Company: LEGH
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001558370-25-002822
Chunk: 19

Company: Legacy Housing Corp
Filing Date: 2025-03-12
Form: 10-K
Item: Item 13C
Chunk 19
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ITEM 13.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.

Transactions and Relationships with Directors, Officers and 5% Stockholders

Bell Mobile Homes (“Bell”), a retailer owned by one of the Company’s significant stockholders, purchases manufactured homes from the Company. Accounts receivable balances due from Bell were $115 and $403 as of December 31, 2024 and 2023, respectively. Accounts payable balances due to Bell were $58 and $18 as of December 31, 2024 and 2023, respectively. Home sales to Bell were $5,748 and $4,543 for the years ended December 31, 2024 and 2023.

Shipley Bros., Ltd. And Crazy Red’s Mobile Homes (together, “Shipley”), retailers owned by one of the Company’s significant shareholders, purchase manufactured homes from the Company. Accounts receivable balances due from Shipley were $78 and $143 as of December 31, 2024 and 2023, respectively. Accounts payable balances due to Shipley were $22 and $67 as of December 31, 2024 and 2023, respectively. Home sales to Shipley were $2,545 and $1,199 for the years ended December 31, 2024 and 2023, respectively.

Indemnification Agreements

We have entered into an indemnification agreement with each of our directors and executive officers. The indemnification agreements and our certificate of incorporation and bylaws require us to indemnify our directors and executive officers to the fullest extent permitted by Texas law. 

Policies and Procedures for Transactions with Related Persons

Pursuant to a policy approved by the Board, all related party transactions must be disclosed to the Board, and the Board’s discretion, in reviewing such, is plenary.