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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2015
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

 

NOTE 16: RELATED PARTY TRANSACTIONS

        On November 1, 2014, we entered into the Director Appointment Agreement. As a result, we created a new directorship and appointed Mr. Robert as a new independent director to our Board. We agreed to reimburse Villere's documented out-of-pocket expenses in connection with the appointment of Mr. Robert and during fiscal year 2015, we reimbursed an aggregate of $237,890 to Villere under this agreement. No additional payments are due and payable under the Director Appointment Agreement.

        Scott W. Olofson, the son of Tom W. Olofson, is our Senior Vice President, Corporate Relations and Business Development. The compensation committee of the Board approves all salary, bonus, equity incentive awards and perquisites for Scott W. Olofson. For 2015, Scott W. Olofson's compensation was $1.0 million. In February 2015, Scott W. Olofson was appointed head of our corporate restructuring group.