Alliance Bankshares Corporation Non-Employee Director Compensation Policy (2011)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation policy for non-employee directors of Alliance Bankshares Corporation for 2011. Non-employee directors receive an annual retainer, additional fees for serving as chairman of the board or committees, and a monthly fee, all temporarily reduced to 85% of 2009 levels due to economic conditions. Compensation is paid annually in January and monthly, respectively. Directors are also eligible for non-qualified stock option awards at the discretion of the Compensation Committee under the 2007 Incentive Stock Plan.

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EX-10.8 3 w81667exv10w8.htm EX-10.8 exv10w8
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 2011 annual retainer compensation amounts to 85% of the 2009 level of annual retainer compensation, which the Board temporarily reduced beginning in 2010, in light of economic conditions and corporate performance.
         
    2011 Level
    (85% of 2009 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 temporarily 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.