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WTNY » Topics » Limits on Executive Compensation

This excerpt taken from the WTNY DEF 14A filed Nov 17, 2008.
Limits on Executive Compensation
 
In order to participate in the Capital Purchase Program, we and our executive officers will agree to certain limits on executive compensation for our chief executive officer, chief financial officer, and our three next most highly compensated officers. Specifically, we must:
 
  •  ensure that incentive compensation for these executives does not encourage unnecessary and excessive risk taking;
 
  •  implement a required “clawback” or forfeiture of any bonus or incentive compensation paid to any such executive, based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate;
 
  •  not make any “golden parachute payments” (as defined in the Internal Revenue Code) to any such executive; and
 
  •  agree not to deduct for tax purposes any executive compensation in excess of $500,000 for each such executive.
 
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