Directors' Compensation Policy for The Old Point National Bank of Phoebus and Old Point Trust & Financial Services, N.A.
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
This document outlines the compensation policy for non-employee directors of The Old Point National Bank of Phoebus and Old Point Trust & Financial Services, N.A. Non-employee directors receive fees for attending board and committee meetings, annual retainers, and additional stipends for certain chair positions. The policy also covers seminar attendance expenses for directors and their spouses. No additional fees are paid for serving as a director of Old Point Financial Corporation, and the stock option plan for directors expired in 2008.
EX-10.5 2 ex-10-5.htm EXHIBIT 10.5
Exhibit 10.5
Directors' Compensation
All non-employee directors of The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (the Trust Company) receive $500 and $300, respectively, for each board meeting they attend. The non-employee directors of the Bank and Trust Company receive $150 for each committee meeting they attend except for the Bank's Investment Committee meetings, for which members receive $100 for attendance, and the Bank's Director Loan Committee and Audit Committee meetings, for which members receive $200 for attendance.
In addition, non-employee directors of the Bank and Trust Company receive an annual retainer fee of $10,000 and $3,000, respectively. In addition, the chairman of the Audit Committee and the chairman of the Trust Company Board and the Lead Director of the Bank Board receive an additional $2,000 annual retainer, and the chairman of the Directors Loan Committee receives an additional $1,000 retainer.
All directors of Old Point Financial Corporation (the Company) have been elected as directors of the Bank, but there is no assurance that this practice will continue. However, not all Company directors serve as directors of the Trust Company. There are no additional fees paid for being a Company director.
The Company also pays for all directors and their spouses to attend regular director seminars.
Non-employee directors were eligible to receive awards of non-qualified stock options under the Company's 1998 Stock Option Plan; however, the 1998 Stock Option Plan expired in 2008, and no further awards may be granted under the plan.