16.	Related Party Transactions

Under a shareholders’ agreement which we entered into with certain shareholders, including David G. Hanna, Frank J. Hanna, III and certain trusts that were Hanna affiliates, following our initial public offering (

) if

one

or more of the shareholders accepts a bona fide offer from a

third

party to purchase more than

50%

of the outstanding common stock, each of the other shareholders that is a party to the agreement

may

elect to sell his shares to the purchaser on the same terms and conditions, and (

) if shareholders that are a party to the agreement owning more than

50%

of the common stock propose to transfer all of their shares to a

third

party, then such transferring shareholders

may

require the other shareholders that are a party to the agreement to sell all of the shares owned by them to the proposed transferee on the same terms and conditions.

June 2007,

we entered into a sublease for

1,000

square feet (as later adjusted to

600

square feet) of excess office space at our Atlanta headquarters with HBR Capital, Ltd. (“HBR”), a company co-owned by David G. Hanna and his brother Frank J. Hanna, III. The sublease rate per square foot is the same as the rate that we pay under the prime lease. Under the sublease, HBR paid us

$16,627

and

$18,089

for

2019

and

2018

, respectively. The aggregate amount of payments required under the sublease from

January 1, 2020

to the expiration of the sublease in

May 2022

$41,527.

January 2013,

HBR began leasing the services of

four

employees from us. HBR reimburses us for the full cost of the employees, based on the amount of time devoted to HBR. In the years ended

December 31, 2019

and

2018

, we received

$269,072

and

$270,932,

respectively, of reimbursed costs from HBR associated with these leased employees.

November 26, 2014,

we and certain of our subsidiaries entered into a Loan and Security Agreement with Dove. The agreement provided for a senior secured term loan facility in an amount of up to

$40.0

million at any time outstanding. On

December 27, 2019,

the Company issued

400,000

shares (aggregate initial liquidation preference of

$40

million) of its Series A Preferred Stock in exchange for full satisfaction of the

$40.0

million that the Company owed Dove under the Loan and Security Agreement. Dividends on the preferred stock are

per annum (cumulative, non-compounding) and are payable in preference to any common stock dividends, in cash. The Series A Preferred Stock is perpetual and has

maturity date. The Company

may,

at its option, redeem the shares of Series A Preferred Stock on or after

January 1, 2025

at a redemption price equal to

$100

per share, plus any accumulated and unpaid dividends. At the request of a majority of the holders of the Series A Preferred Stock, the Company shall offer to redeem all of the Series A Preferred Stock at a redemption price equal to

$100

per share, plus any accumulated and unpaid dividends, at the option of the holders thereof, on or after

January 1, 2024.

Upon the election by the holders of a majority of the Series A Preferred Stock, each share of the Series A Preferred Stock is convertible into the number of shares of the Company’s common stock as is determined by dividing (i) the sum of (a)

$100

and (b) any accumulated and unpaid dividends on such share by (ii) an initial conversion price equal to

$10

per share, subject to certain adjustment in certain circumstances to prevent dilution. Given the redemption rights contained within the Series A Preferred Stock, we account for the outstanding preferred stock as temporary equity in the consolidated balance sheets. Dove is a limited liability company owned by

three

trusts. David G. Hanna is the sole shareholder and the President of the corporation that serves as the sole trustee of

one

of the trusts, and David G. Hanna and members of his immediate family are the beneficiaries of this trust. Frank J. Hanna, III is the sole shareholder and the President of the corporation that serves as the sole trustee of the other

two

trusts, and Frank J. Hanna, III and members of his immediate family are the beneficiaries of these other

two

trusts.