Limited Benefit Sample Clauses

Limited Benefit. Notwithstanding any of the provisions of Section 4.7 or other provisions in this Agreement to the contrary, if any payments or benefits received, or to be received, by Xxxxxxxxx (whether pursuant to the terms of this Agreement or any other plan, arrangement, or agreement with the Company or its subsidiaries; any person whose actions result in a Change of Control; or any person affiliated with the Company or such person) constitute “parachute payments” within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code (the “Code”), and the value thereof exceeds 2.99 times Xxxxxxxxx’x “base amount,” as defined in Section 280G(b)(3) of the Code, then in lieu thereof, the Company shall pay Xxxxxxxxx, as soon as practicable following the termination of Xxxxxxxxx’x employment by the Company but in no event later than thirty (30) days after the expiration of any revocation period following Xxxxxxxxx’x execution of any release referred to in this Agreement, a lump-sum cash payment equal to 2.99 times his “base amount” (the “Alternative Severance Payment”), reduced as provided below. The value of the payments to be made under Section 4.7(b) and Xxxxxxxxx’x base amount shall be determined in accordance with temporary or final regulations, if any, promulgated under Section 280G of the Code and based upon the advice of the tax counsel referred to below. The Alternative Severance Payment shall be reduced by the amount of any other payment or the value of any benefit received, or to be received, by Xxxxxxxxx in connection with a Change of Control of the Company or his termination of employment unless (i) Xxxxxxxxx shall have effectively waived his receipt or enjoyment of such payment or benefit prior to the date of payment of the Alternative Severance Payment; (ii) in the opinion of tax counsel selected by the Company’s independent auditors, such other payment or benefit does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code; or (iii) in the opinion of such tax counsel, the Alternative Severance Payment plus all other payments or benefits that constitute “parachute payments” within the meaning of Section 280G(b)(2) of the Code are reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code or are otherwise not subject to disallowance as a deduction by reason of Section 280G of the Code. The value of any non-cash benefit or any deferred payment or benefit shall be determined in ...
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Related to Limited Benefit

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan in accordance with Section 401(a)(9) of the Code and the regulations thereunder.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • Covered Benefits Benefits for Bone Mass Measurement for the prevention, diagnosis, and treatment of osteoporosis are covered when requested by a Health Care Provider for a Qualified Individual.

  • Surviving Spouse The term "Surviving Spouse" shall mean the person, if any, who shall be legally married to the Executive on the date of the Executive's death.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • Protected Benefits The elections under this Article VI may not eliminate Code Section 411(d)(6) protected benefits. To the extent the elections would eliminate a Code Section 411(d)(6) protected benefit, see Section 13.02 of the Plan. Furthermore, if the elections liberalize the optional forms of benefit under the Plan, the more liberal options apply on the later of the adoption date or the Effective Date of this Adoption Agreement.

  • Public Benefit It is Xxxxxxx’x understanding that the commitments it has agreed to herein, and actions to be taken by Xxxxxxx under this Settlement Agreement, would confer a significant benefit to the general public, as set forth in Code of Civil Procedure § 1021.5 and Cal. Admin. Code tit. 11, § 3201. As such, it is the intent of Xxxxxxx that to the extent any other private party initiates an action alleging a violation of Proposition 65 with respect to Xxxxxxx failure to provide a warning concerning exposure to DEHP prior to use of the Products it has manufactured, distributed, sold, or offered for sale in California, or will manufacture, distribute, sell, or offer for sale in California, such private party action would not confer a significant benefit on the general public as to those Products addressed in this Settlement Agreement, provided that Xxxxxxx is in material compliance with this Settlement Agreement.

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