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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2024
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS

 

The Company has an employment agreement with its former Chief Executive Officer and Chairman of the Board, Rodney I. Smith. Mr. Smith received his salary, pursuant to the terms of the agreement, through September 2021. While Mr. Smith has ceased providing executive officer services pursuant to such agreement, the agreement provides for an annual royalty fee (in thousands) of $99 payable as consideration for his assignment to the Company of all of his rights, title and interest in certain patents. Payment of the royalty continues for as long as the Company is using the inventions underlying the unexpired patents.