TCAP » Topics » DIRECTOR COMPENSATION

This excerpt taken from the TCAP DEF 14A filed Mar 30, 2009.
DIRECTOR COMPENSATION
 
Our directors are divided into two groups — interested directors and independent directors. Interested directors are “interested persons” as defined in Section 2(a)(19) of the 1940 Act. The compensation table below sets forth compensation that our independent directors earned during the year ended December 31, 2008. Our interested directors are not compensated for their service as Board members.
 
                                         
          Fees Earned
                   
          or Paid in
    Stock
    All Other
       
Name
  Year     Cash     Awards(1)     Compensation     Total  
 
W. McComb Dunwoody
    2008     $ 12,283     $ 30,000     $ 4,070 (2)   $ 46,353  
Thomas M. Garrott, III(3)
    2008     $ 15,533                 $ 15,533  
Benjamin S. Goldstein
    2008     $ 32,283     $ 30,000     $ 4,070 (2)   $ 69,353  
Simon B. Rich, Jr. 
    2008     $ 29,033     $ 30,000     $ 4,070 (2)   $ 63,103  
Sherwood H. Smith, Jr. 
    2008     $ 30,033     $ 30,000     $ 4,070 (2)   $ 64,103  
 
 
(1) Value of restricted stock awards granted to each non-employee director on May 7, 2008.
 
(2) Includes fair market value of shares received pursuant to our Dividend Reinvestment Plan relating to restricted stock awards granted to director.
 
(3) On August 12, 2008, Mr. Garrott resigned as a member of our Board of Directors for health related concerns. He was therefore only paid for board service through August 12, 2008, and his $30,000 worth of restricted stock did not vest.
 
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