Attached files
file | filename |
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10-K - FORM 10-K - FIRST FINANCIAL CORP /IN/ | c14020e10vk.htm |
EX-13 - EXHIBIT 13 - FIRST FINANCIAL CORP /IN/ | c14020exv13.htm |
EX-21 - EXHIBIT 21 - FIRST FINANCIAL CORP /IN/ | c14020exv21.htm |
EX-10.8 - EXHIBIT 10.8 - FIRST FINANCIAL CORP /IN/ | c14020exv10w8.htm |
EX-10.9 - EXHIBIT 10.9 - FIRST FINANCIAL CORP /IN/ | c14020exv10w9.htm |
EX-31.1 - EXHIBIT 31.1 - FIRST FINANCIAL CORP /IN/ | c14020exv31w1.htm |
EX-31.2 - EXHIBIT 31.2 - FIRST FINANCIAL CORP /IN/ | c14020exv31w2.htm |
EX-10.1 - EXHIBIT 10.1 - FIRST FINANCIAL CORP /IN/ | c14020exv10w1.htm |
EX-32.2 - EXHIBIT 32.2 - FIRST FINANCIAL CORP /IN/ | c14020exv32w2.htm |
EX-10.4 - EXHIBIT 10.4 - FIRST FINANCIAL CORP /IN/ | c14020exv10w4.htm |
EX-32.1 - EXHIBIT 32.1 - FIRST FINANCIAL CORP /IN/ | c14020exv32w1.htm |
EX-10.10 - EXHIBIT 10.10 - FIRST FINANCIAL CORP /IN/ | c14020exv10w10.htm |
EXHIBIT 10.3 Schedule of Director Compensation
Compensation of Directors. Each director of the Corporation is also a director of First
Financial Bank (FFB), the lead subsidiary bank of the Corporation, and receives directors fees
from each organization. For 2011 a director of the Corporation and FFB will receive a fee of $750
for each board meeting attended.
Non-employee directors also receive a fee for meetings attended of the Audit Committee of
$1,000, the Compensation Committee of $1,000, the Governance/Nominating Committee of $500, and the
Loan Discount Committee of $300. Each director also will receive from a quarterly directors fee of
$11,250. No non-employee director served as a director of any other subsidiary of the Corporation.
Directors of the Corporation and FFB who are not yet 70 years of age may participate in a
deferred directors fee program at each institution. Under this program, a director may defer
$6,000 of his or her directors fees each year over a five-year period. When the director reaches
the age of 65 or age 70, the director may elect to receive payments over a ten-year period. The
amount of the deferred fees is used to purchase an insurance product which funds these payments.
Each year from the initial date of deferral until payments begin at age 65 or 70, the Corporation
accrues a non-cash expense which will equal in the aggregate the amount of the payments to be made
to the director over the ten-year period. The Corporation expects that the cash surrender value of
the insurance policy will offset the amount of expenses accrued. If a director fails for any reason
other than death to serve as a director during the entire five-year period, or the director fails
to attend at least 60 regular or special meetings, the amount to be received at age 65 or 70, as
applicable, will be pro-rated appropriately.
Directors also may receive compensation previously accrued under the Corporations 2005
Long-Term Incentive Plan, no other benefits may be accrued under this plan. Under this plan,
directors received 90, 100 or 110 percent of the directors award amount if the Corporation and
FFB attained certain goals established by the Corporations Compensation Committee. See Exhibit
10.3 to this Form 10-K for a description of this plan.