Union Bankshares Corporation Non-Employee Directors Annual Compensation Schedule (Effective January 1, 2019)

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the annual compensation for non-employee directors of Union Bankshares Corporation, effective January 1, 2019. It specifies cash retainers for board and committee service, including additional amounts for chair and vice chair roles, as well as meeting fees. Non-employee directors also receive an annual stock retainer paid quarterly in company shares. All cash retainers are paid in advance in quarterly installments. The schedule details the compensation structure but does not impose additional obligations or conditions beyond service on the board or committees.

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EX-10.16 3 exhibit1016_201810k.htm EXHIBIT 10.16 Exhibit
Exhibit 10.16


SCHEDULE OF NON-EMPLOYEE DIRECTORS’ ANNUAL COMPENSATION
OF
UNION BANKSHARES CORPORATION

Effective January 1, 2019
 
 
 
 
Amount
Annual Retainer Cash Fees (1)
 
Service as a Director
$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)
Members of Audit, Risk, Compensation and Nominating and Corporate Governance Committees
$8,000 (additional)
 
 
Meeting Fees
 
Executive Committee per meeting (in person)
$1,000
Executive Committee per meeting (telephonic lasting under an hour)
$500
Meetings above maximum per year number per Meeting
$1,000
 
 
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 stock.
 
 
(1) The retainer fees are payable in advance in quarterly installments