Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Related Party Transactions

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Note 12 - Related Party Transactions
 6 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

12.

Related Party Transactions

Mr. John Climaco. 


On June 2, 2015, Mr. Climaco was elected as the Executive Vice President of Perma-Fix Medical S.A. (“PF Medical”), a majority-owned Polish subsidiary of the Company. Mr. Climaco will receive an annual salary from PF Medical of $150,000. Mr. Climaco currently serves as a Director of the Company and a member of the Strategic Advisory Committee of the Board.


On October 17, 2014, the Company’s Compensation and Stock Option Committee and the Board, with Mr. Climaco abstaining, approved a consulting agreement with John Climaco. Pursuant to the consulting agreement, Mr. Climaco was responsible to, among other things:


 

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Review the Company’s operations to restructure costs to render the Company more competitive;

 

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Evaluate all functions, including but not limited to sales, marketing, accounting, operations, and executive management as well as cost structures for each facility;

 

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Assist in the development of the Company’s strategy opportunity and other initiatives, including but not limited to the development of the Company’s medical isotope technology; and


 

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Other assignments as determined by the Board.

Mr. Climaco was paid $22,000 per month under the consulting agreement, beginning September 2014. This consulting agreement was terminated effective June 2, 2015, upon Mr. Climaco’s election as Executive Vice-President of PF Medical discussed above.


Mr. Climaco is also a director of Digirad Corporation. On July 24, 2015, PF Medical entered into a multi-year Tc-99m Supplier Agreement and a Subscription Agreement with Digirad Corporation (see “Note 13 - Subsequent Events” for further information regarding these Agreements).


PF Medical


Mr. Robert L. Ferguson, who the Company borrowed $3,000,000 pursuant to a Loan and Security Purchase Agreement and promissory note, dated August 2, 2013, and who also serves as an advisor to the Company’s Board, was also named as a member of its Supervisory Board of Directors of PF Medical (see “Note 6 – Long Term Debt – Promissory Note and Installment Agreements” for further information of this loan).