MHCE definition

MHCE means “most highly compensated employee”, as that phrase is defined under the TARP Requirements.
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Examples of MHCE in a sentence

  • Notwithstanding the foregoing, during such time as the Company is a TARP Recipient, if the TARP Requirements would preclude the payment of such bonuses to the Employee (on account of his being an SEO, MHCE, or otherwise), then any bonuses payable hereunder shall be reduced or eliminated to the extent necessary to comply with the TARP Requirements.

  • Notwithstanding the foregoing, if during the TARP Period the TARP Requirements would preclude the payment, provision or grant of any of the items described in this Section 5(a) to the Employee (on account of his being an SEO, an MHCE or otherwise), then the payment, provision or granting of any such items payable hereunder shall be prohibited to the extent necessary to comply with the TARP Requirements.

  • Furthermore, and notwithstanding anything herein to the contrary, no amount shall be payable under this Section 7(d) if such payment becomes an obligation of the Company and the Bank while the Company is a TARP Recipient during the TARP Period, and the Employee is not permitted to receive those payments under the TARP Requirements (on account of being an SEO, MHCE, or otherwise).

  • Furthermore, and notwithstanding anything herein to the contrary, no amount shall be payable under this Section 7(a) if such payment becomes an obligation of the Company or the Bank while the Company is a TARP Recipient during the TARP Period and the Employee is not permitted to receive those payments under the TARP Requirements (on account of being an SEO, MHCE, or otherwise).

  • In the event the Company determines that the Executive has ceased to be a Top-5 MHCE as of January 1, 2012, or as of any subsequent January 1, the Company shall certify the fact that the Executive is no longer a Top-5 MHCE no later than 45 days after such January 1.

  • The individuals identified as the Top-5 MHCEs as of a January 1 retain that status through the entire calendar year (unless the Company’s TARP Period terminates during the calendar year), such that a Top-5 MHCE will either cease to be a Top-5 MHCE or continue as a Top-5 MHCE as of January 1 of each calendar year thereafter during the TARP Period.

  • Notwithstanding the foregoing, if during the TARP Period the TARP Requirements would preclude the accrual, payment, provision or grant of any of the items described in this Section 5(a) to the Employee (on account of his being an SEO, an MHCE or otherwise), then the accrual, payment, provision or granting of any such items payable hereunder shall be reduced or prohibited to the extent necessary to comply with the TARP Requirements.

  • Accordingly, payment cannot be made prior to the first occur of: a) the Executive ceases to be a Top-5 MHCE; or b) the termination of the Company’s TARP Period (as defined in the TARP Regulations).