Note 17 - Employment Agreements

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Employment Agreements [Text Block]

17. Employment Agreements

The Company has entered into an employment agreement with its current President and Chief Executive Officer, which has a term of approximately

five

years and which renews in accordance with its terms.  The agreement provides that, if the officer's employment is terminated without cause, as defined in the agreements, the officer is 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 officer's then current salary. Upon death or disability, the Company will also make certain payments to the officer or the officer's estate or beneficiary, as applicable.

The Company had entered into an employment agreement with its former President and Chairman. During the

fourth

quarter of

2017,

the Company's former President and Chairman passed away, which resulted in a death benefit expense of

$619,000,

in accordance with his employment agreement. There was

no

expense for the years ended

December 31, 2020

and

2019.

The related accrued liability as of

December 31, 2020

and

2019

was

$0

and

$207,000,

respectively.