Parachute Payment Limitation. Notwithstanding anything in this Agreement to the contrary, if the total of the Change in Control Payment and the Salary Continuation Payment, together with any other payments or benefits received from the Company or the Bank, will be an amount that would cause them to be a "parachute payment" within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Parachute Payment Amount”), then the sum of the Change in Control Payment and the Salary Continuation Payment shall be reduced so that the total amount thereof is $1 less than the Parachute Payment Amount.
Appears in 4 contracts
Samples: Continuation Agreement (Pacific Continental Corp), Continuation Agreement (Pacific Continental Corp), Continuation Agreement (Pacific Continental Corp)
Parachute Payment Limitation. Notwithstanding anything in this Agreement to the contrary, if the total of the Change in Control Payment and the Salary Continuation Payment, together with any other payments or benefits received by Executive from the Company or the Bank, will be an amount that would cause them to be a "“parachute payment" ” within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Parachute Payment Amount”), then the sum of the Change in Control Payment and the Salary Continuation Payment shall be reduced so that the total amount thereof is $1 less than the Parachute Payment Amount.
Appears in 2 contracts
Samples: Employment Agreement (Coastal Financial Corp), Employment Agreement (Coastal Financial Corp)
Parachute Payment Limitation. Notwithstanding anything in this Agreement to the contrary, if the total of the Change in Control Payment and the Salary Continuation Payment, together with any other payments or benefits received from the Company or the BankCompany, will be an amount that would cause them to be a "“parachute payment" ” within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Parachute Payment Amount”), then the sum of the Change in Control Payment and the Salary Continuation Payment shall be reduced so that the total amount thereof is $1 less than the Parachute Payment Amount.
Appears in 2 contracts
Samples: Change in Control Severance Agreement (Fisher Communications Inc), Change in Control Severance Agreement (Fisher Communications Inc)
Parachute Payment Limitation. Notwithstanding anything in this Agreement to the contrary, if the total of the Termination-Based Change in Control Payment and or the Salary Continuation Closing-Based Change in Control Payment (either, a “Change in Control Payment”), together with any other payments or benefits received by Executive from the Company or the Bank, acquiring company will be an amount that would cause them to be a "“parachute payment" ” within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Parachute Payment Amount”), then the sum of the Change in Control Payment and the Salary Continuation Payment shall be reduced so that the total amount thereof is $1 less than the Parachute Payment Amount.
Appears in 2 contracts
Samples: Change in Control Severance Agreement (Skagit State Bancorp, Inc.), Change in Control Severance Agreement (Skagit State Bancorp, Inc.)
Parachute Payment Limitation. Notwithstanding anything in this Agreement to the contrary, if the total of the Change in Control Payment and the Salary Continuation Payment, together with any other payments or benefits received from the Company or the Bank, will be an amount that would cause them to be a "parachute payment" within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Parachute Payment Amount”"PARACHUTE PAYMENT AMOUNT"), then the sum of the Change in Control Payment and the Salary Continuation Payment shall be reduced so that the total amount thereof is $1 less than the Parachute Payment Amount.
Appears in 1 contract
Parachute Payment Limitation. Notwithstanding anything in this Agreement to the contrary, if the total of the Change in Control Payment and the Salary Continuation Payment, together with any other payments or benefits received from the Company or the Bank, will be an amount that would cause them to be a "“parachute payment" ” within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Parachute Payment Amount”), then the sum of the Change in Control Payment and the Salary Continuation Payment shall be reduced so that the total amount thereof is $1 less than the Parachute Payment Amount.
Appears in 1 contract
Samples: Change in Control Agreement (Pacific Continental Corp)
Parachute Payment Limitation. Notwithstanding anything in this Agreement to the contrary, if the total of the Change in Control Payment and the Salary Continuation Payment, together with any other payments or benefits received from the Company or the Bank, will be an amount that would cause them to be a "parachute payment" within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Parachute Payment Amount”"PARACHUTE PAYMENT AMOUNT"), then the sum of the Change in Control Payment and the Salary Continuation Payment shall be reduced so that the total amount thereof is $1 less than the Parachute Payment Amount.
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