### Question
How does the law define golden parachute payment?


### Answer
Under *12 U.S.C. § 1828*, **golden parachute payment** is defined as:

> any payment (or any agreement to make any payment) in the nature of compensation by any insured depository institution or covered company for the benefit of any institution-affiliated party pursuant to an obligation of such institution or covered company that—


(i) is contingent on the termination of such party's affiliation with the institution or covered company

#### Citation:
  - *12 U.S.C. § 1828*
  - Heading: **CHAPTER 16-FEDERAL DEPOSIT INSURANCE CORPORATION**

