Quarterly report pursuant to Section 13 or 15(d)

Subsequent events

Subsequent events
6 Months Ended
Jun. 30, 2014
Subsequent events

10.  Subsequent Events

On August 6, 2014, Charles E. Larsen notified the Company that he was resigning as a member of the Board of Directors (the “Board”) of the Company and the Audit Committee of the Board (the “Audit Committee”), effective immediately. Mr. Larsen’s resignation is not the result of any disagreement with the Company relating to the Company’s operations, policies or practices.  The Board has appointed Benjamin Anderson-Ray, one of the Company’s current directors, to replace Mr. Larsen on the Company’s Audit Committee.

On August 6, 2014, the Board also elected Heather D. Rider to the Board.  Ms. Rider will serve as a Class I director, with a term expiring at the annual meeting of stockholders to be held in 2015. In addition, on the same date, the Board appointed Ms. Rider as a member of the Compensation, Nominating and Governance Committee of the Board (the “Compensation Committee”), replacing Benjamin Anderson-Ray. In connection with her election to the Board, Ms. Rider will be granted a non-statutory option to purchase 2,222 shares of the Company’s common stock pursuant to the Company’s 2014 Equity Incentive Plan (the “Plan”), at a per share exercise price equal to the closing price of the Company’s common stock on the date of grant. The shares subject to the option will vest in twenty-four equal monthly installments beginning with the first monthly anniversary after the date of grant, subject to Ms. Rider’s continued service through each such vesting date. In addition, in accordance with the Company’s compensation program for non-employee directors, Ms. Rider will receive a base annual retainer of $35, payable quarterly in arrears on a pro-rata basis. The Company expects to grant an option to purchase 6,666 shares of common stock to Ms. Rider on the date of each annual meeting of stockholders, in each case based on her continuing service as a director. Each annual grant is expected to vest in twelve monthly installments beginning with the first monthly anniversary after the grant date, but will vest fully on the date of the next annual meeting of the stockholders if not otherwise fully vested on such date, subject to Ms. Rider’s continued service through such date. The Company will also reimburse Ms. Rider for all reasonable expenses in connection with her services to the Company.