Note 4 - Related-Party Transactions

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

(4) RELATED-PARTY TRANSACTIONS

Partnership Employment Contracts.

The Partnership has an employment agreement with one executive. The employment agreement provides for severance should the executive be terminated involuntarily under circumstances described in the agreements. The total severance which would be payable under this agreement to Scott C. Wallace, President and CEO, is the equivalent of six months of base pay or $125,000.

Separation Agreement with Senior Vice President Operations.

Effective on January 30, 2015, the Managing Partner entered into a new employment agreement with Randolph Cabral, the Senior Vice President of the General Partner, superseding his prior agreement dated October 27, 2009. Pursuant to the new agreement, Mr. Cabral would remain with the General Partner in his current capacity until September 30, 2015. The new agreement did not change Mr. Cabral’s compensation or other benefits. Consistent with the terms of his prior agreement, following termination on September 30, 2015, Mr. Cabral will receive installment payments equal to 18 months of base pay ($222,300). These payments have been made and will continue to be made through April 2016.