EX-10.16 3 exhibit1016_201810k.htm EXHIBIT 10.16
Exhibit 10.16
SCHEDULE OF NON-EMPLOYEE DIRECTORS’ ANNUAL COMPENSATION
OF
UNION BANKSHARES CORPORATION
Effective January 1, 2019

| Amount
Annual Retainer Cash Fees (1) |
Service as a Director | $35,000
Service as Chairman of the Board of Directors | $80,000 (additional)
Service as Vice Chairman of the Board of Directors | $20,000 (additional)
Service as Chairman of Audit Committee | $20,000 (additional)
Service as Chairman of Compensation Committee | $13,500 (additional)
Service as Chairman of Risk Committee | $15,000 (additional)
Service as Chairman of Nominating and Corporate Governance Committee | $10,000 (additional)
Members of Audit, Risk, Compensation and Nominating and Corporate Governance Committees | $8,000 (additional)
Meeting Fees |
Executive Committee per meeting (in person) | $1,000
Executive Committee per meeting (telephonic lasting under an hour) | $500
Meetings above maximum per year number per Meeting | $1,000
Equity Compensation |
In addition to cash compensation, non-employee directors receive an annual stock retainer of $50,000 paid quarterly in advance in unrestricted shares of the Company’s stock.
(1) The retainer fees are payable in advance in quarterly installments |