RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2014

Related Party Transactions

RELATED PARTY TRANSACTIONS

NOTE 16: RELATED PARTY TRANSACTIONS

        On November 1, 2014, we entered into a Director Appointment Agreement (the "Agreement") with St. Denis J. Villere & Company, L.L.C. ("Villere"), a beneficial shareholder of Company and Kevin L. Robert. As a result, we created a new directorship and appointed Mr. Robert as a new independent director to the board of directors of the Company, effective November 3, 2014, with a term expiring at our Annual Meeting of shareholders held in the year 2015. The Company has agreed to reimburse Villere's documented out-of-pocket expenses in connection with the nomination of Mr. Robert incurred prior to the execution of the Agreement up to an aggregate of $300,000.

        Scott W. Olofson, the son of Tom W. Olofson, is the Company's Senior Vice-President, Corporate Relations and Business Development. The compensation committee of the Board approves all salary, bonus, equity incentive awards and perquisites for Scott W. Olofson. For 2014, Scott W. Olofson's compensation was $0.9 million. In February 2015, Scott W. Olofson was appointed head of the Company's corporate restructuring group.