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RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Dec. 31, 2013
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| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS |
NOTE 14: RELATED PARTY TRANSACTIONS
The Company maintains split-dollar life insurance policies on certain executives. The cash surrender value of $48 and $49 related to such policies is recorded in other assets as of December 31, 2013 and 2012, respectively.
Mr. Eugene Hughes, a former member of the Company’s Board of Directors and a shareholder, retired as an employee of the Company effective as of December 22, 2008. Prior to his retirement, the Company and Mr. Hughes entered into a Retirement and Consulting Agreement, dated as of December 9, 2008, pursuant to which Mr. Hughes provides consulting services to the Company for an initial term of eight years following his retirement. In exchange for such consulting services, Mr. Hughes will receive (i) annual compensation of $215 for the first two years of service, (ii) annual compensation of $100 for the remainder of the initial term, (iii) annual compensation of $50 after the initial term, and (iv) certain medical and life insurance benefits. |
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- Details
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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