Summary of Director Compensation for Hudson City Bancorp, Inc. and Hudson City Savings Bank (Effective July 1, 2011)
This document outlines the cash compensation structure for non-employee directors serving on the Boards of Hudson City Bancorp, Inc. and Hudson City Savings Bank, effective July 1, 2011. Non-employee directors receive annual retainers and meeting fees, with additional compensation for committee chairs and the Lead Independent Director. Compensation is shared between the Bank and the Company based on the director's service. The Lead Independent Director receives a special retainer but does not get meeting fees for committee or executive session attendance.
EXHIBIT 10.30
SUMMARY OF DIRECTOR COMPENSATION
Effective July 1, 2011, non-employee directors receive the following cash compensation for service on the Boards of Directors of Hudson City Bancorp, Inc. and Hudson City Savings Bank and the respective Board committees:
| Non-Employee Board Member Compensation | ||||||
| Annual Retainer | $ 50,000 | |||||
| Meeting Fee | 1,500 | |||||
| Lead Independent Director Compensation | ||||||
| Additional Annual Retainer | 50,000 | |||||
| Non-Employee Committee Member Compensation | ||||||
| Meeting Fee | 1,500 | |||||
| Committee Chair Additional Annual Retainers | ||||||
| Audit Committee | 15,000 | |||||
| Compensation Committee | 15,000 | |||||
| Nominating & Governance Committee | 10,000 | |||||
| Risk Committee | 15,000 |
The cash compensation described above represents combined compensation for non-employee directors’ service to both Hudson City Bancorp, Inc. and Hudson City Savings Bank. Compensation is paid by the Bank and Hudson City Bancorp, Inc. reimburses the Bank for a part of the compensation paid to each director that is proportionate to the amount of time which he or she devotes to the performance of services for the Company. A single fee is paid when the Company and the Bank hold joint board or committee meetings. The Lead Independent Director is an ex officio member of all Board committees and presides over executive sessions of the Independent Directors of the Board but does not receive meeting fees for his attendance at committee meetings or executive sessions.
