30.3—Q-3: How are the SEOs and most highly compensated employees identified for purposes of compliance with this part?
(a) Identification.
The SEOs for
a year are the “named executive officers” who are
employees and are identified in the TARP
recipient's annual report on Form 10-K or annual
meeting proxy statement for that year (reporting
the SEOs' compensation for the immediately
preceding year). These employees are considered
the SEOs throughout that entire year. For purposes
of the standards in this part applicable to the
most highly compensated employees, the
determination of whether an employee is a most
highly compensated employee in a current fiscal
year looks back to the annual compensation for the
last completed fiscal year without regard to
whether the compensation is includible in the
employee's gross income for Federal income tax
purposes.
(b) Compliance.
Regardless of
when during the current fiscal year the TARP
recipient determines the SEOs or the most highly
compensated employees, the TARP recipient must
ensure that any of the SEOs or employees
potentially subject to the requirements in this
part for the current fiscal year complies with the
requirements in this part as applicable.