Regulatory Prohibition. In the event that the Bank shall be deemed a “troubled bank” by the FDIC with the result that the payment of severance payments to Executive upon Termination of Executive’s employment shall be prohibited by federal statutes or regulations (including, but not limited to, Part 359 of the regulations of the FDIC), then the term “Restricted Period” used in Section 12 shall be deemed to be three (3) months from the Date of Termination or Change of Control Termination Date, as applicable.
Appears in 9 contracts
Samples: Employment and Change (Entegra Financial Corp.), Employment and Change (Entegra Financial Corp.), Employment and Change (Entegra Financial Corp.)
