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Note 11 - Subsequent Events
3 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 11:  Subsequent Events

 

On July 14, 2022, the Board of Directors of Company appointed Christine Chambers to serve as the Company’s Chief Financial Officer and to assume the duties of principal financial officer and principal accounting officer effective August 3, 2022 (“Effective Date”). The Company entered into an offer letter with Ms. Chambers to set forth the terms and conditions of Ms. Chambers’ employment as Chief Financial Officer of the Company. Ms. Chambers will receive an annual base salary of $375,000 and will also receive a one-time sign-on bonus in the amount of $50,000, subject to pro-rata repayment if Ms. Chambers terminates employment with the Company within the first twelve months of employment. Ms. Chambers will receive an initial equity award under the 2016 Employee Plan consisting of (i) an award of 13,000 restricted shares, and (ii) 3,000 performance restricted shares, which performance restricted shares will be based on the attainment of performance criteria equally weighted between adjusted EBITDA and revenue. The shares for each grant will be released from restriction equally over a three (3) year period on the anniversary of the grant date, subject to the attainment of performance criteria in the case of the performance restricted shares.

 

The current Chief Financial Officer of the Company, Bruce Rosenbloom, will continue as the Company’s Chief Financial Officer until the Effective Date. The Company has presented a proposal to Mr. Rosenbloom regarding the continuation of his employment with the Company for services following the Effective Date until December 31, 2022. The Company and Mr. Rosenbloom are in the process of finalizing a transition and separation agreement with the Company.

 

On July 28, 2022, the Board of Directors declared a quarterly dividend of $0.30 per share. The Board established an August 12, 2022 record date and an August 19, 2022 payment date. Based on the outstanding share balance as of August 2, 2022 the Company estimates the dividend payable to be approximately $6.3 million.

 

On July 28, 2022, the Board of Directors approved and issued 39,215 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.

 

On August 1, 2022, the Board of Directors issued 13,000 restricted shares and 3,000 performance restricted shares to Christine Chambers, the Company’s new CFO, pursuant to the 2016 Employee Plan according to the terms of the offer letter. On August 1, 2022 the Board of Directors also approved and issued 7,000 shares to an employee of the Company, pursuant to the 2016 Employee Plan.