POST-RETIREMENT OBLIGATIONS |
6 Months Ended |
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Jun. 30, 2018 | |
| Retirement Benefits [Abstract] | |
| POST-RETIREMENT OBLIGATIONS |
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 13 and 19. All amounts which had not met termination dates remained recorded until a resolution was achieved. The matter was resolved on May 25, 2018 and as of June 30, 2018, post-retirement obligations of approximately $1.0 million for Mr. El Khalidi have been reversed. As of December 31, 2017, 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, 2018 and December 31, 2017, approximately $0.2 million and $0.3 million, respectively, remained outstanding and was included in post-retirement obligations.
In June 2018 we entered into a retirement agreement with former VP, Accounting & Compliance, Connie Cook. As of June 30, 2018, approximately $0.2 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, 2017 for additional information.
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