Common use of No Excess Parachute Payment Clause in Contracts

No Excess Parachute Payment. It is the intention of the Company and the Employee that no portion of the Severance Payment or any other payment or benefit under this Agreement, or payments to or for the benefit of the Employee under any other agreement or plan (collectively, the “Change of Control Benefits”) be deemed to be an excess parachute payment as defined in Section 280G of the Code or any successor provision thereto. Notwithstanding any other provision of this Agreement, if any portion of the Change of Control Benefits would constitute a parachute payment within the meaning of Section 280G of the Code, such Change of Control Benefits shall be reduced to an amount equal to One Dollar ($1.00) less than the maximum amount which the Employee may receive without becoming subject to the tax imposed by Section 4999 of the Code (or any successor provision) or which the Company may pay without loss of deduction under Section 280G(a) of the Code (or any successor provision).