SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2017

SUBSEQUENT EVENTS:

Since October 1, 2017, and through October 30, 2017, the Company repurchased 271,009 shares of Class D common stock in the amount of $526,000 at an average price of $1.94 per share. Giving effect to the October repurchases, the Company has approximately $3.1 million remaining under our most recent and open authorization.

As noted in our current report on Form 8-K filed October 5, 2017, on October 2, 2017, Karen Wishart began employment with the Company as an Executive Vice President. Ms. Wishart will take the place of Linda Vilardo as Chief Administrative Officer effective after Ms. Vilardo's last day of employment on December 31, 2017. During the interim, Ms. Vilardo and Ms. Wishart will work together to transition Ms. Vilardo's duties to Ms. Wishart in an effective manner. Effective January 1, 2018, Ms. Wishart will become a named executive officer of the Company for reporting purposes. Ms. Wishart is employed as an Executive Vice President and, effective January 1, 2018, as Chief Administrative Officer of the Company and as a Vice President of each of the Company's subsidiaries. Ms. Wishart is entitled to a base salary payable at the annualized rate of $425,000 per year and, effective for the calendar year beginning January 1, 2018, is eligible for a bonus of $150,000, approximately 38% of which will be paid on a personal performance basis, another approximately 38% of which will be paid based on the Company's performance, with the remaining balance paid in accordance with certain cost savings targets in Ms. Wishart's areas of responsibility. Ms. Wishart is entitled to participate in all employee benefit programs generally offered to the Company's employees and also receives standard retirement, welfare and fringe benefits. Ms. Wishart will also receive an equity grant of 37,500 shares of the Company's Class D common stock as well as a grant of options to purchase 37,500 shares of the Company's Class D common stock. The grants will vest in equal increments on each of October 2, 2018, October 2, 2019 and October 2, 2020.