Examples of TARP Guidance in a sentence
To the extent any Benefit Plan in which the Executive participates encourages such unnecessary and excessive risks or manipulation, the Executive hereby acknowledges that any such Benefit Plan (or portion thereof) and the obligations thereunder shall be void or, to the extent permitted by the TARP Guidance, shall be modified in a manner compliant with the TARP Guidance.
Paragraphs 1 through 7 of this Agreement are intended to, and will be interpreted, administered and construed to, comply with the TARP Guidance (and, to the maximum extent consistent with the preceding, to permit operation of the Benefit Plans in accordance with their terms before giving effect to this Agreement).
However, this limitation does not apply to payment of any long-term restricted stock by the Company if the restricted stock vests in accordance with the vesting schedule provided in the TARP Guidance, has a value that is no more than one-third (1/3) of the Executive’s total annual compensation, and is subject to such other terms and conditions as the Secretary of the Treasury may determine is in the public interest.
From the perspective of avoiding the trafficking in losses and maintaining the integrity of the carryover provisions, the TARP Guidance were “appropriate to carry out the purposes of” section 382.
The TARP Guidance did not violate these principles by trafficking in losses, in the generally understood meaning of the phrase.
The TARP Guidance also did not violate the integrity of the carryover provisions.
Because the Executive is expected to be, or reasonably anticipated to become, a Senior Executive Officer, the Most Highly Compensated Employee and/or an Other Highly Compensated Employee Officer (all as defined in Exhibit “A” attached hereto), the Executive agrees to enter into a TARP Restricted Employee Agreement, in substantially the form attached hereto as Exhibit “A,” as modified from time to time by the Company to reflect any revisions to the TARP Guidance.
In the event the Executive is already party to a TARP Restricted Employee Agreement with the Company, the Executive agrees to such modifications to that agreement as may be made by the Employer from time to time to reflect any revisions to the TARP Guidance.
However, this limitation does not apply to payment of any long-term restricted stock or restricted stock units by the Company if the restricted stock or restricted stock units vest and are subject to transfer restrictions as provided in the TARP Guidance, have a value that is no more than one-third (1/3) of the Executive’s “annual compensation” (as defined in the TARP Guidance), and are subject to such other terms and conditions as set forth in the TARP Guidance.
In the event the Executive is or becomes, or is reasonably anticipated to become, a “senior executive officer” or a “most highly compensated employee” (as contemplated by the TARP Guidance), the Executive agrees to enter into a TARP Restricted Employee Agreement, in the form customarily employed by the Employer, as modified from time to time by the Employer to reflect any revisions to the TARP Guidance.