FDIC Compliance Limitation. If the amounts to be paid to the Executive under this Agreement would cause the Executive to receive a payment in violation of 12 CFR §359 (or the corresponding provisions of any future regulations promulgated under Section 18(k) of the FDIA (12 U.S.C. §1828(k))), then, after seeking the approval of the FDIC to nonetheless make payment of such amounts, if such approval is not forthcoming, such amounts shall be limited so that no violation of such regulations will occur.
Appears in 7 contracts
Samples: Employment Agreement (Home Federal Holdings CORP), Employment Agreement (Home Federal Holdings CORP), Employment Agreement (Home Federal Holdings CORP)
FDIC Compliance Limitation. If the amounts to be paid to the Executive under this Agreement would cause the Executive to receive a payment in violation of 12 CFR §359 (or the corresponding provisions of any future regulations promulgated under Section 18(k) of the FDIA Federal Deposit Insurance Act (12 U.S.C. §1828(k))), then, after seeking the approval of the FDIC to nonetheless make payment of such amounts, if such approval is not forthcoming, such amounts shall be limited so that no violation of such regulations will occur.
Appears in 7 contracts
Samples: Employment Continuity Agreement (LSB Bancshares Inc /Nc/), Waiver and Release Agreement (LSB Bancshares Inc /Nc/), Waiver and Release Agreement (LSB Bancshares Inc /Nc/)
FDIC Compliance Limitation. If the amounts to be paid to the Executive under this Agreement would cause the Executive to receive a payment in violation of 12 CFR §Section 359 (or the corresponding provisions of any future regulations promulgated under Section 18(k) of the FDIA Federal Deposit Insurance Act (12 U.S.C. §Section 1828(k))), then, after seeking the approval of the FDIC to nonetheless make payment of such amounts, if such approval is not forthcoming, such amounts shall be limited so that no violation of such regulations will occur.
Appears in 4 contracts
Samples: Executive Employment Agreement (Hometown Community Bancshares, Inc.), Executive Employment Agreement (Community Financial Holding Co Inc), Employment Agreement (Community Financial Holding Co Inc)
