Common use of Prohibited Compensation Clause in Contracts

Prohibited Compensation. Regardless of any provision in this Agreement, Bank is not required to compensate Executive according to the terms of this Agreement to the extent such compensation is prohibited or limited by applicable federal or state law, including but not limited to 12 U.S.C Section 182(k) and 12 C.F.R. Part 359, or by a federal or state bank regulatory agency acting under applicable federal or state law or regulation, but shall compensate Executive according to the terms of this Agreement to the extent compensation is not so prohibited or limited.

Prohibited Compensation. Regardless of any provision in this Agreement, Bank is not required to compensate Executive according to the terms of this Agreement to the extent such compensation is prohibited or limited by applicable federal or state law, including but not limited to 12 U.S.C Section ss. 182(k) and 12 C.F.R. Part 359, or by a federal or state bank regulatory agency acting under applicable federal or state law or regulation, but shall compensate Executive according to the terms of this Agreement to the extent compensation is not so prohibited or limited.