Director Compensation Schedule for the Company and the Bank

Summary

This document outlines how directors of the Company and the Bank are paid for their services. Most directors receive $750 per board meeting and $450 per committee meeting, except for inside directors. The Audit Committee Chair receives $1,800 per meeting, while other committee chairs get $600 per meeting. The Chairman of the Board receives a fixed annual fee of $36,000 and no additional meeting fees. Directors can choose to defer their fees into a trust, where the funds are invested as they direct.

EX-10.XI 3 ex10-xi.txt Exhibit 10(xi) Schedule of Director Compensation The directors of the Company and the Bank other than the Chairman of the Board are compensated for their services in the amount of $750 per board meeting held. All directors, other than inside directors, also receive a fee of $450 for each committee meeting held. The Chair of the Audit Committee receives a fee of $1,800 for each Audit Committee meeting held. All other committee chairpersons receive $600 for each committee meeting held. The Chairman of the Board of Directors receives an annual fee of $36,000 and does not receive any additional compensation for meetings attended. Directors may defer receipt of fees into a grantor trust established by the Company. Amounts which are deferred are invested in various mutual funds at the participant's direction.