BTFG » Topics » Section 1.1 Purpose.

This excerpt taken from the BTFG DEF 14A filed Apr 9, 2007.

Section 1.1 Purpose.

The purpose of the 2001 Incentive Compensation Plan (the “Plan”) is to promote the long-term success of South Alabama Bancorporation, Inc. (the “Company” and its Subsidiary Corporations as defined below) by providing financial incentives to key employees and directors who are in positions to make significant contributions toward such success. The Plan is designed to attract individuals of outstanding ability to serve as directors with the Company or employment with the Company and its Subsidiary Corporations and to encourage key employees and directors to acquire a proprietary interest in the Company, to continue in their positions with the Company or its Subsidiary Corporations, and to render superior performance for the benefit of the Company and its Subsidiary Corporations.

This excerpt taken from the BTFG DEF 14A filed Apr 13, 2006.

Purpose

On behalf of the Board of Directors, the Audit Committee’s function is to oversee the Company’s accounting and financial reporting processes and audits of the Company’s financial statements. Primary responsibility for the Company’s financial reporting and internal control structure lies with senior management, with oversight by the Board of Directors. The Audit Committee shall:

 

    maintain open avenues of communication between the board of directors, management, the internal auditors, and the Independent Auditors;

 

    be an informed, vigilant, and effective overseer of the Company’s internal controls and disclosure controls and procedures for financial reporting purposes;

 

    have its duties and responsibilities set forth in a written charter;

 

    report its activities to the full board on a regular basis;

 

    comply with applicable law including Nasdaq and SEC rules and requirements of the Sarbanes Oxley Act and follow regulations established by the holding company and its affiliates’ governing regulatory agencies.
This excerpt taken from the BTFG DEF 14A filed Apr 8, 2005.

Purpose

 

On behalf of the Board of Directors, the Audit Committee’s function is to oversee the Company’s accounting and financial reporting processes and audits of the Company’s financial statements. Primary responsibility for the Company’s financial reporting and internal control structure lies with senior management, with oversight by the Board of Directors. The Audit Committee shall:

 

  maintain open avenues of communication between the board of directors, management, the internal auditors, and the Independent Auditors;

 

  be an informed, vigilant, and effective overseer of the Company’s internal controls and disclosure controls and procedures for financial reporting purposes;

 

  have its duties and responsibilities set forth in a written charter;

 

  report its activities to the full board on a regular basis;

 

  comply with applicable law including Nasdaq and SEC rules and requirements of the Sarbanes-Oxley Act and follow regulations established by the holding company and its affiliates’ governing regulatory agencies.

 

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