Annual report pursuant to Section 13 and 15(d)

Subsequent Events

Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events  SUBSEQUENT EVENTS

On February 6, 2018, the Board of Directors declared a cash dividend of $0.13 on each share of common stock outstanding. Such dividends were paid on March 9, 2018 to stockholders of record on February 27, 2018. Declaration and payment of any future dividends on shares of common stock will be at the discretion of the Company’s Board of Directors.

On February 1, 2018, the Company granted 34,202 shares of restricted common stock under the 2016 Plan to certain employees for the purpose of settling fiscal 2017 performance incentives. The shares vest on a quarterly basis over the next three years and are subject to forfeiture in the event of their termination of service to the Company under specified circumstances.

On January 26, 2018, the Company entered into an exclusive distribution, license and royalty agreement with a new supplier to purchase products through January 2021 and shall renew for successive one year terms unless notice of termination is provided by either party. To maintain exclusivity, the Company is required to purchase between $453,000 and $3.6 million of product, depending on the product mix and inclusive of royalties, per year until the termination date.