Related Party Transactions

9 Months Ended

Sep. 30, 2018

Related Party Transactions

Related Party Transactions

12. Related Party Transaction

During the third quarter of 2018, the Company’s Chief Executive Officer utilized the WASI spare parts warehouse to temporarily store personal equipment and has reimbursed the Company $450 as of September 30, 2018 for such usage.

On September 12, 2018, in a transaction approved by an independent committee of the Board of Directors, the Company purchased 88,000 shares of common stock directly from the Company’s Chief Executive Officer. The agreed and paid price per share was $34.2972, the volume weighted average price on September 12, 2018.

During the nine months of 2018, the Company accrued approximately $44,000 of expenses payable to Mikchalk Lake, LLC, an entity in which our Chief Executive Officer retains an ownership interest. These expenses were for lodging and other business related services. These transactions were approved by the Board’s independent Directors.