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Director* Compensation
Summary
$15,000 annual
retainer of which $10,000 was available in the form of Restricted
Stock or cash and $5,000 payable in equal quarterly
installments.
For each
meeting of the board of directors of Green Bankshares, Inc. (the
“Company”) a director receives $600, including payment
for up to two missed meetings. Directors must be present at special
meetings to be paid.
For each
meeting of the board of directors of GreenBank (the
“Bank”) a director receives $600, including payment for
up to two missed meetings.
Members of the
Executive Committee of the Bank’s board of directors receive
$450 for each twice-monthly meeting of the Executive Committee that
they attend. Each of the two permanent members of the Executive
Committee, Martha Bachman and W.T. Daniels, also receive an annual
retainer of $1,500, payable in equal quarterly
installments.
Members of the
joint Audit Committee of the Bank’s and the Company’s
boards of directors receive $450 per meeting as well as an annual
retainer fee of $1,500 paid in equal quarterly installments. The
chairman of the Audit Committee also receives an annual retainer of
$6,000.
Members of the
joint Compensation Committee of the Bank’s and the
Company’s boards of directors receive $300 per meeting as
well as an annual retainer fee of $1,500 paid in equal quarterly
installments. The chairman of the Compensation Committee also
receives an annual retainer of $2,500.
Directors
receive $300 per meeting for all other committee meetings
attended.
Directors are
permitted to defer their director fees pursuant to deferred
compensation plans adopted by the Bank and the Company. The Company
paid interest on balances in the Plan from a formula which provides
an annual earnings crediting rate based on 75% of the annual return
on average stockholders’ equity on balances in the plan until
the director experiences a separation from service, a
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