Subsequent Event Subsequent Event

9 Months Ended

Oct. 01, 2016

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

On October 26, 2016, West Marine Products, Inc., a wholly-owned subsidiary of West Marine, Inc., and the landlord for the Company’s support center located in Watsonville, California, entered into an amendment to the Company's current lease. Randolph K. Repass, West Marine’s founder and a member of the Company’s board of directors, is a general partner of the partnership that leases the support center to the Company.

The current lease expires on October 31, 2016, and the amendment extends the term to October 31, 2021, with one five-year extension at the option of the Company. Base rent is fixed at $1.2 million per year, provided that base rent could be adjusted if the Company exercises its right under the amendment to give back a portion of the leased space during the term, subject to certain conditions.

Negotiations for this transaction were conducted at arms' length using independent representatives for each party. Although the lease had been in place for a number of years, the Company's Audit and Finance Committee of the Board of Directors nonetheless reviewed the transaction to determine if the lease remained in the best interest of the Company. Related party transactions, including amendments to related party leases, are pre-approved by the Audit and Finance Committee. The Audit and Finance Committee reviewed and approved the lease amendment in accordance with its Related Party Transaction Policy.