Atlantic Union Bankshares Corporation Non-Employee Directors’ Annual Compensation Schedule (Effective February 1, 2021)
This document outlines the annual compensation for non-employee directors of Atlantic Union Bankshares Corporation, effective February 1, 2021. It specifies cash retainers for board and committee service, additional fees for chair roles, and meeting fees. Non-employee directors also receive an annual stock retainer, paid quarterly in unrestricted company shares. Directors may choose to receive their cash retainer in stock starting in the second quarter of 2021. The agreement details the amounts and payment terms for each type of service and compensation.
Exhibit 10.11
SCHEDULE OF NON-EMPLOYEE DIRECTORS’ ANNUAL COMPENSATION
OF
ATLANTIC UNION BANKSHARES CORPORATION
Effective February 1, 2021
| |
|
|
| Amount |
Annual Retainer Cash Fees (1) |
|
Service as a Director (2) | $35,000 |
Service as Chairman of the Board of Directors | $80,000 (additional) |
Service as Vice Chairman of the Board of Directors | $20,000 (additional) |
Service as Chairman of Audit Committee | $20,000 (additional) |
Service as Chairman of Compensation Committee | $13,500 (additional) |
Service as Chairman of Risk Committee | $15,000 (additional) |
Service as Chairman of Nominating and Corporate Governance Committee | $10,000 (additional) |
Service as Chairman of Trust Committee | $10,000 (additional) |
Members of Audit, Compensation, Risk, Nominating and Corporate Governance and Trust Committees | $8,000 (additional) |
|
|
Meeting Fees Per Meeting |
|
Executive Committee (in person or telephonic) | $1,000 |
Executive Committee (telephonic lasting under an hour) | $500 |
Meetings above the maximum number of meetings during the year | $1,000 |
Special Purpose Committees | $500 |
|
|
Equity Compensation |
|
In addition to cash compensation, non-employee directors receive an annual stock retainer of $50,000 paid quarterly in advance in unrestricted shares of the Company’s common stock. | |
|
|
(1) The retainer fees are payable in advance in quarterly installments. |
|
(2) Non-employee directors may elect to receive all or a portion of the Director cash retainer in unrestricted shares of the Company’s common stock, beginning with the second quarter in 2021. | |