Golden Parachute Limit. In the event of Executive’s termination of employment that is either involuntary or in connection with the Employer’s bankruptcy, liquidation or receivership, severance payments to the Executive shall be limited to the extent that the payment would otherwise constitute a “golden parachute” as defined under section 111(b)(2)(C) of the EESA.
Appears in 4 contracts
Samples: Employment Agreement (Southern States Bancshares, Inc.), Employment Agreement (Southern States Bancshares, Inc.), Employment Agreement (Southern States Bancshares, Inc.)
Golden Parachute Limit. In the event of Executive’s termination of employment that is either involuntary or in connection with the Employer’s bankruptcy, liquidation or receivershipemployment, severance payments to the Executive shall not be limited made to the extent that the payment would otherwise constitute a “golden parachute” as defined under section 111(b)(2)(CSection 111(a) of the EESAEESA and any regulations issued thereunder.
Appears in 3 contracts
Samples: Employment Agreement (Tennessee Commerce Bancorp, Inc.), Employment Agreement (Tennessee Commerce Bancorp, Inc.), Employment Agreement (Tennessee Commerce Bancorp, Inc.)
