Page:United States Statutes at Large Volume 104 Part 6.djvu/479

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PUBLIC LAW 101-647—NOV. 29, 1990 104 STAT. 4869 "(A) in contemplation of the insolvency of such institution or holding company or after the commission of an act of insolvency; and "(B) with a view to, or has the result of— "(i) preventing the proper application of the assets of the institution to creditors; or "(ii) preferring one creditor over another. "(4) GOLDEN PARACHUTE PAYMENT DEFINED. —For purposes of this subsection— "(A) IN GENERAL.— The term 'golden parachute payment' means any payment (or any agreement to make any pay- ment) in the nature of compensation by any insured depository institution or depository institution holding company for the benefit of any institution-affiliated party pursuant to an obligation of such institution or holding company that- 'll) is contingent on the termination of such party's affiliation with the institution or holding company; and "(ii) is received on or after the date on which— "(I) the insured depository institution or depository institution holding company, or any insured depository institution subsidiary of such holding company, is insolvent; "(II) any conservator or receiver is appointed for such institution; or "(III) the institution's appropriate Federal banking agency determines that the insured depository institution is in a troubled condition (as defined in the regulations prescribed pursuant to section 32(f)); "(IV) the insured depository institution has been assigned a composite rating by the appropriate Federal banking agency or the Corporation of 4 or 5 under the Uniform Financial Institutions Rating System; or "(V) the insured depository institution is subject to a proceeding initiated by the Corporation to terminate or suspend deposit insurance for such institution. " (B) CERTAIN PAYMENTS IN CONTEMPLATION OF AN EVENT.—Any payment which would be a golden parachute payment but for the fact that such payment was made before the date referred to in subparagraph (A)(ii) shall be treated as a golden parachute payment if the payment was made in contemplation of the occurrence of an event described in any subclause of such subparagraph. "(C) CERTAIN PAYMENTS NOT INCLUDED.— 11 16 term 'golden parachute payment' shall not include— "(i) any payment made pursuant to a retirement plan which is qualified (or is intended to be qualified) under section 401 of the Internal Revenue Code of 1986 or other nondiscriminatory benefit plan; "(ii) any payment made pursuant to a bona fide deferred compensation plan or arrangement which the Board determines, by regulation or order, to be permissible; or