The Company’s Board of Directors has a Compensation Committee composed of 3 Members of the Board of Directors. The Compensation Committee does not have a charter. The compensation of the executive officers of the Company is set by the Company’s Board of Directors based upon the recommendations of the Compensation Committee. Compensation is set at levels believed to be competitive with executive officers with similar qualifications, experience and responsibilities of similar businesses. Such individuals receive a base salary and incentive compensation based on the achievement of certain operating objectives.
The Compensation Committee serves an advisory function only and has no independent authority.