COMMITMENTS

3 Months Ended

Jun. 30, 2023

COMMITMENTS

COMMITMENTS

NOTE 14 - COMMITMENTS

Employment Agreements

We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjustable annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at June 30, 2023 for future executive salaries and bonus was approximately $0.6 million. The aggregate commitment at June 30, 2023 for accrued payroll, vacation and holiday pay was approximately $1.0 million for the remainder of our employees.

Retirement Benefits

Ranor has a defined contribution and savings plan that covers substantially all Ranor employees who have completed 90 days of service. Ranor retains the option to match employee contributions. The Company contributed $21,543 and $22,123 for the three months ended June 30, 2023 and 2022, respectively.