Note 11Commitments and Contingencies Employment Agreements On November 11, 2016, the Company announced that it will continue its personal injury claims funding business through the formation of a wholly owned subsidiary, Simia Capital, LLC (Simia). In connection with its formation, Simia entered into an employment agreement (the Employment Agreement) with Patrick F. Preece to serve as its Chief Executive Officer. Under the Employment Agreement, Mr. Preece will receive an annual base salary of $250,000, subject to annual increase at the discretion of the compensation committee (the Compensation Committee) of the board of directors of the Company (the Board). Mr. Preece will be eligible to receive an annual cash or non-cash bonus in the sole and exclusive discretion of the Compensation Committee. Mr. Preece will also be eligible to receive a cash or non-cash profit bonus of an aggregate amount up to 15% of the profit of the business of Simia (the Business) for each fiscal year in which the Business achieves an internal rate of return of at least 18%. In the event that the Business is sold to a third -party solely for cash consideration during Mr. Preeces employment period, he will be eligible to receive a cash or non-cash sale profit bonus of up to 15% of the closing consideration received by the Company. He will also be entitled to participate in any other benefit plans established by the Company for management employees. The Employment Agreement has a five year term. Under the Employment Agreement, Mr. Preece may be terminated with or without cause (as defined in the Employment Agreement) and may resign with or without good reason (as defined in the Employment Agreement). If Mr. Preece is terminated without cause or resigns for good reason he will receive severance equal to two years of his base salary. He will also be entitled to a pro-rata share of the profit bonus and his deferred compensation will vest immediately. Mr. Preece is also subject to a non-compete and non-solicitation provision