Common use of Limitation on Payment Obligation Clause in Contracts

Limitation on Payment Obligation. (a) Notwithstanding any other provision of this Agreement, any "parachute payment" to be made to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be modified to the extent necessary so that the requirements of either subparagraph (i) or (ii) below are is satisfied: (i) The aggregate "present value" of all "parachute payments" payable to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be less than three times the Executive's "base amount"; or (ii) Each "parachute payment" to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be in an amount which does not exceed the portion of the "base amount" allocable to such "parachute payment". (iii) For the purposes of this limitation, no "parachute payment," the receipt of which the Executive shall have effectively waived prior to the date which is fifteen (15) days following termination of employment and prior to the earlier of the date of constructive receipt and the date of payment thereof, shall be taken into account. (b) Notwithstanding any other provision of this Agreement, no "illegal parachute payments" shall be made to or for the benefit of the Executive. (c) For purposes of this Section:

Limitation on Payment Obligation. (a) Notwithstanding any other provision of this Agreement, any "“parachute payment" ” to be made to or for the benefit of the ExecutiveOfficer, whether pursuant to this Agreement or otherwise, shall be modified to the extent necessary so that the requirements of either subparagraph (i) or (ii) below are is satisfied: (i) The aggregate "“present value" ” of all "“parachute payments" ” payable to or for the benefit of the ExecutiveOfficer, whether pursuant to this Agreement or otherwise, shall be less than three times the Executive's "Officer’s “base amount"”; or (ii) Each "“parachute payment" ” to or for the benefit of the ExecutiveOfficer, whether pursuant to this Agreement or otherwise, shall be in an amount which does not exceed the portion of the "“base amount" ” allocable to such "“parachute payment"” or, if greater, the “reasonable compensation” allocable to such “parachute payment. (iii) ” For the purposes of this limitation, (i) no "“parachute payment," ” the receipt of which the Executive Officer shall have effectively waived prior to the date which is fifteen (15) days following termination of employment and prior to the earlier of the date of constructive receipt and the date of payment thereof, thereof shall be taken into account; and (ii) any reduction in the payments and benefits pursuant to Section 3 shall be made in order of clauses (a) through (c) except to the extent that such payments and benefits are “reasonable compensation.” (b) Notwithstanding any other provision of this Agreement, no "“illegal parachute payments" ” shall be made to or for the benefit of the ExecutiveOfficer. (c) For purposes of this Section:

Limitation on Payment Obligation. (a) Notwithstanding any other provision of this Agreement, any "“parachute payment" ” to be made to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be modified to the extent necessary so that the requirements of either subparagraph (i) or (ii) below are is satisfied: (i) The aggregate "“present value" ” of all "“parachute payments" ” payable to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be less than three times the Executive's "’s “base amount"; ” or (ii) Each "“parachute payment" ” to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be in an amount which does not exceed the portion of the "“base amount" ” allocable to such "“parachute payment"”. (iii) For the purposes of this limitation, no "“parachute payment," ” the receipt of which the Executive shall have effectively waived prior to the date which is fifteen (15) days following termination of employment and prior to the earlier of the date of constructive receipt and the date of payment thereof, thereof shall be taken into account. (b) Notwithstanding any other provision of this Agreement, no "“illegal parachute payments" ” shall be made to or for the benefit of the Executive. (c) For purposes of this Section: (i) The term “base amount” shall have the meaning set forth in section 280G (b) (3) of the Code;

Limitation on Payment Obligation. (a) Notwithstanding any other provision of this Agreement, any "parachute payment" to be made to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be modified to the extent necessary so that the requirements of either subparagraph (i) or (ii) below are is satisfied: (i) The aggregate "present value" of all "parachute payments" payable to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be less than three times the Executive's "base amount"; or (ii) Each "parachute payment" to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be in an amount which does not exceed the portion of the "base amount" allocable to such "parachute payment". (iii) For the purposes of this limitation, no "parachute payment," the receipt of which the Executive shall have effectively waived prior to the date which is fifteen (15) days following termination of employment and prior to the earlier of the date of constructive receipt and the date of payment thereof, shall be taken into account. (b) Notwithstanding any other provision of this Agreement, no "illegal parachute payments" shall be made to or for the benefit of the Executive. (c) For purposes of this Section:

Limitation on Payment Obligation. (a) Notwithstanding any other provision of this Agreement, any "“parachute payment" ” to be made to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be modified to the extent necessary so that the requirements of either subparagraph (i) or (ii) below are is satisfied: (i) The aggregate "“present value" ” of all "“parachute payments" ” payable to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be less than three times the Executive's "’s “base amount"; ” or (ii) Each "“parachute payment" ” to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, shall be in an amount which does not exceed the portion of the "“base amount" ” allocable to such "“parachute payment"”. (iii) For the purposes of this limitation, no "“parachute payment," ” the receipt of which the Executive shall have effectively waived prior to the date which is fifteen (15) days following termination of employment and prior to the earlier of the date of constructive receipt and the date of payment thereof, shall be taken into account. (b) Notwithstanding any other provision of this Agreement, no "“illegal parachute payments" ” shall be made to or for the benefit of the Executive. (c) For purposes of this Section: