Common use of Code Section 280G Clause in Contracts

Code Section 280G. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to the Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 4(b), would be subject to the excise tax imposed by Section 4999 of the Code, then the Executive’s benefits under Section 3 of this Agreement shall be either:

Code Section 280G. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to the Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 4(b)4, would be subject to the excise tax imposed by Section 4999 of the Code, then the Executive’s severance benefits under Section 3 3(b) of this Agreement shall be either: