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
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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.
