Quarterly report pursuant to Section 13 or 15(d)

POST-RETIREMENT OBLIGATIONS

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POST-RETIREMENT OBLIGATIONS
6 Months Ended
Jun. 30, 2016
POST-RETIREMENT OBLIGATIONS [Abstract]  
POST-RETIREMENT OBLIGATIONS
15. POST-RETIREMENT OBLIGATIONS

In January 2008 an amended retirement agreement was entered into with Mr. Hatem El Khalidi; however, on May 9, 2010, the Board of Directors terminated the agreement due to actions of Mr. El Khalidi.  See Notes 12 and 18.  All amounts which have not met termination dates remain recorded until a resolution is achieved. As of June 30, 2016, and 2015, approximately $1.0 million remained outstanding and was included in post-retirement benefits.

See the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, for additional information.