Page:United States Statutes at Large Volume 104 Part 6.djvu/482

 104 STAT. 4872 PUBLIC LAW 101-647—NOV. 29, 1990 "(ii) is received on or after the date on which— "(I) the credit union is insolvent; "(II) any conservator or Uquidating agent is appointed for such credit union; or "(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 pa3anent 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 the Internal Revenue Code of 1986 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. "(5) OTHER DEFINITIONS. — For purposes of this subsection— "(A) INDEMNIFICATION PAYMENT. — Subiect to paragraph (6), the term 'indemnification payment means any pay- ment (or any agreement to make any payment) by any credit union for the benefit of any person who is or was an institution-affiliated party, to pay or reimburse such person for any liability or legal expense with regard to any administrative proceeding or civil action instituted by the Board which results in a final order under which such person— "(i) is assessed a civil money penalty; "(ii) is removed or prohibited from participating in conduct of the affairs of the credit union; or "(iii) is required to take any affirmative action described in section 206(e)(3) with respect to such credit union. "(B) LIABILITY OR LEGAL EXPENSE. —The term 'liability or legal expense'means— "(i) any legal or other professional expense incurred in connection with any claim, proceeding, or action; "(ii) the amount of, and any cost incurred in connection with, any settlement of any claim, proceeding, or action; and

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