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Note 17 - Employment Agreements | 12 Months Ended
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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.

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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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