Common use of Compliance with Requirements of Troubled Assets Relief Program (TARP) Clause in Contracts

Compliance with Requirements of Troubled Assets Relief Program (TARP). Notwithstanding Section 16.1, in the event Commerce is a participant in TARP, during such time as the U. S. Treasury Department (“Treasury”) holds an equity or debt position in Commerce, Executive agrees to modify the terms of this Agreement to comply with any executive compensation requirements of such Program, including (i) an agreement to relinquish to Commerce any bonus or incentive compensation paid that is based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate; and (ii) a reduction, if necessary, in any compensation so as not to receive any “golden parachute” payments (based on the applicable Code provision). Executive also agrees to waive any claims he may have against Commerce or Treasury as a result of any amendments to this Agreement required by TARP.

Compliance with Requirements of Troubled Assets Relief Program (TARP). Notwithstanding Section 16.118.2 (a), in the event Commerce is a participant in TARP, during such time as the U. S. Treasury Department (“Treasury”) holds an equity or debt position in Commerce, Executive agrees to modify the terms of this Agreement to comply with any executive compensation requirements of such Program, including (i) an agreement to relinquish to Commerce any bonus or incentive compensation paid that is based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate; and (ii) a reduction, if necessary, in any compensation so as not to receive any “golden parachute” payments (based on the applicable Code provision). Executive also agrees to waive any claims he may have against Commerce or Treasury as a result of any amendments to this Agreement required by TARP.

Compliance with Requirements of Troubled Assets Relief Program (TARP). Notwithstanding Section 16.118.2 (a), in the event Commerce is a participant in TARP, during such time as the U. S. U.S. Treasury Department (“Treasury”) holds an equity or debt position in Commerce, Executive agrees to modify the terms of this Agreement to comply with any executive compensation requirements of such Program, including (i1) an agreement to relinquish to Commerce any bonus or incentive compensation paid that is based on statements of earnings, gains, or other criteria that are later proven to be materially inaccurate; and (ii) a reduction, if necessary, in any compensation so as not to receive any “golden parachute” payments (based on the applicable Code provision). Executive also agrees to waive any claims he may have against Commerce or Treasury as a result of any amendments to this Agreement required by TARP.