EESA Parachute Payments Sample Clauses

EESA Parachute Payments. For purposes of this Article Seventeen, a parachute payment is defined in Q&A 3 of Notice 2008-TAAP as any payment in the nature of compensation paid on account of an applicable severance of employment to the extent that the aggregate present value of such payments equals or exceeds an amount equal to three times the base amount. A parachute payment shall be interpreted in a manner that is consistent with Notice 2008-TAAP, Notice 2008-94 and all other current or future guidance issued pursuant to Section 111(b)(2)(C) of Emergency Economic Stabilization Act of 2008 (“EESA”) or Section 280G(e) of the Internal Revenue Code of 1986, as amended (“Code”).