These excerpts taken from the BRID 10-K filed Jan 28, 2009.
Certain Relationships and Related Transactions, and Director Independence (not in thousands)
Information set forth in the section entitled Certain Relationships and Related Party Transactions contained in the Companys definitive proxy statement for the 2009 Annual Meeting of Shareholders to be held on March 18, 2009 is incorporated herein by reference.
The Company is considered a controlled company within the meaning of Rule 4350(c)(5) of the National Association of Securities Dealers (NASD) and is therefore exempted from various NASD rules pertaining to certain independence requirements of its directors. Nevertheless, the Board of Directors has determined that Messrs. Andrews, Foster, Schulze, Scott and Zippwald, who together comprise the Audit Committee, are all independent directors within the meaning of Rule 4200 of the Nasdaq Marketplace Rules.
The Company's general legal counsel is the son of the senior chairman of the board of directors. For these services, he currently is paid a fee of $1,350 for each meeting attended. Total fees paid under this arrangement for fiscal year 2008 were $14,975. In addition, legal services are performed on behalf of the Company and billed by a firm in which he is a partner. Total fees billed under this arrangement for fiscal year 2008 were approximately $63,000.
Relationships and Related Transactions, and Director Independence (not in