This excerpt taken from the JOUT DEF 14A filed Jan 28, 2008.
Review and Approval of Related Person Transactions
The charter for our Audit Committee provides that one of the responsibilities of our Audit Committee is to review and approve related party transactions in accordance with NASDAQ listing requirements. Based upon the Audit Committees review, we believe that all of our related person transactions described above were at arms-length and contained terms that were no less favorable than what we could have obtained from an unaffiliated third party. We anticipate that our Board of Directors will consider adopting a formal written set of policies and procedures for the review, approval or ratification of related person transactions.