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Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events

18. Subsequent Events

 

On March 14, 2016, Catamaran provided the Company a note loan in the principal amount of $325,000 on terms substantially similar to the previous notes, repayable on receipt of a bridge loan from the Company’s majority shareholder. On March 30, 2016, Catamaran provided the Company with another note loan in the principal amount of $75,000 on terms similar to the previous note.

 

Pursuant to a resolution adopted on September 10, 2013 by the Company’s Board of Directors, Company entered into a Separation and Severance Agreement with Mr. Mahadevan Narayanan, Company’s Chief Financial Officer and Secretary on April 12, 2016. Pursuant to the terms of the agreement, upon Mr. Narayanan’s (i) termination of employment for Good Reason (as defined in the agreement), (ii) death, (iii) disability or (iv) termination by the Company without Cause (as defined in the agreement), he shall be entitled to certain severance benefits and payments. The severance payment shall equal the product of 2.5 times his average monthly base salary (calculated over the twelve (12) month period preceding the termination event), multiplied by the number of years (on a pro-rated basis) he had been employed by the Company at the Termination Date (as defined in the agreement); provided, however, that the severance payment may not exceed thirty (30) months of Mr. Narayanan’s average monthly base salary (calculated over the twelve (12) months preceding his termination date). Payments due to Mr. Narayanan under the Separation Agreement shall be paid in equal monthly installments by the Company over a 20 month period.