Senior executive officers’ compensation restricted

(A) In general The insured depository institution shall not do any of the following without the prior written approval of the appropriate Federal banking agency: (i) Pay any bonus to any senior executive officer. (ii) Provide compensation to any senior executive officer at a rate exceeding that officer’s average rate of compensation (excluding bonuses, stock options, and profit-sharing) during the 12 calendar months preceding the calendar month in which the institution became undercapitalized.

(B) Failing to submit plan The appropriate Federal banking agency shall not grant any approval under subparagraph (A) with respect to an institution that has failed to submit an acceptable capital restoration plan.