by the Company and serve as an advisor to the Board and the Company's new Chief Executive Officer until March 31, 2013, in exchange for his current salary and benefits through such date. Mr. Laezza is entitled to receive cash payments of $142,000 and other severance benefits (e.g., accelerated vesting of restricted stock, reimbursement of medical insurance premiums and a bonus) valued at approximately $146,000. These costs were included in general and administrative costs for the three months ended March 31, 2013. As of March 31, 2013, $183,000 of unpaid severance related expenses for Mr. Laezza were included as accrued severance costs above. On March 22, 2013, Mr. Tolga Sakman entered into a Separation Agreement and General Release (the “Sakman Separation Agreement”) with Glowpoint pursuant to which he resigned, effective March 22, 2013, as the Company's Chief Financial Officer. Mr. Sakman served as the Company's Chief Financial Officer and Senior Vice President, Corporate Development since August 22, 2012. Under the terms of the Sakman Separation Agreement, Mr. Sakman is entitled to receive cash payments of $110,000. These costs were included in general and administrative costs for the three months ended March 31, 2013. As of March 31, 2013, $121,000 of unpaid severance related expenses for Mr. Sakman were included as accrued severance costs above. During 2012 and the three months ended March 31, 2013, the Company effected terminations of certain employees which entitled them to receive cash payments and other severance benefits (e.g., reimbursement of medical insurance premiums. As of March 31, 2013, $509,000 of unpaid severance related expenses were included as accrued severance costs above for these employees. |