Schedule of Director and Committee Fees for The Colonial BancGroup, Inc.
This document outlines the compensation structure for directors of The Colonial BancGroup, Inc. Directors receive quarterly fees and additional payments for attending board and committee meetings. The Chairman of the Audit Committee receives extra compensation, and special provisions apply for lengthy Special Litigation Committee meetings. The schedule specifies the exact amounts paid for each role and meeting attended, ensuring transparency in director compensation.
EXHIBIT 10.9
SCHEDULE OF THE COLONIAL BANCGROUP, INC.
DIRECTOR AND COMMITTEE FEES
Quarterly Fees Payable to BancGroup Directors: $5,000 per quarter.
Fees Payable to BancGroup Directors for BancGroup Board Meetings: $2,000 per meeting attended.
Quarterly Fees Payable to the Chairman of the Audit Committee: $2,000 per quarter.
Fees Payable to the Chairman of the Audit Committee: $1,000 per meeting attended.
Fees Payable to BancGroup Directors for service as a Chairman of any BancGroup Committee other than the Audit Committee: $1,500 per meeting attended.
Fees Payable to BancGroup Directors for service as a member of any BancGroup Committee: $1,000 per meeting attended.
Fees Payable to any Special Litigation Committee: $1,000 per meeting attended, provided, however, that in the event a meeting extends beyond four (4) hours in length, then each member shall receive an additional $500 fee for any additional four (4) hour period or any portion thereof.
