Document:

Ex-10.13

 

EXHIBIT
10.13

DIRECTORS’ FEE POLICY

2007

GENERAL

Section 918.2 of the Rules and Regulations
of the Federal Housing Finance Board requires the Board
of Directors to adopt a written policy to provide for the payment of reasonable compensation to
Bank Directors for the performance of their duties as members of the Board of Directors. Pursuant
to that regulation, this Directors’ Fee Policy (“Policy”) sets forth the activities and functions
for which attendance is necessary and appropriate and may be compensated, and sets forth the
methodology for determining the amount of compensation to be paid. This Policy shall be reviewed
annually by the Governance Committee.

TOTAL COMPENSATION AND STATUTORY LIMITS

In no event shall the compensation paid
to Directors exceed the limits set forth in the Federal
Home Loan Bank Act, as adjusted by the Federal Housing Finance Board to reflect the percentage
increase in the preceding year’s Consumer Price Index. The statutory limits for 2007 are $29,944
for the Chair, $23,955 for the Vice Chair, and $17,967 for each of the other directors.

BOARD MEETING FEES

In order to compensate Directors for their
time while serving as Directors, each Director that
attends a meeting of the Board of Directors (including participating by telephone) shall be paid a
Board Meeting Attendance Fee. The amount of the Board Meeting Attendance Fee varies depending on
the role served at the meeting. The following Board Meeting Attendance Fees shall be paid to
Directors in attendance at Board of Director’s meetings (including telephonic Board meetings):

	 	 	 	 	 
	Chairman
	 	$	1,500	 
	Vice Chair
	 	$	1,250	 
	All other Directors
	 	$	1,000	 

In the absence of the Chairman, the
Acting Chairman, whether it be the Vice Chairman or Chairman
Pro Tem, shall receive the Chairman Board Meeting Attendance Fee. Board Meeting Attendance Fees
are paid per meeting day.

 

 

STANDING COMMITTEE MEETING FEES

In order to compensate Directors for
their time while serving as Directors, each Director that
attends a Standing Committee meeting (including participating by telephone) shall be paid a
Standing Committee Meeting Attendance Fee. The amount of the Standing Committee Meeting Attendance
Fee does not vary among Directors in attendance at the meeting. The following Standing Committee
Meeting Attendance Fees shall be paid to Directors in attendance at Committee Director’s meetings:

	 	 	 	 	 
	All Directors
	 	$	1,000	 

Committee Meeting Attendance Fees are
paid per meeting day, not per Committee meeting. No
Committee Attendance Fee will be paid if a Board Meeting Attendance Fee is paid for the same day.

AD HOC COMMITTEES, TASK FORCE
MEETINGS, AND OTHER SERVICE

In order to compensate Directors for

their time while serving the Bank in attendance at Ad Hoc
Committee meetings, Task Force meetings, or otherwise serving the Bank on official Bank business,
each Director that attends such a meeting (including participating by telephone) may be paid a
Special Meeting Attendance Fee with the approval of the Board. The amount of the fee does not vary
among Directors in attendance at the special meeting. Each Director that attends a special meeting
approved by the Board shall be paid the following Special Meeting Attendance Fee:

	 	 	 	 	 
	All Directors
	 	$	1,000	 

Special Meeting Attendance Fees are paid per meeting day.

SYSTEM MEETINGS

In order to compensate Directors for
their time while serving the Bank in attendance at Bank System
meetings including meetings of the Council of the Federal Home Loan Banks, each Director that
attends a Bank System meeting (including participating by telephone) shall be paid a Bank System
Meeting Attendance Fee. The amount of the fee does not vary among Directors in attendance at the
meeting. Each Director that attends a Bank System meeting shall be paid the following Bank System
Board Meeting Attendance Fee:

	 	 	 	 	 
	All Directors
	 	$	1,000	 

Bank System Attendance Meeting Fees
are paid per meeting day. The Finance Board, the Board of
Directors, the Chairman or the President may from time to time designate individual Directors to
attend Bank System meetings on behalf of the Board.

AFFORDABLE HOUSING ADVISORY COUNCIL MEETINGS

In order to compensate Directors
for their time while serving the Bank in attendance at Affordable
Housing Advisory Council meetings, each Director that attends an Affordable

 

 

Housing Advisory
Council meeting (including participating by telephone) shall be paid an AHAC Meeting Attendance
Fee. The amount of the fee does not vary among Directors in attendance at the meeting. Each
Director is encouraged to attend at least one Affordable Housing Advisory Council meeting per year.
Each Director that attends an Affordable Housing Advisory Council meeting shall be paid the
following AHAC Meeting Attendance Fee:

	 	 	 	 	 
	All Directors
	 	$	1,000	 

AHAC Attendance Meeting Fees are paid per meeting day.

TRAVEL

The Directors shall be reimbursed
for travel, subsistence and other related expenses incurred in
connection with the Directors duties under the terms and conditions of the Bank’s Travel and
Expense Policy; provided, however, a Director may not be paid or reimbursed for gift or
entertainment expenses.

