Note 16 - Employment Agreements

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Employment Agreements [Text Block]

16. Employment Agreements

The Company has signed employment agreements with

two

of its current executive officers, which have terms of approximately

five

years and which automatically renew in accordance with their terms.  The agreements provide that, if the officers’ employment is terminated 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,

the Company’s former CEO retired, which resulted in the payment of a severance amount of

$601,000,

in accordance with his employment agreement. The severance amount was paid to the former CEO over a

12

-month period, and the related accrual as of

December

31,

2016

and

2015

was

$0

and

$452,000,

respectively.  The former CEO did not enter into a consulting arrangement subsequent to his retirement.