B) COMPENSATION- Executive Compensation and Compensation of Directors
During 2011, the Company paid $nil (September 30, 2010 $nil and September 30, 2009 $nil) in consulting fees to directors or companies controlled by directors of the Company. The Company also reimbursed $146,118 ($216,683 –September 30, 2010, September 30, 2009 - $138,717) to directors for expenditures made on behalf of the Company.
The Company has an employee extended medical / dental plan acquired with the purchase of Family Vacation Centers on October 18 th 2007. No directors or officers are participating in the plan. The Company has no pension, retirement, or other similar benefits for directors or officers pursuant to any existing plan provided by, or contributed to by, the Company or its subsidiaries.
Directors and senior management are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with corporate matters pertaining to the Company. The Board of Directors may award special remuneration to any director or senior management undertaking any special services on behalf of the Company other than services ordinarily required of a director or senior management.
Stock Options
The information on stock options required by this item is set forth in Item 6.E of this annual report.
