(8) Commitments

     The Company has an employment agreement with three of its officers which provides for an annual base salary of $450,000, $402,000 and $255,000 respectively for calendar year 2016. Each of these employment agreements have an evergreen provision that extend the term by one year on the anniversary date unless either the Company or the employee has given notice that they will not be renewing the agreement upon the expiration of its term.

     The Company has a defined contribution profit sharing (401K) plan covering employees who have completed one year of service. Contributions are made at the discretion of the Company. The Company did not make any contributions to this plan for 2015, 2014, or 2013.

     The Company occupies premises under an operating lease agreement which expires on March 31, 2025. As of December 31, 2015, the approximate minimum annual future rental commitments under lease agreements for the next five years are as follows:

     Rent expense, including other occupancy related expenses, amounted to approximately $181,000, $173,000, and $187,000, for 2015, 2014, and 2013, respectively.