Exhibit 10.38

Capital Lease Funding, Inc.
Summary of Compensation to
Independent Directors

 
2007
Annual cash retainer
$31,000(1)
Committee chair additional retainer
$6,000(2)
Stock award
2,500 shares(3)
Board attendance fee
$1,000 per meeting(4)
Committee attendance fee
$500 per meeting(5)

(1)
Except for our chairman, Mr. Ranieri, who receives $150,000.

 
(2)
Except for our audit committee chair, who receives $10,000.

(3)
Except for our audit committee chair, who receives 3,250 shares. All awards will
vest in three equal annual installments beginning on the first anniversary of
the grant date.

(4)
$500 fee if attended by teleconference.

(5)
Committee attendance fees are not paid for meetings held on the same day as a
Board meeting.

 
 
 

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