Quarterly report pursuant to Section 13 or 15(d)

POST-RETIREMENT OBLIGATIONS

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POST-RETIREMENT OBLIGATIONS
3 Months Ended
Mar. 31, 2018
POST-RETIREMENT OBLIGATIONS [Abstract]  
POST-RETIREMENT OBLIGATIONS
16. 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 18.  All amounts which have not met termination dates remain recorded until a resolution is achieved. As of March 31, 2018, and 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 March 31, 2018, and December 31, 2017, approximately $0.2 million and $0.3 million, respectively, 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.