Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 26, 2012, John R. McGovern, the Company's Executive Vice President and
Chief Financial Officer, notified the Company that he was resigning effective
May 11, 2012 in order to pursue other business opportunities. His resignation
was not the result of any disagreement on any matter relating to the Company's
financial reporting or accounting practices.
In accordance with the terms of the employment agreement entered into on
December 23, 2010 by Mr. McGovern and the Company, Mr. McGovern is not entitled
to receive any severance payments and all restricted stock previously granted to
Mr. McGovern will be forfeited to the Company.
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