W Holding Company, Inc. 2008 Non-Employee Director Fee Arrangement

Summary

W Holding Company, Inc. outlines the annual fees paid to its non-employee directors for 2008. Directors receive an annual retainer based on their committee participation, with higher fees for those serving on more than three committees. Additional annual payments are provided for specific roles such as Secretary of the Board, Chairman or Secretary of the Audit Committee, and Audit Committee Financial Expert. All fees are paid monthly. Directors may also be reimbursed for out-of-pocket expenses related to board service. Directors receiving retirement plan benefits are excluded from this arrangement.

EX-10.12 2 g20836exv10w12.htm EX-10.12 exv10w12

EXHIBIT 10.12

Description of Arrangement for Directors Fees

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 year 2008:


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).

Secretary of the Audit Committee		$12,000 annually, payable on a monthly basis ($1,000).

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.