Director Compensation Policy for Board of Directors
This document outlines the compensation policy for the company's Board of Directors. Outside directors receive an annual retainer of $40,000, additional retainers for committee chair roles, $1,500 per committee meeting attended, and an annual stock grant of $50,000. No extra compensation is provided to directors who are also company employees. The policy also notes a specific retainer for the non-executive Chairman of a subsidiary bank in China. These arrangements define how directors are compensated for their service and committee participation.
Exhibit 10.12
DIRECTOR COMPENSATION
The following compensation arrangements have been established for the Board of Directors of the Company: All outside directors will receive an annual retainer of $40,000. The chairpersons of the Audit Committee, the Compensation Committee, the Risk Oversight Committee, and the Nominating/Governance Committee will for this service receive retainers of $12,500, of $10,000, of $7,500, and of $7,500 respectively. In January 2012, one non-employee director served as non-executive Chairman of the Board of the Company’s subsidiary bank in China and received a retainer of $10,417. An employee director subsequently assumed the role and was not paid an additional retainer. Outside directors also receive a meeting fee of $1,500 for each Committee meeting attended. Outside directors also receive an annual grant of $50,000 of stock. No separate compensation is paid to directors who are also employees of the Company.
