Capital Lease Funding, Inc. 2007 Independent Director Compensation Summary

Summary

This document outlines the 2007 compensation plan for independent directors of Capital Lease Funding, Inc. Independent directors receive an annual cash retainer of $31,000, with higher amounts for the chairman. Additional retainers are paid to committee chairs, and directors receive stock awards that vest over three years. Attendance fees are provided for board and committee meetings, with reduced fees for teleconference participation and no committee fees for meetings held on the same day as board meetings. The plan specifies different compensation for the audit committee chair and the chairman.

EX-10.38 9 v067748_ex10-38.htm Unassociated Document

Exhibit 10.38

Capital Lease Funding, Inc.

Summary of Compensation to

Independent Directors

	2007
Annual cash retainer	$31,000⁽¹⁾
Committee chair additional retainer	$6,000⁽²⁾
Stock award	2,500 shares⁽³⁾
Board attendance fee	$1,000 per meeting⁽⁴⁾
Committee attendance fee	$500 per meeting⁽⁵⁾

⁽¹⁾	Except for our chairman, Mr. Ranieri, who receives $150,000.

⁽²⁾	Except for our audit committee chair, who receives $10,000.

⁽³⁾	Except for our audit committee chair, who receives 3,250 shares. All awards will vest in three equal annual installments beginning on the first anniversary of the grant date.

⁽⁴⁾	$500 fee if attended by teleconference.

⁽⁵⁾	Committee attendance fees are not paid for meetings held on the same day as a Board meeting.