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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2017
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

 

13.     RELATED PARTY TRANSACTIONS

 

The Company has a license agreement with the Chief Executive Officer of the Company. See Note 5.

 

In 2016, the Company granted a right to three of its executive officers to purchase shares of Common Stock directly from the Company at market prices. Thomas J. Shaw, CEO, exercised his purchase rights on January 12, 2017, buying two million shares at market price for an aggregate purchase price of $1.78 million, and he exercised the remainder of his purchase rights on August 23, 2017 by purchasing one million shares at market price for aggregate consideration of $570,100.  Mr. Cowan, CFO, and Ms. Larios, Vice President and General Counsel, are authorized to purchase 500,000 shares each at market price any time prior to December 9, 2018.  The approximate dollar value of these potential future purchases cannot be predicted.

 

In November 2016, the Company granted a stock option to its Chief Executive Officer for the purchase of three million shares of Common Stock.  Such stock option terminated by its terms before becoming exercisable following a December 27, 2016 shareholder vote against such option.