Common use of No Golden Parachute Payments Clause in Contracts

No Golden Parachute Payments. Employer and their Affiliates are prohibited from making any “golden parachute payment” (within the meaning of Section 111(b)(2)(C) of EESA) to Executive during any “CPP Covered Period”. As used in this Agreement, the term “CPP Covered Period” is any period during which (A) Executive is a “senior executive officer” (within the meaning of Section 111(b)(3) of EESA), and (B) Treasury holds any equity or debt acquired from Employer in the CPP. Executive acknowledges the foregoing and agrees that any compensation payable, whether under the Benefit Plans (as defined in Section 4.1.3 below) or otherwise, that would constitute a “golden parachute payment” shall be reduced to the minimum extent necessary so that such compensation does not violate such “golden parachute payment” prohibition.

No Golden Parachute Payments. Employer The Company and their Affiliates its affiliates are prohibited from making any “golden parachute payment” (within the meaning of Section 111(b)(2)(C) of EESA) to Executive during any “CPP Covered Period”. As used in this AgreementAmendment, the term “CPP Covered Period” is any period during which (A) Executive is a “senior executive officer” (within the meaning of Section 111(b)(3) of EESA), ) and (B) Treasury holds any equity or debt acquired from Employer the Company in the CPP. Executive acknowledges the foregoing and agrees that any compensation payable, whether under the Benefit Plans (as defined in Section 4.1.3 6.A.(3) below) or otherwise, that would constitute a “golden parachute payment” shall be reduced to the minimum extent necessary so that such compensation does not violate such “golden parachute payment” prohibition.