Subsequent Events |
3 Months Ended | |
|---|---|---|
Mar. 31, 2017 | ||
| Subsequent Events [Abstract] | ||
| Subsequent Events [Text Block] |
Note 8 - Subsequent Events Appointment of Chief Executive Officer
On April 24, 2017, the Company announced that Manuel Litchman, M.D., had been appointed President and Chief Executive Officer. Dr. Litchman was also appointed to the Company’s Board of Directors. Pursuant to the terms of Dr. Litchman’s employment agreement he will receive an annual base salary of $395,000 and will be eligible to receive an annual performance-based cash bonus with a target of 50% of his base salary, at the sole discretion of the Board or the compensation committee of the Board, if established. In addition, Dr. Litchman is eligible to earn additional incentive bonuses as defined in his employment agreement. The employment agreement further grants Dr. Litchman an option to purchase 1,041,675 shares of the Company’s common stock to acquire shares of common stock of the Company (the “Option”). The Option will have an exercise price per share equal to the fair market value of a share the Company’s common stock on the date of the grant of the stock option (which the Company believes, as of grant date, is $5.73 per share), subject to the conditions and vesting schedule set forth in his Employment Agreement. |