NOTE 14 —SUBSEQUENT EVENTS

Senior Credit Agreement

In October 2019, the Company entered into an amendment to the EWB Loan Agreement which suspended the Company’s obligation to comply with the minimum fixed charge coverage ratio through the maturity date, which was amended to February 28, 2020, placed a cash block on interest payments under the Company’s subordinated debt under the Riley Loan Agreement, required the Company to establish a blocked account, following which the Company may request revolving advances up to the amount on deposit in such blocked account in EWB’s discretion and waived the Company’s noncompliance with the fixed charge coverage ratio financial covenant.

Departure of Certain Officer and Appointment of Certain Officer

On October 29, 2019, the Company and Mr. Robert Plaschke agreed that Mr. Plaschke would cease serving as the Company’s Chief Executive Officer, effective immediately.  In connection with Mr. Plaschke’s transition, the Company entered into a Transition and Separation Agreement with Mr. Plaschke pursuant to which he will serve as a Senior Advisor to the Board until April 30, 2020.

On October 29, 2019, the Company entered into an employment agreement with Thomas W. Wilkinson, which governs the terms of Mr. Wilkinson’s employment as the Company’s Chief Executive Officer and member of the board.