First Aviation Services Inc. Non-Employee Director Compensation Agreement

Summary

This agreement outlines the compensation for non-employee directors of First Aviation Services Inc. Each non-employee director receives an annual fee of $20,000, paid quarterly in either cash or company stock, plus $1,000 for attending board or committee meetings (with a cap of $1,000 per day). Directors are also reimbursed for actual meeting attendance expenses. All current non-employee directors have chosen to receive their compensation in company common stock.

EX-10.32 3 a4876674ex1032.txt EXHIBIT 10.32 Exhibit 10.32 COMPENSATION OF NON-EMPLOYEE DIRECTORS Each of the non-employee directors of First Aviation Services Inc. (the "Company") receives an annual director's fee of $20,000, payable quarterly in cash or stock. In addition, each director receives $1,000 for attendance at meetings of the Board of Directors of the Company or committees thereof (but not more than $1,000 for all board and committee meetings that occur on the same day). Members of the Board of Directors receive reimbursement for actual expenses of attendance at meetings. All of the non-employee directors have elected to have their compensation paid in the form of Common Stock of the Company.