Alliance Bankshares Corporation Non-Employee Director Compensation Policy (Effective January 2, 2008)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation policy for non-employee directors of Alliance Bankshares Corporation, effective January 2, 2008. It specifies annual and monthly cash retainers for directors and additional fees for chairing various committees. Non-employee directors, including the Chairman Emeritus, are also eligible for stock option awards under the company's 2007 Incentive Stock Plan, subject to the Compensation Committee's discretion. Payments are made annually in January for the applicable year.

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EX-10.8 7 w73413exv10w8.htm EXHIBIT 10.8 exv10w8
Exhibit 10.8: Non-Employee Director Compensation (effective January 2, 2008)
Cash Compensation
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. The retainer fees and committee chair fees are paid on an annual basis in January of the year which the fee is applicable to.
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 2007 Incentive Stock Plan in the discretion of the Compensation Committee.