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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2025
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | NOTE 12: RELATED PARTY TRANSACTIONS In conjunction with its spin-off from RPC, the Company and RPC entered into various agreements that define the companies’ relationship. Per the terms of their Transition Support Services agreement, which may be terminated by either party, RPC provides certain administrative services, including financial reporting and income tax administration, acquisition assistance, etc., to Marine Products. Charges from RPC (or from corporations that are subsidiaries of RPC) for such services were $1.1 million in 2025, $1.1 million in 2024 and $1.0 million in 2023. The Company’s payable to RPC for these services was $58 thousand as of December 31, 2025 and $99 thousand as of December 31, 2024. During 2023, RPC owed the Company $524 thousand for using Marine Products’ assets in the Plan to settle its participant liabilities, which was fully settled in 2024. All of the Company’s directors are also directors of RPC and the Company’s executive officers are employees of both the Company and RPC. RPC and Marine Products own 50% each of a limited liability company called 255 RC, LLC that was created for the joint purchase and ownership of a corporate aircraft. The purchase was funded primarily by a $2.6 million contribution by each company to 255 RC, LLC. Each of RPC and Marine Products is currently a party to an operating lease agreement with 255 RC, LLC for a period of five years. Marine Products recorded certain net operating costs for the corporate aircraft comprised of rent and an allocable share of fixed costs of $141 thousand in 2025, $188 thousand in 2024 and $160 thousand in 2023. The Company has a payable to 255 RC, LLC of $2.2 million as of December 31, 2025 and $2.0 million as of December 31, 2024. The Company accounts for this investment using the equity method and its proportionate share of income or loss is recorded in selling, general and administrative expenses. As of December 31, 2025, the investment closely approximates the underlying equity in the net assets of 255 RC, LLC and the undistributed earnings represented in retained earnings was $757 thousand. A group that includes Amy R. Kreisler and Timothy C. Rollins, each of whom is a director of the Company, certain of their family members, and certain companies under their and/or their family members’ control, controls in excess of fifty percent of the Company’s voting power. Pursuant to the registration rights agreement between us and our largest stockholder, LOR, Inc. (“LOR”) and certain of its affiliates (collectively, “the Selling Stockholders”) and their permitted transferees, we have filed a shelf registration statement on Form S-3 with the SEC that expires on May 5, 2028. The Form S-3 shelf registration statement registers for resale up to 24,419,029 shares of our common stock, which represents substantially all of the Company securities held by the Selling Stockholders. In addition, they have, subject to certain conditions and limitations, certain piggy-back registration rights with respect to registrations initiated by us.

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