Description of Board and Committee Fees and Stock Option Grants for Directors
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Summary
This document outlines the compensation structure for directors of the company. Directors are paid set fees for attending board and committee meetings, with different amounts depending on the type of meeting. They also receive annual stock options and additional stock options for attending committee meetings. The compensation includes both cash payments and equity incentives, and applies to meetings of the main board, subsidiary boards, and specific committees.
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 not on the same day as a Board meeting, $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.
