Synovus Financial Corp. Board of Directors Compensation Summary (Effective February 1, 2007)

Contract Categories: Human Resources › Compensation Agreements
Summary

Synovus Financial Corp. has set out the compensation structure for its Board of Directors, effective February 1, 2007. Directors receive annual cash retainers for board and committee service, with additional amounts for committee chairs and the lead director. Directors also receive an annual grant of 500 restricted shares, which vest after three years, except for employee directors who do not receive equity awards. Additionally, directors can participate in a stock purchase plan, with the company matching 50% of their contributions up to $10,000 per year, subject to a $20,000 annual limit per director.

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EX-10.19 2 g05203exv10w19.htm EX-10.19 SUMMARY OF BOARD OF DIRECTORS COMPENSATION EX-10.19 SUMARY/ BOARD OF DIRECTORS COMPENSATION  

Exhibit 10.19
SYNOVUS FINANCIAL CORP.
Board of Directors Compensation
Approved January 25, 2007
     Upon the recommendation of the Corporate Governance and Nominating Committee, the Board of Directors of Synovus Financial Corp. approved modifications to the compensation to be paid to directors effective February 1, 2007, as set forth below:
         
Cash Compensation
        
 
        
Annual Board Retainer
  $ 40,000  
 
        
Annual Committee Member Retainers:
        
Audit Committee
  $ 15,000  
Compensation Committee
  $ 10,000  
Corporate Governance and Nominating Committee
  $ 7,500  
Executive Committee
  $ 10,000  
 
        
Annual Committee Chair Retainers*:
        
Audit Committee
  $ 15,000  
Compensation Committee
  $ 10,000  
Corporate Governance and Nominating Committee
  $ 7,500  
 
        
Annual Lead Director Retainer
  $ 5,000  
 
*   Note: The committee chair will receive both an annual committee member retainer and an annual committee chair retainer.
         
Equity Compensation
        
 
Annual restricted stock award (in the form of a grant from the Synovus 2002 Long-Term Incentive Plan, 3 year cliff vesting)
  500 shares
 
        
No equity awards to employee directors
        
 
        
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