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Executive Compensation under the Emergency Economic Stabilization Act of 2008 - Troubled Asset Relief Program
Troutman Sanders 
[Guidance Overview] Oct. 28, 2008
Excerpt: If Treasury acquires the assets through an auction process, the financial institution may not enter into any new employment contracts with senior executive officers that provide a golden parachute in the event of involuntary termination, bankruptcy filing, insolvency, or receivership. If Treasury purchases troubled assets at auction from a financial institution, there are limits on the ability of the institution to deduct as a business expense any compensation over $500,000 to certain executives. These auction related restrictions only apply with a financial institution that sells troubled assets under the TARP in an aggregate amount exceeding $300 million.
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