Note 11 - Employment Agreements

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Employment Agreements [Text Block]

11. Employment Agreements

During the three months ended June 30, 2015, the Company signed five-year employment agreements with two of its executive officers, which automatically renew on the agreements’ anniversary date each year.  The agreements provide that if the officers terminate employment without cause, as defined in the agreements, the officers are entitled to receive certain severance payments.  If termination occurs due to retirement, the officers enter into a four-year consulting arrangement with the Company at a specified percentage of the officers’ then current salaries. Upon death or disability, the Company will also make certain payments to the executive or the executive’s estate or beneficiary, as applicable. No amounts under the agreements have been accrued as none of the service and payment conditions have been met.