Alliance Bankshares Corporation Non-Employee Director Compensation Policy (Effective January 2, 2006)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation policy for non-employee directors of Alliance Bankshares Corporation, effective January 2, 2006. Non-employee directors receive an annual retainer and monthly fees, with additional payments for serving as chairman or co-chairman of various committees. The Chairman Emeritus receives a reduced monthly fee. Directors are also eligible for non-qualified stock option awards at the discretion of the Compensation Committee. The policy specifies the amounts for each role and the eligibility for equity compensation.

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EX-10.8 3 w31983exv10w8.htm EXHIBIT 10.8 exv10w8  

Exhibit 10.8
Non-Employee Director Compensation (effective January 2, 2006)
Annual Retainer
         
Service as Director
   $ 9,000  
Service as Chairman of the Board*
   $ 9,000  
Service as Audit Committee Co-Chairman*
   $ 1,750  
Service as Loan Committee Chairman*
   $ 3,500  
Service as ALCO Committee Chairman*
   $ 3,500  
Service as Compensation Committee Chairman*
   $ 3,500  
 
*   Chairman fees are in addition to the annual retainer and monthly fees received by all non-employee directors.
Monthly Fees
         
Directors
   $ 1,000  
Chairman Emeritus
   $ 250  
Equity Compensation
Each non-employee director, including the Chairman Emeritus is also eligible to receive non-qualified stock option awards pursuant to the Alliance Bankshares Corporation Stock Option Plan, in the discretion of the Compensation Committee.