Synovus Financial Corp. Board of Directors Compensation Summary (Effective April 26, 2012)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the compensation structure for members of the Synovus Financial Corp. Board of Directors, effective April 26, 2012. Directors receive annual cash retainers for board and committee service, additional retainers for committee chairs and the lead director, and equity compensation in the form of restricted stock units. Directors may also participate in a stock purchase plan with company matching contributions. Some compensation is subject to specific conditions, such as vesting and transfer restrictions tied to repayment obligations under the Troubled Asset Relief Program.

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EX-10.2 3 snv3312012ex102.htm SUMMARY OF BOARD OF DIRECTORS COMPENSATION snv3312012ex102

Exhibit 10.2

SYNOVUS FINANCIAL CORP.
Board of Directors Compensation
(Effective April 26, 2012)
 
 
 
 
 
 
Cash Compensation
 
 
 
 
 
 
 
 
 
Annual Board Retainer
 
$
40,000

 
 
 
 
 
 
Annual Board Committee Member Retainers:
 
 
 
 
Audit Committee
 
$
15,000

 
Compensation Committee
 
$
10,000

 
Corporate Governance and Nominating Committee
 
$
10,000

 
Risk Committee
 
$
10,000

 
Credit Committee*
 
$
10,000

 
 
 
 
 
 
Annual Committee Chair Retainers:**
 
 
 
 
Audit Committee
 
$
15,000

 
Compensation Committee
 
$
10,000

 
Corporate Governance and Nominating Committee
 
$
10,000

 
Risk Committee
 
$
10,000

 
Credit Committee*
 
 
 
 
 
 
 
 
 
Annual Lead Director Retainer
 
$
5,000

 


 
 
 
 
*
 
Note: The Credit Committee is a committee of the Synovus Bank Board of Directors.
 
 
 
**
 
Note: The committee chair will receive both an annual committee member retainer and an annual committee chair retainer.

 


 
 
 
 
 
Equity Compensation
 
 
 
 
 
 
 
 
 
An award of 9,434 restricted stock units on each of April 25, 2012 and April 26, 2012, both of which vest immediately and are transferable only at the time of certain repayment of the aggregate obligations of the Company under the Troubled Asset Relief Program 
 
 
 
 
 
 
 
Director Stock Purchase Plan
 
 
 
 
 
 
 
 
 
Annual maximum company cash contribution per director participant to company-sponsored open market stock purchase plan, with company’s contribution equal to 50% of director participant’s cash contribution, subject to annual maximum contribution limit by director of $20,000
 
$
10,000