Common use of Limitation on Payment Clause in Contracts

Limitation on Payment. In the event that the Executive is a "disqualified individual" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended ("the Code"), the parties expressly agree that the payments described in Paragraph 6 of this Agreement and all other payments to the Executive under any other agreements or arrangements with any persons that constitute "parachute payments" within the meaning of Section 280G of the Code are collectively subject to an overall maximum limit. The maximum limit shall be One Dollar ($1.00) less than the aggregate amount that would otherwise cause any such payments to be considered a "parachute payment" within the meaning of Section 280G of the Code, as determined by the Corporation. Accordingly, to the extent that the payments would be considered a "parachute payment" with respect to the Executive, then the portions of such payments shall be reduced or eliminated in the following order until the remaining payments with respect to the Executive are within the maximum described in this Paragraph 7.

Limitation on Payment. In the event that the Executive is a "“disqualified individual" ” within the meaning of Code Section 280G of the Internal Revenue Code of 1986, as amended ("the Code")G, the parties expressly agree that the payments described in Paragraph 6 of this Agreement and all other payments to the Executive under any other agreements or arrangements with any persons that constitute "“parachute payments" ” within the meaning of Section 280G of the Code are collectively subject to an overall maximum limit. The maximum limit shall be One Dollar ($1.00) less than the aggregate amount that would otherwise cause any such payments to be considered a "“parachute payment" ” within the meaning of Section 280G of the Code, as determined by the Corporation. Accordingly, to the extent that the payments would be considered a "“parachute payment" ” with respect to the Executive, then the portions of such payments shall be reduced or eliminated in the following order until the remaining payments with respect to the Executive are within the maximum described in this Paragraph 7Section 5.

Limitation on Payment. In the event that the Executive is a "“disqualified individual" ” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended ("the “Code"”), the parties expressly agree that the payments described in Paragraph 6 of this Agreement and all other payments to the Executive under any other agreements or arrangements with any persons that constitute "“parachute payments" ” within the meaning of Section 280G of the Code are collectively subject to an overall maximum limit. The maximum limit shall be One Dollar ($1.00) less than the aggregate amount that would otherwise cause any such payments to be considered a "“parachute payment" ” within the meaning of Section 280G of the Code, as determined by the Corporation. Accordingly, to the extent that the payments would be considered a "“parachute payment" ” with respect to the Executive, then the portions of such payments shall be reduced or eliminated in the following order until the remaining payments with respect to the Executive are within the maximum described in this Paragraph 7.