Summary of Directors’ Fees and Deferred Compensation Plan for United Security Bancshares, Inc.
United Security Bancshares, Inc. has established a fee structure for its board of directors, including monthly retainers, meeting attendance fees, and additional compensation for committee chairpersons. Directors are also reimbursed for travel to meetings outside their home county. Non-employee directors can defer their fees under a deferred compensation plan, allowing them to invest these amounts and receive payment later in cash or company stock. All director fees are deferred under this plan as of January 1, 2012.
EXHIBIT 10.23
United Security Bancshares, Inc.
Summary of Directors’ Fees
Bancshares’ Board of Directors has 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 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. 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 United Security Bancshares, Inc. Non-Employee Directors’ Deferred Compensation Plan (the “Plan”), and, beginning on January 1, 2012, all United Security Bancshares, Inc. director fees are deferred under the Plan. The 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 Bancshares’ common stock.
