Common use of Certain Reduction of Payments Clause in Contracts

Certain Reduction of Payments. (a) In the event that it shall be determined that any payment or distribution in the nature of compensation (within the meaning of section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of section 280G of the Code, the aggregate present value of the Payments under the Agreement shall be reduced (but not below zero) to the Reduced Amount (defined below), provided that the reduction shall be made only if the Accounting Firm (described below) determines that the reduction will provide the Executive with a greater net after-tax benefit than would no reduction. The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below), determined in accordance with section 280G(d)(4) of the Code. The term “

Certain Reduction of Payments. (a) In Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution in the nature of compensation (within the meaning of section 280G(b)(2) of the Code) by PSC to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “"Payment”"), would constitute an “"excess parachute payment” " within the meaning of section Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), the aggregate present value of amounts payable or distributable to or for the Payments under benefit of the Executive pursuant to this Agreement (such payments or distributions pursuant to this Agreement are hereinafter referred to as "Agreement Payments") shall be reduced (but not below zero) to the Reduced Amount (defined below), provided that the reduction shall be made only if the Accounting Firm (described below) determines that the reduction will provide the Executive with a greater net after-tax benefit than would no reductionAmount. The “"Reduced Amount” " shall be an amount expressed in present value value, which maximizes the aggregate present value of Agreement Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below)loss of deduction under Section 280G of the Code. For purposes of this Section 11, present value shall be determined in accordance with section Section 280G(d)(4) of the Code. The term “.

Certain Reduction of Payments. (a) In Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution in by the nature of compensation (within the meaning of section 280G(b)(2) of the Code) Company to or for the benefit of the ExecutiveEmployee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “"Payment”"), would constitute an “"excess parachute payment” " within the meaning of section Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), the aggregate present value of amounts payable or distributable to or for the Payments under benefit of the Employee pursuant to this Agreement (such payments or distributions pursuant to this Agreement are hereinafter referred to as "Agreement Payments") shall be reduced (but not below zero) to the Reduced Amount (defined below), provided that the reduction shall be made only if the Accounting Firm (described below) determines that the reduction will provide the Executive with a greater net after-tax benefit than would no reductionAmount. The “"Reduced Amount” " shall be an amount expressed in present value which maximizes the aggregate present value of Agreement Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below)taxation under Section 4999 of the Code. For purposes of this Section 11, present value shall be determined in accordance with section Section 280G(d)(4) of the Code. The term “.

Certain Reduction of Payments. (a) In Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution in the nature of compensation (within the meaning of section 280G(b)(2) of the Code) by Aqua America to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of section Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), the aggregate present value of amounts payable or distributable to or for the Payments under benefit of the Executive pursuant to this Agreement (such payments or distributions pursuant to this Agreement are hereinafter referred to as “Agreement Payments”) shall be reduced (but not below zero) to the Reduced Amount (defined below), provided that the reduction shall be made only if the Accounting Firm (described below) determines that the reduction will provide the Executive with a greater net after-tax benefit than would no reductionAmount. The “Reduced Amount” shall be an amount expressed in present value value, which maximizes the aggregate present value of Agreement Payments under this Agreement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below)loss of deduction under Section 280G of the Code. For purposes of this Section 11, present value shall be determined in accordance with section Section 280G(d)(4) of the Code. The term “.

Certain Reduction of Payments. (a) In the event that it shall be determined that any payment or distribution in the nature of compensation (within the meaning of section 280G(b)(2) of the Code) to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”), would constitute an “excess parachute payment” within the meaning of section 280G of the Code, the aggregate present value of the Payments under the Agreement and any other arrangement shall be reduced (but not below zero) to the Reduced Amount (defined below), provided that the reduction shall be made only if the Accounting Firm (described below) determines that the reduction will provide the Executive with a greater net after-tax benefit than would no reduction. The “Reduced Amount” shall be an amount expressed in present value which maximizes the aggregate present value of Payments under this Agreement and any other arrangement without causing any Payment under this Agreement to be subject to the Excise Tax (defined below), determined in accordance with section 280G(d)(4) of the Code. The term “