Common use of Prohibited Golden Parachute Payments Clause in Contracts

Prohibited Golden Parachute Payments. In the event that Executive is severed from employment with Bancorp during the Treasury Holding Period (i) by reason of an involuntary termination of Executive by Bancorp or the Bank, or (ii) in connection with any bankruptcy filing, insolvency or receivership of Bancorp or the Bank, each of the terms in items (i) and (ii) as defined in the Authorities, notwithstanding any other provision of the Agreement; any stock award plan, award, grant, agreement, understanding or other arrangement; any supplemental employee retirement plan, pension plan or profit sharing plan (other than a tax qualified plan); or any other plan, agreement, understanding or other arrangement between Bancorp and Executive providing compensation to or economic benefit for Executive upon the termination of Executive’s employment by Bancorp, Executive shall not receive an aggregate of payments on account of such a severance from employment having a present value which equals or exceeds the “parachute payment” amount set forth in Section 280G(e) of the Internal Revenue Code (“IRC”), as added by the EESA. The calculation of the amount of the present value of aggregate payments of compensation to, or for the benefit of, Executive shall be calculated as provided in IRC Section 280G(e) and IRS Notice 2008-94. Executive shall be permitted to elect which payments and/or benefits shall be reduced and in what amounts to effect any reduction necessary to comply with the foregoing prohibition; provided, however, that if Executive does not make such election within fifteen (15) days following the severance of Executive’s employment, the Board of Directors of Bancorp (or any successor entity) or its designee shall make such election. Executive waives any and all rights to contest, seek redress for, or file a civil action to enjoin or obtain damages in connection with any such election by such Board or its designee.

Prohibited Golden Parachute Payments. In the event that Executive is severed from employment with Bancorp during the Treasury Holding Period (i) by reason of an involuntary termination of Executive by Bancorp or the Bank, or (ii) in connection with any bankruptcy filing, insolvency or receivership of Bancorp or the Bank, each of the terms in items (i) and (ii) as defined in the Authorities, notwithstanding any other provision of the Agreement; any stock award plan, award, grant, agreement, understanding or other arrangement; any supplemental employee retirement plan, pension plan or profit sharing plan (other than a tax qualified plan); or any other plan, agreement, understanding or other arrangement between Bancorp and Executive providing compensation to or economic benefit for Executive upon the termination of Executive’s employment by Bancorp, Executive shall not receive an aggregate of payments on account of such a severance from employment having a present value which equals or exceeds the “parachute payment” amount set forth in Section 280G(e) of the Internal Revenue Code (“IRC”), as added by the EESA. The calculation of the amount of the present value of aggregate payments of compensation to, or for the benefit of, Executive shall be calculated as provided in IRC Section 280G(e) and IRS Notice 2008-94. Executive shall be permitted to elect which payments and/or benefits shall be reduced and in what amounts to effect any reduction necessary to comply with the foregoing prohibition; provided, however, that if Executive does not make such election within fifteen (15) 15 days following the severance of Executive’s employment, the Board of Directors of Bancorp (or any successor entity) or its designee shall make such election. Executive waives any and all rights to contest, seek redress for, or file a civil action to enjoin or obtain damages in connection with any such election by such Board or its designee.

Prohibited Golden Parachute Payments. In the event that Executive is severed from employment with Bancorp the Company or the Bank during the Treasury Holding Period (i) by reason of an involuntary termination of Executive by Bancorp the Company or the Bank, or (ii) in connection with any bankruptcy filing, insolvency or receivership of Bancorp the Company or the Bank, each of the terms in items (i) and (ii) as defined in the Authorities, notwithstanding any other provision of the Employment Agreement; any stock award plan, award, grant, agreement, understanding or other arrangement; any supplemental employee retirement plan, pension plan or profit sharing plan (other than a tax qualified plan); or any other plan, agreement, understanding or other arrangement between Bancorp the Company and Executive or the Bank and Executive providing compensation to or economic benefit for Executive upon the termination of Executive’s employment by Bancorpthe Company or the Bank, Executive shall not receive an aggregate of payments on account of such a severance from employment having a present value which equals or exceeds the “parachute payment” amount set forth in Section 280G(e) of the Internal Revenue Code (“IRC”), as added by the EESA. The calculation of the amount of the present value of aggregate payments of compensation to, or for the benefit of, Executive shall be calculated as provided in IRC Section 280G(e) and IRS Notice 2008-94. Executive shall be permitted to elect which payments and/or benefits shall be reduced and in what amounts to effect any reduction necessary to comply with the foregoing prohibition; provided, however, that if Executive does not make such election within fifteen (15) days following the severance of Executive’s employment, the Board of Directors of Bancorp the Company or the Bank (or any successor entity) or its designee shall make such election. Executive waives any and all rights to contest, seek redress for, or file a civil action to enjoin or obtain damages in connection with any such election by such Board of Directors or its designee.

