PennFed Financial Services, Inc. Director Compensation Policy

Summary

This document outlines the compensation structure for non-employee directors of PennFed Financial Services, Inc. and Penn Federal Savings Bank. Non-employee directors receive annual retainers, meeting fees, and committee fees, with higher amounts for the Chairman. Directors also receive annual life insurance premium payments. The agreement specifies the exact amounts paid for each type of service and distinguishes between regular directors and the Chairman.

EX-10.2 3 ex10-2.txt Exhibit 10.2 Director Fees ------------- Each director of PennFed Financial Services, Inc. (the "Company") also is a director of Penn Federal Savings Bank (the "Bank"). Each non-employee director, other than the Chairman of the Board, currently receives an annual retainer of $33,000 for service on the Bank's Board of Directors and an annual retainer of $2,000 for service on the Company's Board of Directors. For the Chairman, these annual amounts are $75,000 and $10,000, respectively. Each director other than the Chairman also receives a fee of $500 for each meeting of the Bank's Board attended and for each meeting of the Company's Board attended. For the Chairman, these fees are $750 and $500, respectively. Each member of the Audit Committee receives $500 for each Audit Committee meeting attended ($600 for the Chairman). In addition, each director receives $400 per meeting for all other Company Board committee meetings attended ($500 for the chairman of each committee). Each non-employee director also receives $5,000 for the payment of an annual life insurance premium ($10,000 for the Chairman of the Board).