Senior Executive Officer Waiver Agreement – Greer Bancshares Incorporated and Executive Officer

Contract Categories: Business Finance › Waiver Agreements
Summary

This agreement is between Greer Bancshares Incorporated and a senior executive officer. The executive voluntarily waives any claims against the U.S. government or the company for changes to compensation or benefits required by the U.S. Treasury’s TARP Capital Purchase Program regulations. The waiver covers any modifications to pay, bonuses, incentives, or benefits—including golden parachute agreements—while the U.S. holds equity or debt in the company under TARP. The executive also waives any related legal claims under federal or state law.

Read More Arrow
EX-10.1 6 dex101.htm FORM OF SENIOR EXECUTIVE OFFICER WAIVER Form of Senior Executive Officer Waiver

Exhibit 10.1

Greer Bancshares Incorporated

Senior Executive Officer Waiver

January 30, 2009

In consideration for the benefits I will receive as a result of my employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim against the United States or my employer for any changes to my compensation or benefits that are required to comply with the regulation issued by the Department of the Treasury as published in the Federal Register on October 20, 2008. I acknowledge that this regulation may require modification of the compensation, bonus, incentive and other benefit plans, arrangements, policies and agreements (including so-called “golden parachute” agreements) that I have with my employer or in which I participate as they relate to the period the United States holds any equity or debt securities of my employer acquired through the TARP Capital Purchase Program.

This waiver includes all claims I may have under the laws of the United States or any state related to the requirements imposed by the aforementioned regulation, including without limitation a claim for any compensation or other payments I would otherwise receive, any challenge to the process by which this regulation was adopted and any tort or constitutional claim about the effect of these regulations on my employment relationship.

UST Seq. #355

GREENVILLE 1175269.1