Note 25 - Related Party Transactions

12 Months Ended

Jun. 26, 2016

25. Related Party Transactions

Related party receivables consist of the following:

	June 26, 2016		June 28, 2015
Cupron, Inc.	$	3	$	72
Salem Global Logistics, Inc.		7		3
Total related party receivables (included within receivables, net)	$	10	$	75

Related party payables consist of the following:

	June 26, 2016		June 28, 2015
Cupron, Inc.	$	619	$	506
Salem Leasing Corporation		250		277
Total related party payables (included within accounts payable)	$	869	$	783

Through April 24, 2015, Mr. Mitchel Weinberger was a member of the Company’s Board. Related party transaction amounts for entities affiliated with Mr. Weinberger are omitted from current disclosures as such entities no longer constitute related parties of the Company.

Related party transactions in excess of $120 for the current or prior two fiscal years consist of the matters in the table below and the following paragraphs:

		For the Fiscal Year Ended
Affiliated Entity	Transaction Type	June 26, 2016		June 28, 2015		June 29, 2014
Salem Leasing Corporation	Transportation equipment costs	$	3,751	$	3,633	$	3,607
Salem Global Logistics, Inc.	Freight service income		253		179		25

Cupron, Inc.	Sales		477		925		486
Cupron, Inc.	Raw material purchases		36		281		8

Mr. Kenneth G. Langone, a member of the Board, is a director, stockholder and non-executive Chairman of the Board of Salem Holding Company. The Company leases tractors and trailers from Salem Leasing Corporation, a wholly-owned subsidiary of Salem Holding Company. In addition to the monthly operating lease payments, the Company also incurs expenses for routine repair and maintenance, fuel and other expenses. These leases do not contain renewal, purchase options or escalation clauses with respect to the minimum lease charges. The balance of a capital lease obligation with Salem Leasing Corporation as of June 26, 2016 was $1,015.

Salem Global Logistics, Inc. is also a wholly-owned subsidiary of Salem Holding Company. During fiscal 2016, 2015 and 2014, the Company earned income by providing for-hire freight services for Salem Global Logistics, Inc.

Mr. William J. Armfield, IV, until his passing in July 2016, was a member of the Board, and held an indirect minority equity interest in (and was non-executive Chairman of the Board of) Cupron, Inc. (“Cupron”) and was also a director.

On April 27, 2016, Mr. William L. Jasper retired from the Company while remaining on the Board, and during the fourth quarter of fiscal 2016, the Company paid $126 to Mr. Jasper for consulting fees. As of June 26, 2016, $625 of consulting fees were payable to Mr. Jasper subject to his continued compliance with the underlying agreement.

On December 3, 2013, certain of the Company’s executive officers (at that time) exercised options to purchase shares of the Company’s common stock under previously granted option awards. Pursuant to authorization from the Company’s Board, and as part of the 2013 SRP, the Company repurchased 225 shares of common stock issued in those option exercises at a negotiated price of $25.59 per share (which was equal to the average of the closing trade prices of the Company’s common stock for the 30 days ending December 2, 2013 and represented a 7.1% discount to the $27.56 closing price of the common stock on December 2, 2013).