Common use of Excess Parachute Payment Limitation Clause in Contracts

Excess Parachute Payment Limitation. Notwithstanding any other provision of this Agreement, if the sum of the payments to the Employee described in this Agreement and in any other agreement, program, or plan between the Employee and the Employer (or an affiliate of the Employer) attributable to the same Change in Control constitute "excess parachute payments" (as defined in Section 280G(b)(1) of the Internal Revenue Code of 1986, as amended ("Code")), the Employer shall reduce the amounts otherwise payable to the Employee under this Agreement so that the Employee's total "parachute payment" (as defined in Code Section 280G(b)(2)(A)) under this Agreement and any other agreements, programs, or plans shall be One Thousand Dollars ($1,000) less than the amount that would be an "excess parachute payment."

Excess Parachute Payment Limitation. Notwithstanding any other provision of this Agreement, if the sum of the payments to the Employee described in this Agreement and in any other agreement, program, or plan between the Employee and the Employer (or an affiliate of the Employer) attributable to the same Change in Control constitute "“excess parachute payments" ” (as defined in Section 280G(b)(1) of the Internal Revenue Code of 1986, as amended ("“Code"”)), the Employer shall reduce the amounts otherwise payable to the Employee under this Agreement so that the Employee's ’s total "“parachute payment" ” (as defined in Code Section 280G(b)(2)(A)) under this Agreement and any other agreements, programs, or plans shall be One Thousand Dollars ($1,000) less than the amount that would be an "“excess parachute payment."”