golden parachute payment
(A)The term “golden parachute payment” means any payment (or any agreement to make any payment) in the nature of compensation by any credit union for the benefit of any institution-affiliated party pursuant to an obligation of such credit union that— (i)is contingent on the termination of such party’s affiliation with the credit union; and (ii)is received on or after the date on which— (I)the credit union is insolvent; (II)any conservator or liquidating agent is appointed for such credit union; (III)the Board determines that the credit union is in a troubled condition (as defined in regulations which the Board shall prescribe); (IV)the credit union has been assigned a composite rating by the Board of 4 or 5 under the Uniform Financial Institutions Rating System (as applicable with respect to credit unions); or (V)the credit union is subject to a proceeding initiated by the Board to terminate or suspend deposit insurance for such credit union. (B)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.