DISCLOSURE

The Bank shall disclose in its
annual report the following items:

	 	(i)	 	the sum of the total actual compensation paid to Directors;
	 
	 	(ii)	 	the sum of the total actual expenses paid to Directors; and
	 
	 	(iii)	 	a summary of this Policy.EX-4.24

 

Exhibit 4.24

AMENDMENT NO. 18 TO

AMENDED AND RESTATED CREDIT AGREEMENT

This Amendment No. 18 to Amended and Restated Credit Agreement (this “Amendment”), dated as of May
10, 2007, is entered into by and between SIFCO INDUSTRIES, INC. (the “Borrower”) and NATIONAL CITY
BANK (the “Bank”) for the purposes amending and supplementing the documents and instruments
referred to below.

WITNESSETH:

WHEREAS, Borrower and Bank are parties to an Amended and Restated Credit Agreement made as of April
30, 2002, as amended from time to time (as amended, the “Credit Agreement” providing for $6,000,000
of revolving credits; all terms used in the Credit Agreement being used herein with the same
meaning); and

WHEREAS, Borrower and Bank desire to further amend certain provisions of the Credit Agreement to
extend the Expiration Date of the Subject Commitment and to eliminate the weekly Borrowing Base
reporting requirement;

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained
herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:

SECTION I — Amendments to Credit Agreement

A. Subsection 2A.02 of the Credit Agreement is hereby amended to extend the Expiration Date
from April 1, 2008 to October 1, 2008.

B. Subsection 2B.16 of the Credit Agreement is hereby amended to delete the weekly Borrowing
Base reporting requirement set forth therein. The monthly reporting requirement set forth in
subsection 2B.16 shall continue.

SECTION II — Representations and Warranties

Borrower hereby represents and warrants to Bank, to the best of Borrower’s knowledge, that

A. None of the representations and warranties made in the Credit Agreement or any Related
Writing, (collectively, the “Loan Documents”) has ceased to be true and complete in any
material respect as of the date hereof; and

B. As of the date hereof no “Default” has occurred that is continuing under the Loan
Documents.

SECTION III – Acknowledgments Concerning Outstanding Loans

Borrower acknowledges and agrees that, as of the date hereof, all of Borrower’s outstanding loan
obligations to Bank are owed without any offset, deduction, defense, claim or counterclaim of any
nature whatsoever. Borrower authorizes Bank to share all credit and financial information relating
to Borrower with each of Bank’s parent company and with any subsidiary or affiliate company of such
Bank or of such Bank’s parent company.

SECTION IV — References

On and after the effective date of this Amendment, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, or words of like import referring to the Credit Agreement shall
mean and refer to the Credit Agreement as amended hereby. The Loan Documents, as amended by this
Amendment, are and shall continue to be in full force and effect and are hereby ratified and
confirmed in all respects. The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of Bank under the Loan Documents or constitute a
waiver of any provision of the Loan Documents except as specifically set forth herein.

 

 

SECTION V — Counterparts and Governing Law

This Amendment may be executed in any number of counterparts, each counterpart to be executed by
one or more of the parties but, when taken together, all counterparts shall constitute one
agreement. This Amendment, and the respective rights and obligations of the parties hereto, shall
be construed in accordance with and governed by Ohio law.

IN WITNESS WHEREOF, Borrower and Bank have caused this Amendment to be executed by their authorized
officers as of the date and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	SIFCO INDUSTRIES, INC.	 	 	 	NATIONAL CITY BANK	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Frank A. Cappello
	 	 	 	By:
	 	/s/ Christian S. Brown	 	 
	Name:

	 	 

Frank A. Cappello
	 	 	 	Name:
	 	 

Christian S. Brown
	 	 
	Title:

	 	V.P. Finance and CFO
	 	 	 	Title:
	 	Vice PresidentEXHIBIT 10.1

                           THE SAGEMARK COMPANIES LTD.
                     1285 Avenue of the Americas, 35th Floor
                            New York, New York 10019

                                                   March 22, 2007

Michael Fagien, M.D.
7426 Floranada Way
Delray Beach, Florida 33446

Dear Michael:

         This will confirm our agreement to amend, in part, the October 25, 2005
Exclusive Radiology Services Agreement between us.

         From and after April 1, 2007, the amount of the compensation payable to
you monthly for your services under the Agreement will be $120 for each PET or
PET/CT Imaging Scan read and interpreted by you in each month and $75 for each
CT scan read and interpreted by you each month . You will receive such payment
within ten (10) days after the end of each month.

         Please sign a copy of this letter of amendment signifying your
acceptance.

                                       Very truly yours,

                                       THE SAGEMARK COMPANIES LTD.

                                       By: /s/ THEODORE B.SHAPIRO
                                           -------------------------------------
                                           Theodore B. Shapiro

AGREED TO AND ACCEPTED
THIS 22ND DAY OF MARCH, 2007

/s/ MICHAEL FAGIEN
----------------------------
Michael Fagien, M.D.

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