Director Compensation Schedule for Pinnacle Bankshares Corporation and First National Bank (Effective January 1, 2020)
This document outlines the annual compensation for directors of Pinnacle Bankshares Corporation and First National Bank as of January 1, 2020. Directors receive annual retainers, with additional payments for serving as Chairman, Vice Chairman, or committee chairs. Directors also earn fees for attending committee meetings. Under the Pinnacle Bankshares Corporation 2014 Incentive Stock Plan, directors may opt to receive their fees in Pinnacle common stock instead of cash.
Exhibit 10.3
Annual Compensation of Directors of
Pinnacle Bankshares Corporation and First National Bank
As of January 1, 2020
Cash Compensation (1)
Annual retainer
| Pinnacle Director | $ | 4,000 | ||
| First National Bank Director | $ | 6,000 |
Additional Pinnacle annual retainers
| Chairman of the Board | $ | 3,000 | ||
| Vice Chairman of the Board | $ | 1,500 | ||
| Audit Committee Chairman | $ | 1,500 | ||
| Compensation Committee Chairman | $ | 1,000 | ||
| Nominating Committee Chairman | $ | 1,000 |
Committee meeting fees
In addition to the annual retainers, outside directors also receive $350 for each committee meeting attended.
(1) Under the Pinnacle Bankshares Corporation 2014 Incentive Stock Plan, directors may choose to receive up to 100% of their director fees in the form of Pinnacle common stock.
