Harris Preferred Capital Corporation Independent Director Compensation Adjustment Resolution

Summary

Harris Preferred Capital Corporation's Board of Directors decided that, starting January 1, 2006, independent directors will receive an annual compensation of $12,000, up from $10,000. Additionally, each independent director will be paid $1,000, instead of $750, for attending each board or audit committee meeting, whether in person or by phone. This agreement outlines the updated compensation terms for independent directors of the company.

EX-10.1 2 c03130exv10w1.txt COMPENSATION OF INDEPENDENT DIRECTORS Exhibit 10.1 Compensation of Independent Directors On March 2, 2006, the Board of Directors of Harris Preferred Capital Corporation determined that, effective January 1, 2006, the annual compensation of independent directors of Harris Preferred Capital Corporation is increased from $10,000 to $12,000, and the fee to each independent director for each attendance (in person or by telephone) at each meeting of the Board of Directors or the audit committee is increased from $750 to $1,000.