Annual report pursuant to Section 13 and 15(d)

Subsequent Events

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Subsequent Events
12 Months Ended
Mar. 31, 2015
Subsequent Events  
Subsequent Events

 

15. Subsequent Events

        On April 10, 2015, the Company announced that Edward I. Reich, the Executive Vice President and Chief Financial Officer of the Company, would be leaving the Company to pursue other opportunities, effective immediately. Mr. Reich will continue to serve the Company in a consulting capacity until May 10, 2016. On April 11, 2015, Mr. Reich and the Company entered into a General Release and Separation Agreement (the "Separation Agreement"), which provides for, among other things, severance payments to Mr. Reich equal to 12 months of Mr. Reich's salary immediately prior to the termination of his employment, payable in accordance with the Company's regular payroll practices. The Separation Agreement also includes a general release of the Company and its affiliates by Mr. Reich.

        Effective June 14, 2015 the Company entered into a first amendment to the Amended and Restated Change of Control Severance Agreement with Darren R. Jamison, the Company's President and Chief Executive Officer. The first amendment extended the term of the Amended and Restated Change of Control Severance Agreement to June 14, 2018.