PBNK » Topics » Directors Fees

This excerpt taken from the PBNK DEF 14A filed Mar 16, 2009.

Directors’ Fees

The Board of Directors of the Company determines the compensation for its directors. The Company uses compensation survey information from similar sized companies to determine the appropriate levels of compensation. For 2007, all directors of the Company received an annual retainer of $2,000, and directors of the Bank received an additional annual retainer of $4,000. For 2008, all directors of the Company receive an annual retainer of $2,000, and directors of the Bank receive an additional annual retainer of $5,000. The Bank’s outside directors also receive $250 for each committee meeting attended. Directors may defer payment of up to 100% of retainers and fees through the Company’s nonqualified deferred compensation plan for directors, which is administered by the Virginia Bankers Association Benefits Corporation (the “VBA”).

 

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The following table summarizes director compensation earned for 2008.

 

DIRECTOR COMPENSATION

Name (1)

   Fees earned or
paid in cash
($)
    Total
($)

A. Willard Arthur

   13,500     11,250

James E. Burton, IV

   11,500     11,500

John P. Erb

   15,500     15,500

Thomas F. Hall

   1,083     1,083

R.B. Hancock, Jr.

   10,250     10,250

James P. Kent, Jr.

   12,250 (2)   12,250

William F. Overacre

   14,500     14,500

John L. Waller

   13,000     13,000

Michael E. Watson

   10,250     10,250

 

    

(1)     Compensation for Directors Robert H. Gilliam, Jr. and Carroll E. Shelton is included in the Summary Compensation Table.

(2)     Includes fees deferred under the VBA Directors’ Deferred Compensation Plan for Pinnacle Bankshares Corporation.

This excerpt taken from the PBNK DEF 14A filed Mar 7, 2008.

Directors’ Fees

The Board of Directors of the Company determines the compensation for its directors. The Company uses compensation survey information from similar sized companies to determine the appropriate levels of compensation. All directors of the Company receive an annual retainer of $2,000. In addition, directors of the Bank receive an annual retainer of $4,000 and, in addition, the Bank’s outside directors receive $250 for each committee meeting attended. Directors may defer payment of all retainers and fees. The Company established a nonqualified deferred compensation plan in January 1998 for directors, which is administered by the Virginia Bankers Association Benefits Corporation (the “VBA”).

 

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The following table summarizes director compensation earned for 2007.

This excerpt taken from the PBNK DEF 14A filed Mar 9, 2007.

Directors’ Fees

The Board of Directors of the Company determines the compensation for its directors. The Company uses compensation survey information from similar sized companies to determine the appropriate levels of compensation. All directors of the Company receive an annual retainer of $1,500. In addition, directors of the Bank receive an annual retainer of $4,000 and, in addition, the Bank’s outside directors receive $250 for each committee meeting attended. Directors may defer payment of all retainers and fees. The Company established a nonqualified deferred compensation plan in January 1998 for directors, which is administered by the Virginia Bankers Association Benefits Corporation (the “VBA”).

 

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The following table summarizes director compensation earned for 2006.

This excerpt taken from the PBNK DEF 14A filed Mar 10, 2006.

Directors’ Fees

All directors of the Company receive an annual retainer of $1,500. In addition, directors of the Bank receive an annual retainer of $4,000 and, in addition, the Bank’s outside directors receive $250 for each committee meeting attended.

Directors may defer payment of all retainers and fees. The Company established a nonqualified deferred compensation plan in January 1998 for directors, which is administered by the Virginia Bankers Association Benefits Corporation.

This excerpt taken from the PBNK DEF 14A filed Mar 11, 2005.

Directors’ Fees

 

All directors of the Company received an annual retainer of $1,500 in 2004. In addition, directors of the Bank received an annual retainer of $4,000 in 2004 and, in addition, the Bank’s outside directors received $250 for each committee meeting attended.

 

Directors may defer payment of all retainers and fees. The Company established a nonqualified deferred compensation plan in January 1998 for directors, which is administered by the Virginia Bankers Association Benefits Corporation.

 

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