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Note 10 - Retirement of Chief Executive Officer
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Retirement of Corporate Officer [Text Block]

NOTE 10 RETIREMENT OF CHIEF EXECUTIVE OFFICER

 

On September 15, 2022, J. Melville Engle announced that he will retire as the Chief Executive Officer of the Company and as Chairman and a member of the Company’s board of directors, effective October 31, 2022.  To ensure an orderly transition of his responsibilities, the Company and Mr. Engle entered into a Transition and Separation Agreement dated September 15, 2022 (the “Transition Agreement”) pursuant to which Mr. Engle will continue to serve as Chief Executive Officer until October 31, 2022.  The Transition Agreement provides for, among other things, the payment of certain separation benefits to Mr. Engle following termination of his employment, contingent upon Mr. Engle signing, delivering and not rescinding or revoking a general release of claims in favor of the Company, including $524,400 in severance pay, which amount is equal to one year of Mr. Engle’s base salary, a pro-rata bonus for 2022 in the amount of $139,000, and accelerated vesting of 300,000 restricted stock units previously granted to Mr. Engle as part of the Company’s 2021 Long-Term Incentive Plan. As of September 30, 2022. $741,505 is included within Accrued expenses and other liabilities in the Company’s balance sheet for this liability.