2007 Director Compensation Schedule for Monroe Bancorp and Monroe Bank
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Summary
This document outlines the 2007 compensation plan for directors of Monroe Bancorp and Monroe Bank. Directors, except the Chairman, receive $800 per board meeting and $500 per committee meeting, with higher fees for committee chairs. The Chairman receives a fixed annual fee of $38,000. Directors can defer their fees into a company-established trust, with investments directed by the participant. The plan was approved by the Compensation Committee on December 7, 2006.
EX-10.XI 2 ex10-xi.txt Exhibit 10(xi) 2007 Schedule of Director Compensation -------------------------------------- On December 7, 2006, the Company's Compensation Committee approved the following 2007 compensation for the Company's directors: The directors of the Company and the Bank other than the Chairman of the Board will be compensated for their services in the amount of $800 per board meeting held. All directors, other than inside directors, also will receive a fee of $500 for each committee meeting held. The Chair of the Audit Committee will receive a fee of $2,000 for each Audit Committee meeting held. All other committee chairpersons will receive $650 for each committee meeting held. The Chairman of the Board of Directors will receive an annual fee of $38,000 and will 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 or Monroe Bancorp common stock at the participant's direction.