golden parachute payment
(4) Golden parachute payment defined (A) In general For purposes of this subsection, the term “golden parachute payment” means any payment (or any agreement to make any payment) in the nature of compensation by any regulated entity for the benefit of any affiliated party pursuant to an obligation of such regulated entity that— (i) is contingent on the termination of such party’s affiliation with the regulated entity; and (ii) is received on or after the date on which— (I) the regulated entity became insolvent; (II) any conservator or receiver is appointed for such regulated entity; or (III) the Director determines that the regulated entity is in a troubled condition (as defined in the regulations of the Director). (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 For purposes of this subsection, 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 benefit plan; (ii) any payment made pursuant to a bona fide deferred compensation plan or arrangement which the Director determines, by regulation or order, to be permissible; or (iii) any payment made by reason of the death or disability of an affiliated party.