OTS Limitation on Severance Pay. Notwithstanding the foregoing, to the extent required by regulations or interpretations of the Office of Thrift Supervision, all severance payments under the Agreement shall be reduced not to exceed three (3) times the Executive’s average annual compensation (as defined in such regulations or interpretations) over the most recent five (5) taxable years.
Appears in 5 contracts
Samples: Employment Agreement (Provident New York Bancorp), Employment Agreement (Provident New York Bancorp), Employment Agreement (Provident New York Bancorp)
OTS Limitation on Severance Pay. Notwithstanding the foregoing, to ------------------------------- the extent required by regulations or interpretations of the Office of Thrift Supervision, all severance payments under the Agreement shall be reduced not to exceed three exceedthree (3) times the Executive’s 's average annual compensation (as defined in such regulations or interpretations) over the most recent five (5) taxable years.
Appears in 3 contracts
Samples: Employment Agreement (Provident New York Bancorp), Employment Agreement (Provident New York Bancorp), Employment Agreement (Provident New York Bancorp)
OTS Limitation on Severance Pay. Notwithstanding the foregoing, to ------------------------------- the extent required by regulations or interpretations of the Office of Thrift Supervision, all severance payments under the Agreement shall be reduced not to exceed three (3) times the Executive’s 's average annual compensation (as defined in such regulations or interpretations) over the most recent five (5) taxable years.
Appears in 1 contract
