Virginia Financial Group, Inc. 2007 Director Compensation Plan
This agreement outlines the 2007 compensation plan for directors of Virginia Financial Group, Inc. It specifies annual fees for board and committee roles, with chairmen and members receiving different amounts. Additionally, directors may receive performance-based stock option grants if the company meets its budget goals, with grants valued at up to 37.5% of a director's board retainer. The plan sets clear compensation and incentive terms for board service.
EXHIBIT 10.12
Director Compensation Plan 2007
Basic Fees
| Position | Board | Committee | |||||||
| Audit and P&C | Other | ||||||||
| Chairman | $ | 24,000 | $ | 5,500 | $ | 3,500 | |||
| Member | $ | 18,000 | $ | 4,000 | $ | 2,500 | |||
Performance Grants
| • | Performance Grants are made only if VFGI meets its budget goals |
| • | At budget members receive nonqualified stock option grants valued at 25% of their Board (not Committee) Retainers. |
| • | The maximum grant made under the plan is 37.5% of a member’s Board Retainer |