Prohibited Golden Parachute Payments. In the event that Executive is severed from employment with Bancorp during the Treasury Holding Period (i) by reason of an involuntary termination of Executive by Bancorp or the Bank, or (ii) in connection with any bankruptcy filing, insolvency or receivership of Bancorp or the Bank, each of the terms in items (i) and (ii) as defined in the Authorities, notwithstanding any other provision of the Agreement; any stock award plan, award, grant, agreement, understanding or other arrangement; any supplemental employee retirement plan, pension plan or profit sharing plan (other than a tax qualified plan); or any other plan, agreement, understanding or other arrangement between Bancorp and Executive providing compensation to or economic benefit for Executive upon the termination of Executive’s employment by Bancorp, Executive shall not receive an aggregate of payments on account of such a severance from employment having a present value which equals or exceeds the “parachute payment” amount set forth in Section 280G(e) of the Internal Revenue Code (“IRC”), as added by the EESA. The calculation of the amount of the present value of aggregate payments of compensation to, or for the benefit of, Executive shall be calculated as provided in IRC Section 280G(e) and IRS Notice 2008-94. Executive shall be permitted to elect which payments and/or benefits shall be reduced and in what amounts to effect any reduction necessary to comply with the foregoing prohibition; provided, however, that if Executive does not make such election within fifteen (15) 15 days following the severance of Executive’s employment, the Bancorp Board of Directors of Bancorp (or any successor entity) or its designee shall make such election. Executive waives any and all rights to contest, seek redress for, or file a civil action to enjoin or obtain damages in connection with any such election by such Board or its designee.

Prohibited Golden Parachute Payments. In the event that Executive is severed from employment with Bancorp during the Treasury Holding Period (i) by reason of an involuntary termination of Executive by Bancorp or the Bank, or (ii) in connection with any bankruptcy filing, insolvency or receivership of Bancorp or the Bank, each of the terms in items (i) and (ii) as defined in the Authorities, notwithstanding any other provision of the Agreement; any stock award plan, award, grant, agreement, understanding or other arrangement; any supplemental employee retirement plan, pension plan or profit sharing plan (other than a tax qualified plan); or any other plan, agreement, understanding or other arrangement between Bancorp and Executive providing compensation to or economic benefit for Executive upon the termination of Executive’s employment by Bancorp, Executive shall not receive an aggregate of payments on account of such a severance from employment having a present value which equals or exceeds the “parachute payment” amount set forth in Section 280G(e) of the Internal Revenue Code (“IRC”), as added by the EESA. The calculation of the amount of the present value of aggregate payments of compensation to, or for the benefit of, Executive shall be calculated as provided in IRC Section 280G(e) and IRS Notice 2008-94. Executive shall be permitted to elect which payments and/or benefits shall be reduced and in what amounts to effect any reduction necessary to comply with the foregoing prohibition; provided, however, that if Executive does not make such election within fifteen (15) days following the severance of Executive’s employment, the Bancorp Board of Directors of Bancorp (or any successor entity) or its designee shall make such election. Executive waives any and all rights to contest, seek redress for, or file a civil action to enjoin or obtain damages in connection with any such election by such Board or its designee.

Prohibited Golden Parachute Payments. In the event that Executive is severed from employment with Bancorp the Company during the Treasury Holding Period (i) by reason of an involuntary termination of Executive by Bancorp the Company or the Bank, or (ii) in connection with any bankruptcy filing, insolvency or receivership of Bancorp the Company or the Bank, each of the terms in items (i) and (ii) as defined in the Authorities, notwithstanding any other provision of the Employment Agreement; any stock award plan, award, grant, agreement, understanding or other arrangement; any supplemental employee retirement plan, pension plan or profit sharing plan (other than a tax qualified plan); or any other plan, agreement, understanding or other arrangement between Bancorp the Company and Executive providing compensation to or economic benefit for Executive upon the termination of Executive’s employment by Bancorpthe Company, Executive shall not receive an aggregate of payments on account of such a severance from employment having a present value which equals or exceeds the “parachute payment” amount set forth in Section 280G(e) of the Internal Revenue Code (“IRC”), as added by the EESA. The calculation of the amount of the present value of aggregate payments of compensation to, or for the benefit of, Executive shall be calculated as provided in IRC Section 280G(e) and IRS Notice 2008-94. Executive shall be permitted to elect which payments and/or benefits shall be reduced and in what amounts to effect any reduction necessary to comply with the foregoing prohibition; provided, however, that if Executive does not make such election within fifteen (15) days following the severance of Executive’s employment, the Board of Directors of Bancorp the Company (or any successor entity) or its designee shall make such election. Executive waives any and all rights to contest, seek redress for, or file a civil action to enjoin or obtain damages in connection with any such election by such Board or its designee.