Section 53.04 - Executive Compensation and Severance(1) Each state authority shall establish a compensation committee, which shall: (a) determine which employees of the authority are executives under 801 CMR 53.02;(b) meet independently of management at least once per calendar year and evaluate and establish compensation for all authority executives, including, but not limited to, base salary, bonuses, severance, retirement or deferred compensation packages and policies relative to the accrual and payment of sick and vacation time, including payouts for unused sick and vacation time. In establishing executive compensation, the compensation committee shall analyze and assess comparable compensation for positions with similar functions and responsibilities at state agencies and authorities, as well as for-profit and nonprofit private-sector employers; and(c) establish policies that the chief executive officer shall apply in fixing the compensation of other authority employees.(2) No executive of a state authority shall be compensated for sick, vacation or other leave time to an extent greater than the leave time granted to a state employee.(3) No executive of a state authority shall be granted severance pay after removal for cause, and no executive shall be granted severance pay in excess of three months' salary if removed other than for cause.