Shore Bancshares, Inc. Director Compensation Adjustment Resolution (February 2006)
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Summary
Shore Bancshares, Inc. has updated its compensation for directors, effective immediately as of February 2, 2006. The Chairman of the Board will now receive an annual retainer of $10,000, while other directors will receive $5,000 each. Meeting fees have also increased: committee chairpersons will receive $500 per meeting, and all other directors will receive $300 per meeting. These changes were approved by the Board of Directors following a recommendation from the Personnel Committee.
EX-10.1 2 v034922_ex10-1.htm Unassociated Document
EXHIBIT 10.1
Changes to Director Compensation Arrangements
On February 2, 2006, the Board of Directors of Shore Bancshares, Inc., upon the recommendation of its Personnel Committee, increased the annual retainers and meeting fees paid to directors. Prior to these increases, each director received an annual retainer of $3,000 and a meeting fee of $250 for each Board meeting and committee meeting attended. Effective immediately, the annual retainer paid to the Chairman of the Board will increase to $10,000 and the annual retainer paid to each other director will increase to $5,000. The fees paid for attending meetings (both of the Board and its committees) will increase to $500 for committee chairpersons and $300 for all other directors.
