(f) On February 22, 2013, the Compensation Committee of the Board of Directors of Rand Logistics, Inc. (the "Company") approved a grant of a number of shares of the Company's common stock, par value $0.0001 per share ("Common Stock") equal to the quotient obtained by dividing (a) $150,000 by (b) the average of the highest and lowest market price of the Common Stock, as reported on the NASDAQ Capital Market on February 22, 2013 (the "Grant Date"), to Scott Bravener, the Chief Executive Officer and President of Lower Lakes Towing Ltd., an indirect wholly owned subsidiary of the Company, for services performed during the fiscal year ended March 31, 2012. Such shares of Common Stock, net of shares withheld on account of tax withholding obligations, shall vest in equal amounts on each of the first two anniversaries of the Grant Date in accordance with the terms of a Restricted Stock Award Agreement governing such grant. Mr. Bravener's total compensation for the fiscal year ended March 31, 2012 is set forth below.

Name and                                    Stock    Option   All Other
Principal      Year  Salary ($) Bonus ($) Awards($)  Awards  Compensation
Position                                              ($)        ($)      Total ($)
Scott
Bravener       2012   263,086       -      150,000     -      28,807(1)    441,893
President,
Lower Lakes

(1) Consists of medical and dental insurance, basic life insurance and short-term and long-term disability insurance, personal use of a Company vehicle and Company contributions to Mr. Bravener's Registered Retirement Savings Plan (RRSP) account.