Common use of Reduction of Benefits Clause in Contracts

Reduction of Benefits. Any provision of the Agreement to the contrary notwithstanding, in the event that the independent auditors most recently selected by the Corporation's or the Employer's Board of Directors (the "Auditors") determine that any payment or transfer by the Employer to or for the benefit of the Employee, whether paid or payable (or transferred or transferable) pursuant to the terms of this Agreement or otherwise (a "Payment"), would be nondeductible by the Employer for federal income tax purposes because of the provisions covering "excess parachute payments" in section 280G of the Internal Revenue Code of 1986, as amended, or any successor code or law (the "Code"), then the aggregate present value of all payments shall be reduced (but not below zero) to the Reduced Amount. For purposes of this paragraph 17, the "Reduced Amount" shall be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by the Employer because of section 280G of the Code.

Reduction of Benefits. Any provision of the Agreement to the contrary notwithstanding, in the event that the independent auditors most recently selected by the Corporation's or the Employer's Board of Directors (the "Auditors"') determine that any payment or transfer by the Employer to or for the benefit of the Employee, whether paid or payable (or transferred or transferable) pursuant to the terms of this Agreement or otherwise (a "'Payment"), would be nondeductible by the Employer for federal income tax purposes because of the provisions covering "excess parachute payments" in section 280G of the Internal Revenue Code of 1986, as amended, or any successor code or law (the "Code"), then the aggregate present value of all payments shall be reduced (but not below zero) to the Reduced Amount. For purposes of this paragraph 17, the "Reduced Amount" shall be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by the Employer because of section 280G of the Code.

Reduction of Benefits. Any provision of the Agreement to the contrary notwithstanding, in the event that the independent auditors most recently selected by the Corporation's or the Employer's Board of Directors (the "Auditors"') determine that any payment or transfer by the Employer to or for the benefit of the Employee, whether paid or payable (or transferred or transferable) pursuant to the terms of this Agreement or otherwise (a "'Payment"), would be nondeductible by the Employer for federal income tax purposes because of the provisions covering "excess parachute payments" in section 280G of the Internal Revenue Code of 1986, as amended, or any successor code or law (the "Code"), then the aggregate present value of all payments shall be reduced (but not below zero) to the Reduced Amount. For purposes of this paragraph 17, the "Reduced Amount" shall be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by the Employer because of section 280G of the Code.. 17.2

Reduction of Benefits. Any provision of the Agreement to the contrary notwithstanding, in the event that the independent auditors most recently selected by the Corporation's or the Employer's Board of Directors (the "Auditors"') determine that any payment or transfer by the Employer to or for the benefit of the Employee, whether paid or payable (or transferred or transferable) pursuant to the terms of this Agreement or otherwise (a "Payment"), would be nondeductible by the Employer for federal income tax purposes because of the provisions covering "excess parachute payments" in section 280G of the Internal Revenue Code of 1986, as amended, or any successor code or law (the "Code"), then the aggregate present value of all payments shall be reduced (but not below zero) to the Reduced Amount. For purposes of this paragraph 17, the "Reduced Amount" shall be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by the Employer because of section 280G of the Code.