Description of Arrangement for Directors Fees

EX-10.12 3 g17465exv10w12.htm EX-10.12 EX-10.12

Exhibit 10.12

The following sets forth the amount of annual fees payable (excluding representation expenses) to each non-employee director of W Holding Company, Inc. (except for directors who receive benefits from any retirement plan), for their services as Directors in fiscal years 2008 and 2007:


Event		Fees
Annual Retainer:

For those Directors with participation in less than three board of Directors committees.		$24,000 annually, payable on a monthly basis ($2,000).

For those Directors with participation in more than three Board of Directors committees.		$42,000 annually, payable on a monthly basis ($3,500).

Secretary of the Board of Directors		$6,720 annually, payable on a monthly basis ($560).

Chairman of the Audit Committee		$6,000 annually, payable on a monthly basis ($500).

Audit Committee Financial Expert		$6,000 annually, payable on a monthly basis ($500).

W Holding Company, Inc. may also reimburse Directors for their out-of-pocket expenses incurred in connection with attendance at meetings of and other activities relating to service on the Board of Directors or any Board of Directors committee.