Common use of Golden Parachute Limitation Clause in Contracts

Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”).

Appears in 8 contracts

Samples: Employment Agreement (Manhattan Bancorp), Waiver and Release Agreement (Manhattan Bancorp), Employment Agreement (Manhattan Bancorp)

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Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and F.5 Xxxxxxxxxxxxx X.0, X.0 xxx X.0 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”).

Appears in 2 contracts

Samples: Employment Agreement (Manhattan Bancorp), Employment Agreement (Manhattan Bancorp)

Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and Paragraph F. 4 or F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”).

Appears in 1 contract

Samples: Employment Agreement (1st Centennial Bancorp)

Golden Parachute Limitation. Severance compensation under Subparagraphs Paragraph F.4 and or F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”).

Appears in 1 contract

Samples: Employment Agreement (1st Centennial Bancorp)

Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and Paragraph F. 4 or F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”).

Appears in 1 contract

Samples: Waiver and Release Agreement (Center Financial Corp)

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Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and F.5 hereof as provided above will be reduced as provided below to the extent required to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”).

Appears in 1 contract

Samples: Employment Agreement (Mission Community Bancorp)

Golden Parachute Limitation. Severance To the extent applicable, severance compensation under Subparagraphs F.4 and Paragraph F. 4 or F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”)and other applicable regulations.

Appears in 1 contract

Samples: Employment Agreement (Center Financial Corp)

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