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Related Party Transactions
12 Months Ended
Dec. 31, 2015
Related Party Transactions  
Related Party Transactions

 

4.Related Party Transactions

 

The Company is a party to ongoing agreements with Dow, a related party, including, but not limited to, operating-related agreements for certain transition services, seconded employees and occupancy. The Company paid Dow an aggregate of $9.7 million for such services for the five-month period ending December 31, 2015, made up of a $5 million prepayment related to the Transition Services Agreement, $3.5 million related to the ongoing costs of the Transition Services Agreement, $0.8 million for rent, and $0.4 million for other expenses. As of December 31, 2015, the Company has an outstanding payable to Dow of $1.1 million related to $0.9 million for ongoing costs of the Transition Services Agreement and $0.2 million for seconded employees. Also, refer to Note 3 for information regarding contractual obligations with Dow pursuant to the Business Combination, and Note 18 for amounts payable to Dow pursuant to these obligations.