Page:Emergency Economic Stabilization Act of 2008.djvu/32

 O:L4YOL4YO08C04.xml 1 2 3 4 32 that the SecretaT holds an equity or debt posi- tion in the financial institution. (3) DEFINITION. For purposes of this section, the term "senior executive officer" means an indi- vidual who is one of the top 5 executives of a public company, whose compensated is required to be dis- closed pursuant 1934, and any to the SeeuNties Exchange Act of regulations issued thereunder, and 5 6 7 8 9 non-public company counte?arts. 10 (c) AUCTION PucmsEs.--Where the SecretroT de- ll termines that the purposes of' this Act are best met 12 through auction purchases of' troubled assets, and only 13 where such purchases per financial institution, in the ag- 14 gregate exceed $300,000,000 (including direct purchases), 15 the Secretmy shall prohibit, for such financial institution, 16 any new employment contract with a senior executive offi- 17 cer that provides a golden parachute in the event of' an 18 involuntmy termination, bankruptcy filing, insolvency, or 19 receivership. The Secretmy shall issue guidance to cary 20 out this paragraph not later than 2 months after the date 21 of' enactment of' this Act, and such guidance shall be effec- 22 tire upon issuance. 23 (d) SUNSET. The provisions of' subsection (c) shall 24 apply only to arrangements entered into during the period

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