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: Supplemental Executive Retirement Plan (Citizens Holding Co /MS/), Executive Supplemental Income Agreement (Peoples Financial Corp /MS/), Executive Supplemental Income Agreement (Peoples Financial Corp /MS/)
