Common use of Golden Parachute Limitation Clause in Contracts

Golden Parachute Limitation. If amounts to be paid to the Executive under this Agreement would somehow cause the Executive to be subject to the excise tax imposed by Code §4999 on golden parachute payments, then, to the extent that the total “parachute payments” (as defined in Code §280G(b)(2)) which would be made to the Executive are greater than three times the Executive’s “base amount” (as defined in Code §280G(b)(3)), but are less than the Golden Parachute Upper Limitation, then amounts to be paid under this Agreement which would constitute “parachute payments” shall be reduced to the extent necessary so that the total “parachute payments” which would be paid to the Executive shall not exceed three times the Executive’s “base amount.” It is the intent of the foregoing provision that if the Executive would be economically better off, on an after-tax (federal and state income and federal excise) basis, by receiving less under this Agreement because of the application of the golden parachute excise tax under Code §4999 to amounts that the Executive receives, then the Executive’s payments hereunder shall be reduced so that the Code §4999 excise tax shall not apply. The Executive shall have complete discretion to appoint competent tax experts to make the calculations required by this Section, and the calculations made by such experts shall be final and binding upon both the Company and the Executive. Any reductions required under this Section shall come first from cash payments required hereunder.

Golden Parachute Limitation. If amounts to be paid to the Executive under this Agreement would somehow cause the Executive to be subject to the excise tax imposed by Code §Section 4999 on golden parachute payments, then, to the extent that the total “"parachute payments” " (as defined in Code §Section 280G(b)(2)) which would be made to the Executive are greater than three (3) times the Executive’s “'s "base amount” " (as defined in Code §Section 280G(b)(3)), but are less than the Golden Parachute Upper Limitation, then amounts to be paid under this Agreement which would constitute “"parachute payments” " shall be reduced to the extent necessary so that the total “"parachute payments” " which would be paid to the Executive shall not exceed three (3) times the Executive’s “'s "base amount.” " It is the intent of the foregoing provision that if the Executive would be economically better off, on an after-tax (federal and state income and federal excise) basis, by receiving less under this Agreement because of the application of the golden parachute excise tax under Code §Section 4999 to amounts that the Executive receives, then the Executive’s 's payments hereunder shall be reduced so that the Code §Section 4999 excise tax shall not apply. The Executive Company shall have complete discretion to appoint competent tax experts to make the calculations required by this Section, and the calculations made by such experts shall be final and binding upon both the Company and the Executive. Any reductions required under this Section shall come first from cash payments required hereunder.

Golden Parachute Limitation. If amounts to be paid to the Executive under this Agreement would somehow cause the Executive to be subject to the excise tax imposed by Code §Section 4999 on golden parachute payments, then, to the extent that the total “"parachute payments” " (as defined in Code §Executive Employment Agreement Section 280G(b)(2)) which would be made to the Executive are greater than three (3) times the Executive’s “'s "base amount” " (as defined in Code §Section 280G(b)(3)), but are less than the Golden Parachute Upper Limitation, then amounts to be paid under this Agreement which would constitute “"parachute payments” " shall be reduced to the extent necessary so that the total “"parachute payments” " which would be paid to the Executive shall not exceed three (3) times the Executive’s “'s "base amount.” " It is the intent of the foregoing provision that if the Executive would be economically better off, on an after-tax (federal and state income and federal excise) basis, by receiving less under this Agreement because of the application of the golden parachute excise tax under Code §Section 4999 to amounts that the Executive receives, then the Executive’s 's payments hereunder shall be reduced so that the Code §Section 4999 excise tax shall not apply. The Executive Company shall have complete discretion to appoint competent tax experts to make the calculations required by this Section, and the calculations made by such experts shall be final and binding upon both the Company and the Executive. Any reductions required under this Section shall come first from cash payments required hereunder.

Golden Parachute Limitation. If amounts to be paid to the Executive under this Agreement would somehow cause the Executive to be subject to the excise tax imposed by Code §Section 4999 on golden parachute payments, then, to the extent that the total “"parachute payments” " (as defined in Code §Section 280G(b)(2)) which would be made to the Executive are greater than three times the Executive’s “'s "base amount” " (as defined in Code §Section 280G(b)(3)), but are less than the Golden Parachute Upper Limitation, then amounts to be paid under this Agreement which would constitute “"parachute payments” " shall be reduced to the extent necessary so that the total “"parachute payments” " which would be paid to the Executive shall not exceed three times the Executive’s “'s "base amount.” " It is the intent of the foregoing provision that if the Executive would be economically better off, on an after-after- tax (federal and state income and federal excise) basis, by receiving less under this Agreement because of the application of the golden parachute excise tax under Code §Section 4999 to amounts that the Executive receives, then the Executive’s 's payments hereunder shall be reduced so that the Code §Section 4999 Executive Employment Agreement 11 excise tax shall not apply. The Executive shall have complete discretion to appoint competent tax experts to make the calculations required by this Section, and the calculations made by such experts shall be final and binding upon both the Company and the Executive. Any reductions required under this Section shall come first from cash payments required hereunder.

Golden Parachute Limitation. If amounts to be paid to the Executive under this Agreement would somehow cause the Executive to be subject to the excise tax imposed by Code §Section 4999 on golden parachute payments, then, to the extent that the total “"parachute payments” " (as defined in Code §Section 280G(b)(2)) which would be made to the Executive are greater than three (3) times the Executive’s “'s "base amount” " (as defined in Code §Section 280G(b)(3)), but are less than the Golden Parachute Upper Limitation, then amounts to be paid under this Agreement which would constitute “"parachute payments” " shall be reduced to the extent necessary so that the total “"parachute payments” " which would be paid to the Executive shall not exceed three (3) times the Executive’s “'s "base amount.” " It is the intent of the foregoing provision that if the Executive would be economically better off, on an after-tax (federal and state income and federal excise) basis, by receiving less under this Agreement because of the application of the golden parachute excise tax under Code §Section 4999 to amounts that the Executive receives, then the Executive’s 's payments hereunder shall be reduced so that the Code §Section 4999 excise tax shall not apply. The Executive shall have complete discretion to appoint competent tax experts to make the calculations required by this Section, and the calculations made by such experts shall be final and binding upon both the Company and the Executive. Any reductions required under this Section shall come first from cash payments required hereunder.