Special Tax Provisions. Under certain circumstances, the accelerated vesting, cash-out or accelerated lapse of restrictions on awards in connection with a change in control of the Company might be deemed an “excess parachute payment” for purposes of the golden parachute tax provisions of Code section 280G, and the participant may be subject to a 20% excise tax and the Company may be denied a tax deduction.
Appears in 5 contracts
Samples: Restricted Share Award Agreement (Commerce Energy Group, Inc.), Stock Option Award Agreement (Commerce Energy Group, Inc.), Stock Option Award Agreement (Commerce Energy Group, Inc.)