Common use of Compliance with Certain Federal Laws Clause in Contracts

Compliance with Certain Federal Laws. Notwithstanding any provision of this Agreement to the contrary, the amount of all compensation and benefits payable to the Employee under this Agreement in connection with any termination of the Employee’s employment hereunder shall be reduced to the extent such amount exceeds the limitation on permissible severance benefits set forth in Section 310 of the Office of Thrift Supervision’s Regulatory Handbook, as amended, superseded or replaced from time to time. Additionally, any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828 (k) and FDIC regulation 12 CFR Part 359, Golden Parachute and Indemnification Payments.