Summary of Director Compensation for Hudson City Bancorp, Inc. and Hudson City Savings Bank (Effective April 1, 2012)
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 April 1, 2012. Non-employee directors receive an annual retainer, meeting fees, and additional retainers for committee chairs and the lead independent director. Compensation is paid by the Bank, with the Bancorp reimbursing a portion based on time spent on its business. A single fee applies for joint meetings. The agreement ensures clear, combined compensation for board and committee service.
EXHIBIT 10.30
SUMMARY OF DIRECTOR COMPENSATION
Effective April 1, 2012, 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 | 25,000 | |||
| 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 receives the same fees as other non-employee directors for attendance at meetings of the Board of Directors, committee meetings and executive sessions of the independent directors.
