Section 280G Limitation. If the value of any payment or other benefit the Executive would receive from the Company or otherwise in connection with a Change in Control (the “Benefit”) would (i) constitute a “parachute payment” within the meaning of Code Section 280G, and (ii) but for this sentence, be subject to the excise tax imposed by Code Section 4999 (the “Excise Tax”), then such Benefit shall be reduced to the Reduced Amount. The “Reduced Amount” shall be either:
Appears in 6 contracts
Samples: Employment Agreement (US Federal Properties Trust Inc.), Employment Agreement (US Federal Properties Trust Inc.), Employment Agreement (US Federal Properties Trust Inc.)
Section 280G Limitation. If the value of any payment or other benefit the Executive would receive from the Company or otherwise in connection with a Change in Control or Change in Control Event (the “Benefit”) would (i) constitute a “parachute payment” within the meaning of Code Section 280GG of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Code Section 4999 of the Code (the “Excise Tax”), then such Benefit shall be reduced to the Reduced Amount. The “Reduced Amount” shall be either:
Appears in 2 contracts
Samples: Agreement and General Release (Pacific Office Properties Trust, Inc.), Employment Agreement (Pacific Office Properties Trust, Inc.)
