Compensation distributed to upper tier of employees including directors and consultants which is not disclosed fully in the required company filings. In some scenarios the amount of the compensation will be fully disclosed but in a fashion that make it difficult to determine the true value of the compensation paid out. Compensation can be hidden from analysts and shareholders in SERPs, stock appreciation rights, and share grants. According to new regulations proposed through the SEC, full disclosures to all related parties will be more detailed.