Summary of Directors’ Fees and Deferred Compensation Plan for United Security Bancshares, Inc.
This document outlines the fees and compensation structure for non-employee directors of United Security Bancshares, Inc. and First United Security Bank. It details monthly retainers, meeting attendance fees, and committee chairperson fees. Directors can defer their fees under a shareholder-approved Deferred Compensation Plan, allowing them to invest these amounts and receive payouts in cash or company stock. Directors are also reimbursed for travel to meetings outside their home county. The plan applies to all director fees from January 1, 2012, onward.
EXHIBIT 10.16
United Security Bancshares, Inc.
Summary of Directors’ Fees
USBI’s Board of Directors approved the following retainers and attendance fees for board and committee meetings subject to the United Security Bancshares, Inc. Non-Employee Directors’ Deferred Compensation Plan (the “Deferral Plan”) described below:
United Security Bancshares, Inc.
| Retainers: | ||
| Chairperson | $1,350/month | |
| Board Members | $600/month | |
| Board Meeting Fees: | ||
| Board Members | $500/board meeting attended | |
| Committee Chairperson Fees: | ||
| Chairperson of the Audit Committee, the Compensation Committee and the Nominating, Executive and Corporate Governance Committee | $400/committee meeting attended | |
| First United Security Bank | ||
| Board Meeting Fees: | ||
| Board Members | $400/month | |
Each non-employee member of the committees of United Security Bancshares, Inc. (“USBI”) and First United Security Bank receives $250/committee meeting attended. Additionally, any director who attends regularly scheduled or special board meetings or committee meetings held outside of the director’s county of residence is reimbursed for mileage for meetings attended.
Non-employee directors may elect to defer payment of all or any portion of their First United Security Bank director fees under the Deferral Plan, and, beginning on January 1, 2012, all United Security Bancshares, Inc. director fees are deferred under the Deferral Plan. The Deferral Plan, which was ratified by shareholders at the annual meeting held on May 11, 2004, permits non-employee directors to invest their directors’ fees and to receive the adjusted value of the deferred amounts in cash and/or shares of USBI’s common stock.
