Exhibit 10.4
Summary of Directors Ongoing Compensation
Effective as January 23, 2024, our non-executive officer directors receive cash compensation as follows:
| ● | Annual compensation of $35,000; |
| ● | The Chairman of our Audit Committee shall receive an additional annual fee of $10,000 and in the event of an annual equity grant issued to directors, or an Annual Director Grant, an additional 10% of equity securities in addition to such grant, and each other member of the Audit Committee shall receive an additional annual fee of $3,000 and, in the event of an Annual Director Grant, an additional 3% of equity securities in addition to such grant; |
| ● | The Chairman of our Compensation Committee shall receive an additional annual fee of $4,000 and, in the event of an Annual Director Grant, an additional 4% of equity securities in addition to such grant, and each other member of the Compensation Committee shall receive an additional annual fee of $2,000 and, in the event of an Annual Director Grant, an additional 2% of equity securities in addition to such grant; and |
| ● | The Chairman of our Nominating Committee shall receive an additional annual fee of $4,000 and, in the event of an Annual Director Grant, an additional 4% of equity securities in addition to such grant, and each other member of the Nominating Committee shall receive an additional annual fee of $2,000 and, in the event of an Annual Director Grant, an additional 2% of equity securities in addition to such grant. |
| ● | The Chairman of our Investment Committee shall receive an additional fee of $4,000 and, in the event of an Annual Director Grant, an additional 4% of equity securities in addition to such grant, and each other member of the Investment Committee shall receive an additional annual fee of $2,000 and an additional 2% of equity securities in addition to such grant. |
| ● | In the event of an Annual Director Grant, the Chairman of our Board of Directors shall receive an additional 26% of equity securities in addition to such grant. |
In exceptional circumstances, our non-executive directors may receive additional payments of up to $75,000 per year for extraordinary performance, as well as discretionary amounts in special circumstances as the Board of Directors or the Compensation Committee may decide.