Executive Separations	9 Months Ended
Sep. 30, 2024
Executive Separations
Executive Separations	Note 12 – Executive Separations On March 16, 2023, Thomas W. Pritchard resigned as Chief Executive Officer and a director of Empire to pursue other opportunities. Although not required under Mr. Pritchard’s Employment Agreement with Empire, in recognition of Mr. Pritchard’s past service to Empire, Empire paid Mr. Pritchard severance benefits in the amount of approximately $360,000, as set forth in Section 4.2 of his Employment Agreement, in one lump sum payment within 30 days after March 23, 2023, rather than in monthly installments. This was accrued as of March 31, 2023, and payment was made in April 2023. Empire also extended the period under which Mr. Pritchard has the right to exercise his outstanding vested non-qualified stock options from three months after the date of his termination of employment to September 16, 2024.  In addition, Mr. Pritchard has surrendered to Empire 340,234 RSUs and options as satisfaction for the $2.1 million receivable that primarily resulted from incorrect withholdings associated with an April 2022 option exercise by Mr. Pritchard. Empire also had a $2.1 million liability recorded at December 31, 2022, related to withholding payables that were remitted in 2023.  On March 17, 2023, the Board of Directors appointed Michael R. Morrisett to the position of Chief Executive Officer. Mr. Morrisett did not receive any additional compensation for assuming the role of Chief Executive Officer.

Executive Separations

9 Months Ended

Sep. 30, 2024

Note 12 – Executive Separations

On March 16, 2023, Thomas W. Pritchard resigned as Chief Executive Officer and a director of Empire to pursue other opportunities. Although not required under Mr. Pritchard’s Employment Agreement with Empire, in recognition of Mr. Pritchard’s past service to Empire, Empire paid Mr. Pritchard severance benefits in the amount of approximately $360,000, as set forth in Section 4.2 of his Employment Agreement, in one lump sum payment within 30 days after March 23, 2023, rather than in monthly installments. This was accrued as of March 31, 2023, and payment was made in April 2023. Empire also extended the period under which Mr. Pritchard has the right to exercise his outstanding vested non-qualified stock options from three months after the date of his termination of employment to September 16, 2024.  In addition, Mr. Pritchard has surrendered to Empire 340,234 RSUs and options as satisfaction for the $2.1 million receivable that primarily resulted from incorrect withholdings associated with an April 2022 option exercise by Mr. Pritchard. Empire also had a $2.1 million liability recorded at December 31, 2022, related to withholding payables that were remitted in 2023. 

On March 17, 2023, the Board of Directors appointed Michael R. Morrisett to the position of Chief Executive Officer. Mr. Morrisett did not receive any additional compensation for assuming the role of Chief Executive Officer.