Common use of No Violation of Golden Parachute Rules Clause in Contracts

No Violation of Golden Parachute Rules. The Bank and the Executive acknowledge and agree that any payment or agreement to make any payment to the Executive or Beneficiary under this Agreement is or may be subject to the golden parachute limitations of 12 U.S.C. 1828(k) and FDIC rules at 12 C.F.R. Part 359. The Bank and the Executive therefore acknowledge and agree that if any payment or agreement to make a payment under this Agreement would be considered a golden parachute payment under 12 C.F.R. 359.1(f), the Bank shall not have a contractual or other obligation to make the payment and the agreement to make the payment shall be void, unless (x) the payment receives advance approval of the appropriate Federal banking agency, if required at that time by 12 U.S.C. section 1828(k), 12 C.F,R. Part 359, or other Federal or state laws, rules or regulations, and (y) the obligation and the payment comply in all other respects with 12 U.S.C. section 1828(k), 12 C.F.R. Part 359, and other Federal and state laws, rules or regulations, to the extent applicable at the time.

No Violation of Golden Parachute Rules. The Bank Company and the Executive acknowledge and agree that any payment or to the Executive under this Agreement and any agreement to make any a payment to the Executive or Beneficiary under this Agreement is are or may be subject to the golden parachute limitations of 12 U.S.C. 1828(k) and FDIC rules at 12 C.F.R. Part 359. The Bank Company and the Executive therefore acknowledge and agree that if any payment or agreement to make a payment under this Agreement would be considered a golden parachute payment under 12 C.F.R. 359.1(f), the Bank Company shall not have a contractual or other obligation to make the payment to the Executive, and the agreement to make the payment shall be void, unless (x) the payment receives advance the prior approval of the appropriate Federal banking agency, if required at that time by 12 U.S.C. section 1828(k), 12 C.F,R. C.F.R. Part 359, or other Federal or state laws, rules or regulations, and (y) the obligation and the payment comply in all other respects with 12 U.S.C. section 1828(k), 12 C.F.R. Part 359, and other Federal and state laws, rules or regulations, to the extent applicable at the time.