Modification of Amount. In the event that the amount of any Severance Payments which would be payable to or for the benefit of the Executive under this Agreement must be modified or reduced to comply with this Article, the Executive shall direct which Severance Payments are to be modified or reduced; provided, however, that no increase in the amount of any payment shall be made without the consent of the Company.
Modification of Amount. The parties have negotiated this Article in recognition of the City’s interest in achieving fiscal certainty in its obligation under this Agreement. If changes in the law, rules or agency interpretation occur under this Agreement which result in new or increased City costs related to reclassifying current employee uniform items as of the signing of this agreement into PPE, the City shall be entitled to reduce the amounts of any limit or credit as follows:
Modification of Amount. In the event that the amount of any Severance Payments that would be payable to or for the benefit of the Employee under this Agreement must be modified or reduced to comply with this Section 2, the Employee shall direct which Severance Payments are to be modified or reduced; provided, however, that no increase in the amount of any payment or change in the timing of the payment shall be made without the consent of SNB.
Modification of Amount. In the event that the amount of any Severance Payments which would be payable to or for the benefit of the Employee under this Agreement must be modified or reduced to comply with this Section 6(g), the Employee shall direct which Severance Payments are to be modified or reduced but only to the extent that the right to direct, and the actual direction of, which Severance Payments are to be modified or reduced does not result in any failure of this Agreement to comply with Section 409A of the Code. If the right to direct, or the actual direction of, which Severance Payments are to be modified or reduced would result in any failure of this Agreement or any other arrangement to comply with Section 409A of the Code, then, in lieu of the Employee’s right to direct which Severance Payments are to be reduced or modified, the order of reduction shall be by first reducing or eliminating the portion of the Severance Payments which are not payable in cash and then by reducing or eliminating cash payments.
Modification of Amount. In the event that the amount of any Severance Payments which would be payable to or for the benefit of the Executive under this Agreement must be modified or reduced to comply with this Article, the Executive shall direct which Severance Payments are to be modified or reduced but only to the extent that the right to direct, and the actual direction of, which Severance Payments are to be modified or reduced does not result in any failure of this Agreement to comply with Section 409A of the Code. If the right to direct, or the actual direction of, which Severance Payments are to be modified or reduced would result in any failure of this Agreement or any other arrangement to comply with Section 409A of the Code, then, in lieu of the Executive’s right to direct which Severance Payments are to be reduced or modified, the order of reduction, on a pro rata basis within each category, shall be first any such cash payments, next any equity compensation, then any medical or life insurance and lastly any other remaining payments or benefits. No increase in the amount of any payment shall be made without the consent of the Company.
Modification of Amount. In the event that the amount of any Parachute Payments that would be payable to or for the benefit of the Executive under this Agreement must be modified or reduced to comply with this provision, the Executive shall direct which Parachute Payments are to be modified or reduced; provided, however, that no increase in the amount of any payment or change in the timing of the payment shall be made without the consent of Corporation. Tier III
Modification of Amount. In the event that the amount of any Severance Payments which would be payable to or for the benefit of Dxxxxxxx under this Agreement must be modified or reduced to comply with this Article, Dxxxxxxx shall direct which Severance Payments are to be modified or reduced; provided, however, that no increase in the amount of any payment shall be made without the consent of the Company.
