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Note 10 - Subsequent Events
3 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 10:   Subsequent Events

 

On May 28, 2021, the Board of Directors notified Menderes Akdag that the Company would not extend Mr. Akdag’s employment agreement with the Company, and the employment agreement would therefore end on July 30, 2021, in accordance with the scheduled end date of the agreement. On July 3, 2021, the Board of Directors appointed Bruce S. Rosenbloom the Company’s Chief Financial Officer, as Interim Chief Executive Officer and President of the Company, effective upon Menderes Akdag’s, the current Chief Executive Officer and President, departure until a permanent successor Chief Executive Officer is appointed. Regarding Mr. Rosenbloom’s additional responsibilities while serving as Interim Chief Executive Officer and President, he will receive an additional cash stipend of $10,000 per month, payable pro-rata at the end of his term as Interim Chief Executive Officer and President.

 

On July 26, 2021, the Board of Directors declared a quarterly dividend of $0.30 per share. The Board established an August 6, 2021 record date and an August 13, 2021 payment date. Based on the outstanding share balance as of July 30, 2021 the Company estimates the dividend payable to be approximately $6.1 million.

 

On July 30, 2021, the Board of Directors approved the issuance of 41,745 restricted shares to certain employees of the Company, pursuant to the 2016 Employee Plan. The Board also approved the issuance of 37,500 restricted shares to the independent directors, pursuant to the 2015 Director Plan.