Common use of No Golden Parachute Payments Clause in Contracts

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. 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 79, “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. 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 79, “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.