Summary of Director Compensation Arrangements for Chittenden Corporation (April 2007)
Chittenden Corporation has established compensation terms for its directors, effective April 2007. All directors, except Paul A. Perrault, will receive a $15,000 annual retainer and $2,750 for each board meeting attended. Chairs of the Executive and Audit Committees receive an extra $10,000 annually. Directors on these committees also earn $1,500 per committee meeting attended. Half of all compensation is paid in the form of the company's common stock.
Exhibit 10.2
Summary of Director Compensation
Commencing April 2007, directors of Chittenden Corporation, other than Paul A. Perrault, will receive an annual retainer of $15,000 without regard to attendance and $2,750 per meeting attended. The Chair of the Executive Committee and the Chair of the Audit Committee will receive an additional annual retainer of $10,000 without regard to attendance. Directors serving on the Audit and Executive Committees will receive $1,500 per meeting attended. Fifty per cent of all retainers and fees are paid in the form of common stock of the Corporation.
