Reduction of Payments. In the event any of the payments made under this Agreement would be considered an "excess parachute payment" as defined in Section 280G of the Internal Revenue Code of 1986, as amended, then there shall be a reduction in the amount otherwise payable under this Agreement such that all payments are deductible by the Company.
Appears in 4 contracts
Samples: Change of Control Agreement (CFX Corp), Change of Control Agreement (CFX Corp), Change of Control Agreement (CFX Corp)
Reduction of Payments. In the event any of the payments made under this Agreement would be considered an "“excess parachute payment" ” as defined in Section 280G of the Internal Revenue Code of 1986, as amended, then there shall be a reduction in the amount otherwise payable under this Agreement such that all payments are deductible by the CompanyCorporation.
Appears in 4 contracts
Samples: Change of Control Agreement (Pennichuck Corp), Change of Control Agreement (Pennichuck Corp), Change of Control Agreement (Pennichuck Corp)
Reduction of Payments. In the event any of the payments made under this Agreement would be considered an "excess parachute payment" as defined in Section 280G of the Internal Revenue Code of 1986, as amended, then there shall be a reduction in the amount otherwise payable under this Agreement such that all payments are deductible by the CompanyCorporation.
Appears in 3 contracts
Samples: Change of Control Agreement (Pennichuck Corp), Change of Control Agreement (Pennichuck Corp), Change of Control Agreement (Pennichuck Corp)
