Compensation of Officers and Directors. Compensation of officers and directors will be limited to an amount that, when taken, will not adversely affect the repayment ability of the Borrowers. This amount shall be set annually by shareholder vote on Borrowers’ annual compensation plan.
Compensation of Officers and Directors. If Borrower is in violation of Section 7.6 at any time during any fiscal year, then Borrower shall not pay Borrower's officers and directors compensation (including without limitation, salary, bonus, management fees and incentive compensation of any type other than stock options) in the aggregate during such fiscal year, in an amount in excess of the greater of: (a) $1,000,000; or (b) 20% of net income.
19. Subsection 8.12 of the Loan Agreement, Issuance of Stock, shall be deleted.
Compensation of Officers and Directors. Borrower shall not pay -------------------------------------- Borrower's officers and directors compensation (including without limitation, salary, bonus, management fees and incentive compensation of any type other than stock options) in an amount in excess of $1,000,000 in the aggregate in any of Borrower's fiscal years.
Compensation of Officers and Directors. A cooperative association may provide a fair remuneration for the time actually spent by its officers and directors in its service and for the service of the members of its executive committee.
Compensation of Officers and Directors. The officers and directors of Corporation will serve in their respective positions for no compensation or remuneration whatsoever.
Compensation of Officers and Directors. The officers and members of the Board of Directors of the Company will serve in their respective positions for no compensation or remuneration whatsoever.
Compensation of Officers and Directors. The Borrower shall pay to its officers and directors salaries, benefits and other compensation which are comparable to those salaries, benefits and other compensation which are customary in the Borrower's industry for similarly situated officers and directors.
Compensation of Officers and Directors. 52 Section 6.13. Audits.....................................................53 Section 6.14. U.S. Government Guarantee..................................53
Compensation of Officers and Directors. No Loan Party has adopted or approved increased base compensation and regular course incentive opportunities for, or adopted or approved special, additional or supplemental cash compensation or bonuses for Named Executive Officers and Directors since December 31, 2023 inconsistent with the Loan Parties’ historical ordinary course of business practices as in effect prior to December 31, 2023 other than the retention of the CRO required by Section 6.22(a) on the Seventh Amendment Effective Date or in accordance with the requirements in Section 7.8(i). No key employee agreement, director compensation arrangement, severance agreements or employee retention plans, in each case, with respect to Named Executive Officers and Directors, have been approved, adopted, amended, modified or ratified by any Loan Party since April 17, 2023 or in accordance with the requirements in Section 7.8(i). No management incentive plan, or equity, equity-based, and/or cash incentive plan or similar arrangements or agreements, in each case, for Named Executive Officers and Directors, have been approved, adopted, amended, modified or ratified by any Loan Party and no Loan Party has discretionarily accelerated vesting under any such plan since April 4, 2024 or in accordance with the requirements in Section 7.8(i). No Loan Party has any legally binding commitment to or any intention to, adopt or enter into any additional compensation arrangement for the benefit of any Named Executive Officers and Directors.
Compensation of Officers and Directors. Except as set forth in Section 5.20 of the SPS Disclosure Letter, neither SPS nor any of its Subsidiaries has increased compensation to any officer or director or created any new bonus, insurance, pension or other employee benefit plan, payment or arrangement (including without limitation the granting of employee stock options or other stock based awards) since October 1, 1996.
