Schedule of Non-Employee Directors’ Annual Compensation of Virginia Commerce Bancorp, Inc.
This document outlines the compensation for non-employee directors of Virginia Commerce Bancorp, Inc. Effective January 1, 2012, each non-employee director receives a monthly retainer of $4,500 for attending Board meetings, with payments subject to forfeiture if more than one meeting is missed per fiscal year. Directors do not receive extra pay for committee meetings. Additionally, directors may be granted equity awards at the Board’s discretion under the 2010 Equity Plan.
Exhibit 10.13
Schedule of Non-Employee Directors’ Annual Compensation
of
Virginia Commerce Bancorp, Inc.
Effective January 1, 2012
Cash Compensation
Monthly Retainer
Each non-employee director of Virginia Commerce Bancorp, Inc. (the “Company”) is entitled to receive monthly retainer compensation of $4,500 for attendance at meetings of the Board of Directors of the Company and Virginia Commerce Bank. The monthly retainer payments are subject to forfeiture if a director misses more than one Board of Directors meeting during each fiscal year. Directors do not receive separate compensation for attendance at committee meetings.
Equity Compensation
Each non-employee director is also eligible to receive equity awards pursuant to the Company’s 2010 Equity Plan in the discretion of the Board of Directors, upon the recommendation of the Personnel and Compensation Committee.
