Summary Schedule of 2009 Director Fees for Tower Bancorp, Inc. and Graystone Tower Bank
This document outlines the 2009 compensation structure for outside directors of Tower Bancorp, Inc. and Graystone Tower Bank. Directors receive annual retainers, paid quarterly, with specific amounts for the Chairman, Audit Committee Chair, and other outside directors. To qualify for the retainer, directors must attend at least 75% of board and committee meetings, either in person or by phone. Additionally, directors are paid a set fee for each regular board meeting attended, but not for committee meetings. These fees apply only to outside directors.
Exhibit 10.3
TOWER BANCORP, INC.
GRAYSTONE TOWER BANK
2009 DIRECTOR FEES1
(Effective April 1, 2009)
| Annual Retainers: | Board members must attend in person or by phone 75% of meetings (Board and Committee meetings combined) to be paid retainer. Fees are paid quarterly. |
| Chairman | $ | 22,000 | |
| Audit Committee Chair | $ | 15,000 | |
| All Other Outside Directors | $ | 12,000 |
| Board Meeting Fees: | Per regular Board meeting attended; no fee for Committee meetings. |
| Holding Company | $ | 600 | |
| Bank | $ | 600 |
| 1 | Outside Directors Only |
