No Compensation; Reimbursement of Oversight Board Members Sample Clauses

No Compensation; Reimbursement of Oversight Board Members. The members of the Oversight Board shall serve without compensation, except for reimbursement of fees and expenses as provided for in the Plan and this Agreement. Oversight Board Members shall be entitled to reimbursement of their actual and reasonable out of pocket expenses as an Oversight Board Member. The Liquidation Trust shall reimburse each member of the Oversight Board for its respective reasonable and documented expenses, including out-of-pocket expenses relating to airfare, hotel, meals and other travel costs, and postage, telephone and facsimile charges, for work performed on behalf of or relating to the administration of the Liquidation Trust or the Oversight Board, and other necessary expenses. The Oversight Board may, in its discretion, retain Professional Persons. The Liquidation Trust shall pay from time to time all reasonable fees and expenses of such Professional Persons and the actual and reasonable out of pocket expenses of Oversight Board Members, with ten days prior notice to the Oversight Board and the Liquidation Trustee, and without approval or order of the Bankruptcy Court, unless the Oversight Board or Liquidation Trustee objects to all or part of the fees and expenses, in which case the allowance of the disputed portion shall be determined by the Bankruptcy Court.
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Related to No Compensation; Reimbursement of Oversight Board Members

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  • Fees and Compensation Managers and Officers may receive such compensation and fees, if any, for their services, and such reimbursement for expenses, as may be determined by resolution of the Board.

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