EXHIBIT 10.24
United Security Bancshares, Inc.
Summary of Board Fees as of May 18, 2006
The United Security Bancshares, Inc. Board of Directors approved the following board fees, effective May 18, 2006:
United Security Bancshares, Inc.
| Retainers: | ||
Chairperson | $1,350/month | |
Secretary | $450/month | |
Assistant Secretary, Assistant Treasurer and Investment Officer | $300/month | |
Board Members | $600/month | |
| Board Meeting Fees: | ||
Board Members | $500/meeting attended | |
| Committee Meeting Fees: | ||
Non-Employee Committee Members | $250/meeting attended | |
Chairpersons of the Audit Committee, the Compensation Committee, and the Nominating, Executive and Corporate Governance Committee | $400/meeting attended | |
| First United Security Bank | ||
| Retainers: | ||
Directors | $400/month | |
Additionally, directors who must travel outside their county of residence to attend a meeting are reimbursed for mileage.
Non-employee directors may elect to defer payment of all or any portion of their fees under the United Security Bancshares, Inc. Non-Employee Directors’ Deferred Compensation Plan (the “Plan”). The Plan, which was ratified by shareholders at the annual meeting held on May 11, 2004, permits non-employee directors to invest their directors’ fees and to receive the adjusted value of the deferred amounts in cash and/or shares of Bancshares’ common stock.