Excessive compensation definition
Excessive compensation means an amount which the Commissioner General considers is excessive in relation to the consideration provided for it where:
Excessive compensation as used in this Section 12.3, means compensation in excess of three times total current salary for the Borrower's senior management, which total current salary is approximately $675,000.00. Further, any increase in compensation to shareholders, officers or affiliates of Borrower is prohibited unless, after giving effect to such increase, the Borrower is in compliance with all covenants contained in this Agreement, including financial covenants.
Examples of Excessive compensation in a sentence
Excessive compensation is prohibited as an unsafe and unsound practice.