Limitations on Certain Compensation. a. Beginning on the Closing Date, and ending on the date that is one (1) year after the date on which the Loan is no longer outstanding, each Borrower Eligible Business and its Affiliates shall not pay any of each Borrower Eligible Business’s Corporate Officers or Employees whose Total Compensation exceeded $425,000 in calendar year 2019 or the Subsequent Reference Period (other than an Employee whose compensation is determined through an existing collective bargaining agreement entered into before March 1, 2020): i. Total Compensation which exceeds, during any twelve (12) consecutive months of the period beginning on the Closing Date and ending on the date that is one (1) year after the date on which the Loan is no longer outstanding, the Total Compensation the Corporate Officer or Employee received in calendar year 2019 or the Subsequent Reference Period; or ii. Severance Pay or Other Benefits in connection with a termination of employment with any Borrower Eligible Business which exceed twice the maximum Total Compensation received by such Corporate Officer or Employee in calendar year 2019 or the Subsequent Reference Period. b. Beginning on the Closing Date, and ending on the date that is one (1) year after the date on which the Loan is no longer outstanding, each Borrower Eligible Business and its Affiliates shall not pay any of each Borrower Eligible Business’s Corporate Officers or Employees whose Total Compensation exceeded $3,000,000 in calendar year 2019 or the Subsequent Reference Period Total Compensation which exceeds, during any twelve (12) consecutive months of such period, in excess of the sum of: i. $3,000,000; and
Appears in 6 contracts
Samples: Loan Agreement, Loan Agreement, Loan and Guarantee Agreement
