Common use of IRS Section 280G Issues Clause in Contracts

IRS Section 280G Issues. If all or any portion of the amounts payable to the Director under this Agreement, either alone or together with other payments which the Director has the right to receive from the Employer, constitute “excess parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), that are subject to the excise tax imposed by Section 4999 of the Code (or similar tax and/or assessment), Director shall be responsible for the payment of such excise tax and Employer (and its successor) shall be responsible for any loss of deductibility related thereto.

IRS Section 280G Issues. If all or any portion of the amounts payable to the Director Executive under this Agreement, either alone or together with other payments which the Director Executive has the right to receive from the Employer, constitute “"excess parachute payments” " within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “"Code”"), that are subject to the excise tax imposed by Section 4999 of the Code (or similar tax and/or assessment), Director Executive shall be responsible for the payment of such excise tax and Employer (and its successor) shall be responsible for any loss of deductibility related thereto.

IRS Section 280G Issues. If all or any portion of the amounts payable to the Director Executive under this Agreement, either alone or together with other payments which the Director Executive has the right to receive from the Employer, constitute “excess parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), that are subject to the excise tax imposed by Section 4999 of the Code (or similar tax and/or assessment), Director Executive shall be responsible for the payment of such excise tax and Employer (and its successor) shall be responsible for any loss of deductibility related thereto.