Note 11 - Employment Agreements

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Employment Agreements [Text Block]

11. Employment Agreements

The Company has five-year employment agreements with two of its executive officers, which automatically renew annually on the agreements’ anniversary date.  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 may 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. During the third quarter of 2015, in order to comply with the agreements, an accrual of $601,000 was recorded in relation to our former CEO’s retirement.