Excess Parachute Payment definition

Excess Parachute Payment has the meaning set forth in Code Section 280G.

Excess Parachute Payment means a payment described in Section 280G(b)(1) of the Code.

Excess Parachute Payment means a payment that creates an obligation for Executive to pay excise taxes under Section 280G of the Code or any successor provision thereto.

Examples of Excess Parachute Payment in a sentence

• If, notwithstanding the initial application of this Section 5.5, the Internal Revenue Service determines that any payment or benefit provided to Executive constituted an Excess Parachute Payment, this Section 5.5 will be reapplied based on the Internal Revenue Service’s determination and Executive will be required to promptly repay to the Company any amount in excess of the payment limit of this Section 5.5.

• The determination of whether any payment or benefit would (if paid or provided) constitute an Excess Parachute Payment will be made by the Company, in good faith and in its sole discretion.

• If any payment or benefit due to Executive from the Company or its subsidiaries or affiliates, whether under this Agreement or otherwise, would (if paid or provided) constitute an Excess Parachute Payment (as defined below), that payment or benefit will be limited to the minimum extent necessary to ensure that no portion thereof will fail to be tax-deductible to the Company by reason of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”).

More Definitions of Excess Parachute Payment

Excess Parachute Payment has the meaning specified in Section 280G of the Code.

Excess Parachute Payment has the meaning assigned to that term in Q/A-3 (note that although initial capital letters are used on this term in this Agreement, the Q/As do not use initial caps for this term).

Excess Parachute Payment as used in this paragraph means a payment that creates an obligation for Executive to pay excise taxes under Section 280G of the Internal Revenue Code of 1986, as amended, or any successor statute.

Excess Parachute Payment means a payment that creates an obligation for a Participant to pay excise taxes under Code Section 280G or any successor provision thereto.

Excess Parachute Payment has the same meaning provided to such term by Treasury Regulations section 1.280G-1 Q/A-3.

Excess Parachute Payment shall have the meanings assigned to such terms in Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended.

Excess Parachute Payment shall have the meaning set forth in Section 2.