golden parachute payment
(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 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) 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 The 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 title 26 or other nondiscriminatory retirement or severance 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 (iii) any payment made by reason of the death or disability of an institution-affiliated party.