Note 16 - Employment Agreements

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Employment Agreements [Text Block]

1 6 . Employment Agreements

The Company

has entered into employment agreements with its current President and Chief Executive Officer and its former President and Chairman, which have terms of approximately

five

years and which 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 will 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

fourth

quarter of

2017,

the Company’s former President and Chairman passed away, which resulted in a death benefit accrual in the amount of

$619,000,

in accordance with his employment agreement. The accrual as of

December 31, 2017

and

2016

was

$619,000

and

$0,

respectively.