Maritime Exchange for the Delaware & Bay Inc

“The organization has members that elect the governing body.”

“The members elect the board of directors at an annual meeting.”

“The organization will first obtain approval of the finance committee chairman and then present it to the governing body at a regularly-scheduled meeting prior to filing the tax return.”

“Employees and board members receive an annual update and new employees are provided with a copy of the policy upon hiring.”

“On an annual basis, generally in december, the finance and audit committee is responsible to conduct a formal review of the maritime exchange budget for the upcoming year. The budget is prepared by the president in conjunction with senior organization management, and included in this budget is a proposed salary line item covering both executive and non- executive staff. If appropriate and feasible, the budget will include a proposed increase of a certain percentage which can be used for merit and/or cost of living increases for staff. When approved by the finance and audit committee, the proposed budget is then reviewed by the maritime exchange executive committee. Potential salary adjustments are reviewed and discussed with both committees in conjunction with other budget considerations. When the two committees are satisfied, the proposed budget is presented to the full board of directors for its review and deliberation, generally in january. Either of the two committees or the board may elect to approve the budget as presented or suggest additional modifications. By approving the budget each year, the board is establishing the maximum allowable compensation which can be paid to exchange staff. Any deviations above that amount would require a separate board review/approval process. The executive committee, serving as a compensation committee, considers salary adjustments for the president and vice president. The evaluations are based on overall performance of the organization, comparable compensation reviews of other organizations, as well as relevant budget considerations. The executive committee notifies the president of its final decision, and adjustments are made as directed.”

“Same process as described in part vi, 15a”

“AVAILABLE UPON REQUEST”

“Dedicated to promoting and encouraging commerce on the delaware river and bay through a government affairs program and a comprehensive on-line suite of maritime information services, the exchange ensures our members are operating in the most positive economic climate possible.”

“Direct/indirect rental expense netted against income 161,717 direct/indirect rental expense netted against income -161,717”