United Security Bancshares, Inc. Summary of Directors’ Fees and Deferred Compensation Plan (Effective August 24, 2011)
United Security Bancshares, Inc. has established a fee structure for its board of directors and committee members, effective August 24, 2011. Directors receive monthly retainers and additional fees for attending board and committee meetings, with specific amounts for chairpersons and members. Directors are reimbursed for travel expenses when meetings are held outside their county of residence. Non-employee directors may defer their fees under a deferred compensation plan, allowing them to invest these amounts and receive payment in cash or company stock at a later date. The plan was approved by shareholders in 2004.
EXHIBIT 10.25
United Security Bancshares, Inc.
Summary of Directors’ Fees, effective August 24, 2011
Bancshares’ Board of Directors approved the following retainers and attendance fees for board and committee meetings, effective August 24, 2011:
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.
