Synovus Financial Corp. Board of Directors Compensation Policy (as Amended, Effective April 27, 2011)
This document outlines the compensation policy for the Board of Directors of Synovus Financial Corp., effective April 27, 2011. It details annual cash retainers for board and committee service, including additional compensation for committee chairs and the board chair. The policy also describes the director stock purchase plan, where the company matches up to 50% of a director's contribution, up to $10,000 per year. Equity awards are at the discretion of the Corporate Governance and Nominating Committee. The policy specifies that the board chair receives office and administrative support during their tenure.
EXHIBIT 10.1
SYNOVUS FINANCIAL CORP.
Board of Directors Compensation
(Effective April 27, 2011)
| 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 | ||
| Annual Board Chair Retainer(1) | $ | 110,000 | ||
| Annual Committee Chair Retainers(2) | ||||
| Audit Committee | $ | 15,000 | ||
| Compensation Committee | $ | 10,000 | ||
| Corporate Governance and Nominating Committee | $ | 10,000 | ||
| Risk Committee | $ | 10,000 | ||
| Annual Lead Director Retainer | $ | 5,000 | ||
(1) In addition, the Board Chair shall be provided with an office and administrative support for the duration of his tenure. The Board Chair does not receive any other compensation for his service on the Board or any of its committees.
(2) The committee chair will receive both an annual committee member retainer and annual committee chair retainer.
Equity Compensation
At the discretion of the Corporate Governance and Nominating Committee – no equity awards were made in 2009 or 2010.
Director Stock Purchase Plan
| Annual maximum company cash contribution per director participant to company- sponsored open market stock purchase plan, with company’s contribution of up to 50% of director participant’s cash contribution, subject to annual maximum contribution limit by director of $20,000. | $ | 10,000 |
