No Golden Parachute Payments. The Company is prohibiting any golden parachute payment to you during any “CPP Covered Period”. A “CPP Covered Period” is any period during which (A) you are a senior executive officer and (B) Treasury holds an equity or debt position acquired from the Company in the CPP.
No Golden Parachute Payments. You will not be entitled to receive from the Company any golden parachute payment (as defined below) during any period in which the Treasury holds an equity or debt position acquired from the Company in the CPP (the “CPP Covered Period”) (or during the year following any acquisition of the Company, to the extent required by the CPP Limitations (as defined below)).
No Golden Parachute Payments. The Company is prohibiting any Golden Parachute Payment to you during any CPP Covered Period. To the extent any event occurs during the CPP Covered Period that would otherwise trigger a Golden Parachute Payment, you will be entitled to the lesser of (i) your rights under the Benefit Plans (as defined below) and (ii) the maximum amount allowed under Section 111(b)(2)(C) of EESA.
No Golden Parachute Payments. The Company is prohibited from making any Golden Parachute Payment to you during any CPP Covered Period.
No Golden Parachute Payments. Employer and their Affiliates are prohibited from making any “golden parachute payment” (within the meaning of Section 111(b)(2)(C) of EESA) to Executive during any “CPP Covered Period”. As used in this Agreement, the term “CPP Covered Period” is any period during which (A) Executive is a “senior executive officer” (within the meaning of Section 111(b)(3) of EESA), and (B) Treasury holds any equity or debt acquired from Employer in the CPP. Executive acknowledges the foregoing and agrees that any compensation payable, whether under the Benefit Plans (as defined in Section 4.1.3 below) or otherwise, that would constitute a “golden parachute payment” shall be reduced to the minimum extent necessary so that such compensation does not violate such “golden parachute payment” prohibition.
No Golden Parachute Payments. Under the terms of the EESA Restrictions, the Company is prohibited from paying any golden parachute payment to a senior executive officer or any of the next five most highly compensated employees of the Company during the TARP Period. Accordingly, the Company is prohibiting any golden parachute payment to you during the TARP Period if you are a senior executive officer or one of the next five most highly compensated employees of the Company. Whether you are a senior executive officer or one of the next five most highly compensated employees will be determined by reference to the definitions thereof contained in the IFR, as amended from time to time.
No Golden Parachute Payments. The Bank is prohibiting any golden parachute payment to the Employee during any “CPP Covered Periods.” A “CPP Covered Period” is any period during which (i) the Employee is a senior executive officer and (ii) Treasury holds an equity or debt position acquired from the Bank in the CPP. “Golden parachute payment” is used with same meaning as in Section 111(b)(2)(C) of EESA. For purposes of this Section 7, “Bank” includes any entities treated as a single employer with the Bank under 31 C.F.R. Section 30.1(b) (as in effect on the Closing Date of the CPP purchase). The Bank shall determine any reductions in such a manner that to the extent possible, the provisions of Section 409A of the Code are not violated.
No Golden Parachute Payments. Under the terms of the EESA Restrictions, the Company is prohibited from paying any golden parachute payment to a senior executive officer or any of the next five most highly compensated employees of the Company or the Bank during the TARP Period. Accordingly, the Company is prohibiting any golden parachute payment to you during the TARP Period if you are a senior executive officer or one of the next five most highly compensated employees of the Company or the Bank. Whether you are a senior executive officer or one of the next five most highly compensated employees will be determined by reference to the definitions thereof contained in the IFR, as amended from time to time.
No Golden Parachute Payments. The Company is prohibited from making, and the Executive shall not be entitled to receive, a Golden Parachute Payment during the TARP Covered Period if the Executive is a Senior Executive Officer or Other Highly Compensated Employee at the date the Golden Parachute Payment would otherwise be paid. For purposes of this Agreement, the date the Golden Parachute Payment would otherwise be paid is the date of the Executive’s departure or the change in control event that gives rise to the payment, even if any portion of the payment would be paid after the TARP Covered Period.
No Golden Parachute Payments. The Company is prohibiting any golden parachute payment to you during any “applicable tax year.” An “applicable tax year” is any period during which (a) you are a senior executive officer, and (b) Treasury holds an equity or debt position in the Company under the CPP.
