Alliance Bankshares Corporation Non-Employee Director Compensation Policy (2012)

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Summary

This document outlines the compensation policy for non-employee directors of Alliance Bankshares Corporation for 2012. Non-employee directors receive an annual retainer, additional fees for serving as chairman of the board or committees, and a monthly fee. The compensation levels reflect reductions made in prior years due to economic conditions. Directors may also be eligible for stock option awards at the discretion of the Compensation Committee, though none were issued in 2011.

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EX-10.8 3 d296256dex108.htm EXHIBIT 10.8 Exhibit 10.8

EXHIBIT 10.8: Non-Employee Director Compensation

Cash Compensation

Annual Retainer

Each non-employee director is entitled to receive the annual retainer compensation listed below. The 2012 annual retainer compensation remains at the 2011 level. This amount represents 85% of the 2009 level of annual retainer compensation, which the Board reduced beginning in 2010, in light of economic conditions and corporate performance.

 

     2012 Level  

Service as Director

    $ 7,650   

Service as Chairman of the Board*

    $ 7,650   

Service as Audit Committee Chairman*

    $ 2,975   

Service as Loan Committee Chairman*

    $ 2,975   

Service as Compensation Committee Chairman*

    $ 2,975   

 

* Chairman fees are in addition to the annual retainer and monthly fees received by all non-employee directors.

The annual retainer fees and chairman fees are paid on an annual basis in January of the year to which the fee applies.

Monthly Fees

Each non-employee director is entitled to receive monthly compensation of $850. As with the annual retainer compensation discussed above, in light of economic conditions and corporate performance, effective February 1, 2010, the Board of Directors reduced the monthly compensation to 85% of the 2009 level of monthly compensation of $1,000 per director.

Equity Compensation

Each non-employee director is also eligible to receive non-qualified stock option awards pursuant to the Alliance Bankshares Corporation 2007 Incentive Stock Plan in the discretion of the Compensation Committee. No non-qualified stock options were issued in 2011.