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, monthly fees, and additional fees for serving as chairmen of various committees. Directors are also eligible for non-qualified stock option awards under the company's Stock Option Plan, with specific grants and vesting schedules detailed. The policy specifies the amounts paid for each role and the terms for equity compensation.

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EX-10.8 4 w19230exv10w8.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.
On December 30, 2005, each non-employee director received a non-qualified stock option to purchase 5,000 common shares at $16.10 per share. The options vest over four years, with the first 15% vesting on December 30, 2006.