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Note 17 - Employment Agreements | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Employment Agreements [Text Block] |
1 7 . | 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 expense of $619,000, in accordance with his employment agreement. There was no expense for the years ended December 31, 2019 and 2018. The related accrued liability as of December 31, 2019 and 2018 was $207,000 and $430,000, respectively.

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- Definition The entire disclosure relating to employment agreements in which the reporting entity is involved. + References No definition available. + Details
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