Description of Board Fees and Director Compensation for First Mariner Bank and Subsidiaries
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Summary
This document outlines the compensation structure for directors of First Mariner Bank and its subsidiary, Finance Maryland, LLC. Directors are paid set fees for attending board and committee meetings, with additional compensation for Audit Committee members. They also receive annual stock option grants and additional stock options for each committee meeting attended. The agreement specifies the amounts paid for each type of meeting and the number of stock options granted, ensuring transparency in director compensation.
EX-10.1 2 ex_10-1.htm Unassociated Document
Exhibit 10.1
Description of Board Fees
Directors receive $1,500 for each Board meeting attended, $1,500 for each committee meeting attended, $600 for each board meeting of the Company’s subsidiary, Finance Maryland, LLC attended, and $250 for each meeting of First Mariner Bank’s Loan Committee attended, consisting of one outside director. The members of the Audit Committee receive $2,500 for each Audit Committee attended. Directors also receive a yearly grant of stock options to purchase 500 shares of common stock and are granted stock options to purchase 100 shares of common stock for each committee meeting they attend.
