POST-RETIREMENT OBLIGATIONS |
6 Months Ended |
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Jun. 30, 2017 | |
| 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, 2017, and December 31, 2016, approximately $1.0 million remained outstanding and was included in post-retirement benefits.
In July 2015 we entered into a retirement agreement with former CEO, Nicholas Carter. As of June 30, 2017, and December 31, 2016, approximately $0.3 million remained outstanding and was included in post-retirement obligations.
See the Company's Annual Report on Form 10-K for the year ended December 31, 2016, for additional information.
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