Summary of Director Compensation for Non-Employee Directors of Summit and Summit Bank
This document outlines the compensation policy for non-employee directors of Summit and Summit Bank. Non-employee directors receive $800 per board meeting and $250 per committee meeting attended. The chairman of Summit receives an extra $1,000 monthly, while committee chairmen receive $300 per meeting, except the Audit Committee chairman, who receives $500 per meeting. Employee directors do not receive compensation for board or committee service. Directors may also be granted stock options at the company's discretion.
Exhibit 10.8
Summary of Director Compensation
Each non-employee director of Summit and Summit Bank receives an attendance fee of $800 for each meeting of the Board of Directors, as well as a fee of $250 for each committee meeting attended. Summit’s chairman receives an additional $1,000 per month. The committee chairmen receive $300 per committee meeting, except for the Audit Committee chairman who receives $500 per Audit Committee meeting. A director who is an employee of Summit or Summit Bank receives no fees or other compensation for serving as a director, or as a member of a board committee, from either Summit or Summit Bank. In addition, directors are eligible to receive stock options, although there is not a prescribed formula for such grants.
