Item 9B. OTHER INFORMATION

On November 19, 2015, we entered into a new employment agreement with Donnie Smith, our President and Chief Executive Officer. This contract replaces the previous contract for Mr. Smith entered into November 14, 2012.

Mr. Smith’s agreement provides for an annual base salary of $1,175,000. The agreement provides for eligibility for (i) performance and incentive awards under annual and long-term cash and equity incentive plans then in effect, on terms and in amounts consistent with those as determined by and subject to the discretion of the Compensation and Leadership Development Committee of our Board of Directors, (ii) the Company’s supplemental executive retirement plan, (iii) any benefit programs generally applicable to executive officers of the Company, and (iv) use of Company-owned assets, including aircraft up to 50 hours annually, subject to the Company’s use and policies, along with reimbursement and gross-up for any tax liability associated with such use.

Mr. Smith may terminate his employment under the agreement, subject to confidentiality and non-compete obligations contained therein, upon 30 days’ prior written notice to the Company. The Company has the right to terminate the agreement at any time upon written notice to Mr. Smith. Any such termination without cause is subject to the Company’s obligation to continue to pay base salary for 36 months following termination consistent with the Severance Pay Plan for Contracted Officers and subject to provisions relating to the early vesting of stock options, restricted stock and performance stock awards.

Upon the occurrence of a change in control (as defined in the agreement), all previously granted restricted stock, performance stock and stock option awards will be treated in accordance with the applicable award agreement.

The foregoing description of Mr. Smith’s employment agreement is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.17 to this Form 10-K and incorporated by reference herein.

PART III