Company: CTRM
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001140361-25-018945
Chunk: 6

Company: Castor Maritime Inc.
Filing Date: 2025-05-14
Form: 20-F
Item: Item 6
Chunk 6
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 fees in the aggregate amount of $96,000 per annum, or $48,000 per director per annum, plus reimbursement for their out-of-pocket expenses. Additionally, we pay the Chairman of the Company’s Audit Committee fees amounting to $20,000 per annum and any member of the Company’s Audit Committee fees amounting to $10,000 per annum, plus reimbursement for their out-of-pocket expenses. Our Chief Executive Officer and Chief Financial Officer who also serves as our director does not receive additional compensation for his service as director. For the year ended December 31, 2024, one-time compensation of $2.6 million is payable to certain officers of a subsidiary related to a business combination with no amounts paid during the year.
 

 

C.   BOARD PRACTICES
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Our Board currently consists of three directors who are elected annually on a staggered basis. Each director elected holds office until the third succeeding annual general meeting from their election and until his successor is duly elected and qualified, except in the event of his death, resignation, removal or the earlier termination of his term of office. At our annual meeting of shareholders held on September 6, 2024, our shareholders re-elected our Class A director to serve until the annual meeting of shareholders to be held in 2027. The term of office of our Class B director expires at the annual meeting of shareholders to be held in 2025, and the term of office of our Class C director expires at the annual meeting of shareholders to be held in 2026. Officers are appointed from time to time by our Board and hold office until a successor is appointed. Our directors do not have service contracts and do not receive any benefits upon termination of their directorships.
 
Our audit committee is currently comprised of our independent directors, Mr. Dionysios Makris, and Mr. Angelos Rounick Platanias (since February 10, 2025 and up to date of this Annual Report). During 2024 and until his resignation from the Board on February 10, 2025, Mr. Georgios Daskalakis was a member of our audit committee. Our Board has determined that the members of the audit committee, in 2024 and in its current composition, meet the applicable independence requirements of the Commission and the Nasdaq Stock Market Rules. Our Board has determined that Mr. Georgios Daskalakis was in 2024, and his successor, Mr. Angelos Rounick Platanias, is