Note 15 - Commitments

Leases

An entity owned by certain executive officers/directors of the Company owns the building that the Company leases as its main facility for clinical laboratory operations and certain research operations. In addition to the minimum annual rentals of space, the lease is subject to annual increases, based on the consumer price index. Annual increases are limited to 3% per year. Rent expense for this lease, inclusive of real estate taxes, approximated $1,833, $1,849, and $1,798 during fiscal years 2020, 2019 and 2018, respectively.

Employment Agreements

The Company has employment agreements with certain officers that are cancellable at any time but provide for severance pay in the event an officer is terminated by the Company without cause, as defined in the agreements. Unless cancelled earlier or with notice as defined, the agreements automatically renew for two years. The current agreements expire January 2021. As of July 31, 2020, aggregate minimum compensation commitments under these agreements, exclusive of termination and change in control provisions, is $480.

Purchase commitments

As of July 31, 2020, the Company had purchase commitments for lab instrumentation in the amount of $3,249.