Say on Pay Limitations Sample Clauses
Say on Pay Limitations. (a) Say on Pay Requirements. Under Swiss say and pay law, the maximum aggregate amount of compensation of the executive management must be approved by the General Meeting of Shareholders of TE Connectivity Ltd. (the “GM”) as a public Swiss company. At each GM, the Company presents to the Company’s shareholders for approval the maximum aggregate amount of compensation that can be paid to the executive management in the next succeeding fiscal year. If the GM does not approve the maximum aggregate amount of compensation of the executive management, the Company will determine whether and to what extent the Executive’s compensation in that fiscal year will be affected. If the Executive’s compensation is affected, this 2015 Agreement continues to be effective subject to paragraph (b) below.
Say on Pay Limitations. (a) Say on Pay Requirements. Under Swiss say and pay law, the maximum aggregate amount of compensation of the executive management must be approved by the General Meeting of Shareholders of TE Connectivity Ltd. (the “GM”) as a public Swiss company. At each GM, the Company presents to the Company’s shareholders for approval the maximum aggregate amount of compensation that can be paid to the executive management in the next succeeding fiscal year. If the GM does not approve the maximum aggregate amount of compensation of the executive management, the Company will determine whether and to what extent the Executive’s compensation in that fiscal year will be affected. If the Executive’s compensation is affected, this 2015 Agreement continues to be effective subject to paragraph (b) below.
(b) Non-Approval by GM. If the GM refuses to approve the proposed maximum aggregate compensation of the executive management, and Executive’s compensation is subject to the approval of the GM, the Executive by signing this 2015 Agreement (i) agrees to accept a modification - as determined by the Company - of the compensation and benefits under this 2015 Agreement, and (ii) if the Company decides to pay compensation on a provisional basis in view of what a following GM may approve, the Executive will have to repay any amount of compensation received but subsequently not approved by any following GM.
Say on Pay Limitations