Golden Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not be required to pay any benefit under this Agreement if, upon the advice of counsel, the Company determines that the payment of such benefit would be prohibited by 12 C.F.R. Part 359 or any successor regulations regarding employee compensation promulgated by any regulatory agency having jurisdiction over the Company or its affiliates or to the extent the benefit would be a non-deductible excess parachute payment under Section 280G of the Code. To the extent possible, such benefit payment shall be proportionately reduced to allow payment within the fullest extent permissible under applicable law.
Appears in 9 contracts
Samples: Continuation Agreement (Citizens Holding Co /MS/), Executive Supplemental Income Agreement (Peoples Financial Corp /MS/), Executive Supplemental Income Agreement (Peoples Financial Corp /MS/)
Golden Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company Bank shall not be required to pay any benefit under this Agreement if, upon the advice of counsel, the Company Bank determines that the payment of such benefit would be prohibited by 12 C.F.R. Part 359 or any successor regulations regarding employee compensation promulgated by any regulatory agency having jurisdiction over the Company Bank or its affiliates or to the extent the benefit would be a non-deductible excess parachute payment under Section 280G and 4999 of the Code. To the extent possible, such benefit payment shall be proportionately reduced to allow payment within the fullest extent permissible under applicable law. The Participant shall forfeit any amount over and above such reduced amount.
Appears in 5 contracts
Samples: Deferred Cash Incentive Agreement (Cf Bankshares Inc.), Deferred Cash Incentive Agreement (Cf Bankshares Inc.), Deferred Cash Incentive Agreement (Cf Bankshares Inc.)
