This excerpt taken from the FREE 6-K filed Oct 10, 2008.
The compensation committee is currently composed of Matthew W. McCleery, Focko Nauta and Dimitrios Panagiotopoulos. The compensation committee reviews and approves the compensation of our executive officers and administers our Amended and Restated 2005 Stock Incentive Plan.
This excerpt taken from the FREE 6-K filed Dec 1, 2006.
The compensation committee is presently comprised of Professor Dimitrios Germidis, George Margaronis, and Matthew W. McCleery. The compensation committee reviews and approves the compensation of our executive officers and administers our Amended and Restated 2005 Stock Incentive Plan.
Nominating Committee Matters
Our independent directors, who are Professor Dimitrios Germidis, George Margaronis, Matthew W. McCleery and Focko Nauta, currently function as our nominating committee. The board has determined that all of these people are independent as defined in the Nasdaq listing standards. Our independent directors have not adopted a nominating committee charter.
The independent directors will assist the board of directors, on an annual basis, by identifying individuals qualified to become board members, and recommending to the board the director nominees for the next Annual Meeting of Shareholders. The independent directors nominated the directors who will stand for re-election at the 2006 Annual Shareholders Meeting.
The independent directors and the board of directors have determined that they will consider a number of factors in evaluating candidates for the board of directors, including but not limited to: the history of the candidate in conducting his/her personal and professional affairs; the candidates judgment and business experience with related businesses or other organizations of comparable size; and the knowledge and skills the candidate would add to the board of directors and its committees, including the candidates knowledge of accounting and financial reporting requirements.
The independent directors will consider a candidate recommended by a shareholder, provided that the shareholder mails a recommendation to us that contains the following: the recommending shareholders name and contact information; the candidates name and contact information; a brief description of the candidates background and qualifications; a statement by the candidate that the candidate is willing and able to serve on the board of directors; and a brief description of the recommending shareholders ownership of FreeSeas common stock and the term during which such shares have been held. The independent directors may conduct an independent investigation of the background and qualifications of a candidate recommended by a shareholder, and may request an interview with the candidate. When the independent directors determine not to recommend that the board of directors nominate a candidate, or the board determines to nominate or not to nominate a candidate, the independent directors will notify the recommending shareholder and the candidate of the determination.