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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2013
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS
NOTE 11: RELATED PARTY TRANSACTIONS
 
In conjunction with its spin-off from RPC in 2001, the Company and RPC entered into various agreements that define the companies’ relationship after the spin-off.
 
The Transition Support Services Agreement provides for RPC to provide certain services, including financial reporting and income tax administration, acquisition assistance, etc., to Marine Products until the agreement is terminated by either party. Marine Products reimbursed RPC for its estimated allocable share of administrative costs incurred for services rendered on behalf of Marine Products totaling $670,000 in 2013, $544,000 in 2012 and $639,000 in 2011. The Company’s liability to RPC for these services was approximately $145,000 as of December 31, 2013 and $94,000 as of December 31, 2012. The Company’s directors are also directors of RPC and all of the Company’s executive officers with the exception of one are employees of both the Company and RPC.
 
The Employee Benefits Agreement provides for, among other things, the Company’s employees to continue participating subsequent to the spin-off in two RPC sponsored benefit plans, specifically, the defined contribution 401(k) plan and the defined benefit retirement income plan.
 
A group that includes the Company’s Chairman of the Board, R. Randall Rollins and his brother Gary W. Rollins, who is also director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.