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COMMITMENTS
9 Months Ended
Dec. 31, 2022
COMMITMENTS  
COMMITMENTS

NOTE 15 – COMMITMENTS

Employment Agreements

We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjustable annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at December 31, 2022 for future executive salaries and bonus was approximately $0.6 million. The aggregate commitment at December 31, 2022 for accrued payroll, vacation and holiday pay was approximately $0.8 million for the remainder of our employees.

Retirement Benefits

Ranor has a defined contribution and savings plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. The Company contributed $63,354 and $65,303 for the nine months ended December 31, 2022 and 2021, respectively.