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Related Party Transactions
 12 Months Ended
Dec. 31, 2013
Related Party Transactions

(13)

Related Party Transactions

During 2013 and 2012, the Company received legal advice on various Company matters from a law firm related to a director of the Company. The Company incurred expenses totaling approximately $89,000 and $70,000 related to these services during 2013 and 2012, respectively, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2013 and 2012, there were no outstanding amounts owed to this law firm for services provided.

In August 2009, the Company entered into an employment agreement (amended in 2012 and 2013) with the Executive Chairman of the Board of Directors (“Executive Chairman”), whereby the Company compensated the Executive Chairman $130,000 and $120,000 during 2013 and 2012, respectively. Under the terms of the agreement, the Executive Chairman will assist in international joint venture relations and operations, technical developments, manufacturing and transformative business development projects and other special projects assigned by the Company. In November 2013, the Company amended the agreement to extend the term through 2015 with annual compensation of $130,000 and $130,000 for 2014 and 2015. In addition, the amendment included a bonus equal to 1% of the amount reported by the Company as equity income from foreign joint ventures’ operations in the consolidated statements of operations. During 2013 and 2012, the Company paid compensation of $157,570 and $150,878, respectively, under the terms of the agreement, which is included in general and administrative expenses in the accompanying consolidated statements of operations.