Common use of Compensation and Expenses of Trustees Clause in Contracts

Compensation and Expenses of Trustees. (a) The Trustees shall receive compensation from the PI Trust for their services as Trustees in the amount of $25,000.00 per annum, plus a per diem allowance in the amount of $2,000.00 for Trustee meetings and, for Trustees other than the Managing Trustee only, for other PI Trust business performed. The Managing Trustee shall be compensated an additional $25,000 per annum for his or her services as Managing Trustee. For purposes of the per diem allowance, PI Trust business includes, but is not limited to, attendance at meetings of Reorganized Raytech's Board of Directors. For purposes of section 7.4 below, the Trustees shall determine the scope and duration of activities that constitute a meeting and, if the Trustees elect to provide for payment for activities of less than a full day's duration, may provide for partial payment of per diem amounts on a proportional basis for activities of less than a full day's duration. The per annum and per diem compensation payable to the Trustees hereunder shall be reviewed every three (3) years and appropriately adjusted for changes in the cost of living. Any other changes in compensation of the Trustees shall be made subject to the approval of the Bankruptcy Court. (b) The PI Trust will promptly reimburse the Trustees for all reasonable out-of-pocket costs and expenses incurred by the Trustees in connection with the performance of their duties hereunder. (c) The PI Trust shall include a description of the amounts paid under this Section 4.6 in the accounts to be filed with the Bankruptcy Court and provided to the TAC, the Legal Representative, and Reorganized Raytech pursuant to Section 2.2(c)(i).

Compensation and Expenses of Trustees. (a) The Trustees shall receive compensation from the PI Trust for their services as Trustees in the amount of $25,000.00 per annum, plus a per diem allowance in the amount of $2,000.00 for Trustee meetings and, for Trustees other than the Managing Trustee only, for other PI Trust business performed. The Managing Trustee shall be compensated an additional $25,000 per annum for his or her services as Managing Trustee. For purposes of the per diem allowance, PI Trust business includes, but is not limited to, attendance at meetings of Reorganized Raytech's Board of Directors. For purposes of section 7.4 below, the Trustees shall determine the scope and duration of activities that constitute a meeting and, if the Trustees elect to provide for payment for activities of less than a full day's duration, may provide for partial payment of per diem amounts amounts on a proportional basis for activities of less than a full day's duration. The per annum and per diem compensation payable to the Trustees hereunder shall be reviewed every three (3) years and appropriately adjusted for changes in the cost of living. Any other changes in compensation of the Trustees shall be made subject to the approval of the Bankruptcy Court. (b) The PI Trust will promptly reimburse the Trustees for all reasonable out-of-pocket costs and expenses incurred by the Trustees in connection with the performance of their duties hereunder. (c) The PI Trust shall include a description of the amounts paid under this Section 4.6 in the accounts to be filed with the Bankruptcy Court and provided to the TAC, the Legal Representative, and Reorganized Raytech pursuant to Section 2.2(c)(i).