Director Compensation Summary for Non-Employee Directors of Cedar Management Limited
This document outlines the compensation policy for directors of the company who are not employed by Cedar Management Limited. Effective July 1, 2008, these directors receive an annual retainer of $20,000, paid in company common shares, plus $700 per half day for board meetings and $175 per hour for committee meetings. Chairmen of the board and committees receive an additional $5,000 annual retainer. Directors are also reimbursed for expenses related to their duties. Officer positions held by directors do not receive additional salary or compensation.
Exhibit 10.17
DIRECTOR COMPENSATION SUMMARY
Effective July 1, 2008, the Board increased the annual retainer for the directors who are not employed by Cedar Management Limited, our management company, from $15,000 to $20,000. The additional amount was paid in the common shares of the Company.
In addition to the annual retainer, the directors who are not employed by Cedar Management Limited are also paid $700 per half day for each board meeting and $175 per hour for each committee meeting attended during the calendar year. All of our officer positions are filled by directors without any salary or other compensation. Directors are entitled to receive compensation and reimbursement for expenses incurred in attending board or committee meetings or when otherwise acting on our behalf. The chairman of the board, as well as the chairman of each committee, receive an additional annual retainer of $5,000.
