IRC Section 4999 definition

IRC Section 4999 means Section 4999 of the IRC.
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Examples of IRC Section 4999 in a sentence

  • For purposes of determining whether you would receive a greater after-tax benefit from the Capped Benefit than from the Specified Benefits, there shall be taken into account any excise tax that would be imposed under IRC Section 4999 and all federal, state and local taxes required to be paid by you in respect of the receipt of such payments.

  • Under the CIC Severance Plan, in the event any payments or benefits constitute “golden parachute payments” within the meaning of IRC Section 280G and would be subject to the excise tax imposed by IRC Section 4999, such payments or benefits will be reduced to the maximum amount that does not result in the imposition of such excise tax, but only if such reduction results in the officer receiving a higher net-after tax amount than such officer would have received absent such reduction.

  • If the decrease referred to in the preceding sentence is 10 percent (10%) or more of the combined amount, the combined amount shall not be decreased, but rather the Company shall pay to the Executive an amount sufficient to provide the Executive, after tax, a net amount equal to the IRC Section 4999 excise tax imposed on such combined amount, as increased pursuant to this section (the “Gross-Up Payment).

  • Seller has not entered into any agreement with respect to the performance of services that would require a payment, and Seller is not requiring Buyer pursuant to this Agreement to make any payment (including but not limited to the payments described in Section 10.11 of this Agreement), that would result in a nondeductible expense pursuant to IRC Section 280G or an excise tax to the recipient of such payment pursuant to IRC Section 4999.

  • In determining the potential impact of the IRC Section 4999 excise tax, the Company may rely on any advice it deems appropriate, including, but not limited to, the counsel of its independent auditors.

  • If, following a Change of Control of the Company, Employee becomes eligible for any Severance Benefits pursuant to the terms of this Agreement, and such Severance Benefits implicate Section 280G of the Internal Revenue Code (the “I.R.C.”), then Employee and Company shall work collaboratively to modify such payments in order to limit the application of I.R.C. Section 280G to the Company and I.R.C. Section 4999 to Employee.

  • Company shall make the initial determination as to whether any of the Total Payments would be subject to the excise tax under IRC Section 4999 utilizing any professionals selected by Company and agreeable to Xxxxxx.

  • In the event that any payment or benefit received or to be received by the executive under the agreement would be an “excess parachute payment,” as defined in IRC Section 280G, and subject to the federal excise tax imposed by IRC Section 4999, then a “gross-up” payment will be made to the named executive in the event that the benefits payable to the named executive under agreement becomes subject to the excise tax on excess parachute payments.

  • Xxxxxx shall notify Company in writing of any claim by the Internal Revenue Service that, if successful, would require Xxxxxx to pay any excise tax under IRC Section 4999, and if Xxxxxx has elected to reduce Total Payments as described under this Section 7(e), Xxxxxx shall promptly refund any of the Total Payments Xxxxxx received that would cause the imposition of such tax.

  • The Company will gross up payments made hereunder to account for the payment of IRC Section 4999 excise taxes as well as taxes imposed on the gross up payments, and will provide reasonable and customary indemnity in respect of the same.

Related to IRC Section 4999

  • Section 280G means Section 280G of the Code and the Treasury regulations promulgated thereunder or any similar or successor provision.

  • Excise Tax Act means the Excise Tax Act (Canada);

  • IRC means the Internal Revenue Code of 1986, as amended.

  • Code Section 409A means Section 409A of the Code and the regulations and guidance promulgated thereunder.

  • parachute payments shall have the meanings assigned to them in Code Section 280G and such “parachute payments” shall be valued as provided therein; (ii) present value shall be calculated in accordance with Code Section 280G(d)(4); (iii) the term “Base Amount” means an amount equal to the Executive’s “annualized includible compensation for the base period” as defined in Code Section 280G(d)(1); (iv) for purposes of the determination by the Consulting Firm, the value of any non-cash benefits or any deferred payment or benefit shall be determined in accordance with the principles of Code Sections 280G(d)(3) and (4); and (v) the Executive shall be deemed to pay federal income tax and employment taxes at the Executive’s actual marginal rate of federal income and employment taxation, and state and local income taxes at the Executive’s actual marginal rate of taxation in the state or locality of the Executive’s domicile (determined in both cases in the calendar year in which the termination of employment or notice described in Section 5(b) above is given, whichever is earlier), net of the maximum reduction in federal income taxes that may be obtained from the deduction of such state and local taxes. The covenants set forth in Sections 6 and 7 of this Agreement have substantial value to the Company and a portion of any Total Payments made to the Executive are in consideration of such covenants. For purposes of calculating the “excess parachute payment” and the “parachute payments”, the Parties intend that an amount equal to not less than the Executive’s highest annual base salary during the 12-month period immediately prior to the Executive’s termination of employment shall be in consideration of the covenants in Sections 6 and 7 below. The Consulting Firm shall consider all relevant factors in appraising the fair value of such covenants and in determining the amount of the Total Payments that shall not be considered to be a “parachute payment” or “excess parachute payment”. The determination of the Consulting Firm shall be addressed to the Company and the Executive and such determination shall be binding upon the Company and the Executive.

  • Parachute Payment means a payment that is described in Code Section 280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or proposed thereunder.

  • Golden parachute payment is used with same meaning as in Section 111(b)(2)(C) of EESA.

  • Income Tax Act means the Income Tax Act (Canada), as amended from time to time;

  • the Code means the Pension Regulator’s Code of Practice No 14 governance and administration of public service pension schemes.

  • Section 409A means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

  • Section 409A of the Code means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder.

  • Excise Tax means the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.

  • Treasury Regulations means the regulations promulgated under the Code.

  • Internal Revenue Code means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.

  • Internal Revenue Service means the United States Internal Revenue Service.

  • U.S. Tax Code means the United States Internal Revenue Code of 1986, as amended.

  • Excess Parachute Payment means a payment described in Section 280G(b)(1) of the Code.

  • U.S. Internal Revenue Code means the United States Internal Revenue Code of 1986, as amended.

  • Section 409A Limit means the lesser of two (2) times: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

  • IRS means the United States Internal Revenue Service.

  • Tax Code means the Internal Revenue Code of 1986, as amended.

  • Applicable Tax Law means any Applicable Law relating to Taxes, including regulations and other official pronouncements of any Governmental Entity or political subdivision of such jurisdiction charged with interpreting such Applicable Law.

  • Code means the Internal Revenue Code of 1986, as amended.

  • Tax Regulations means the regulations passed under the Tax Act, as amended from time to time. “Transfer Agent” means TSX Trust Company, the transfer agent and registrar for the Units.

  • Parachute Payment Ratio means a fraction the numerator of which is the value of the applicable “parachute payment” for purposes of Section 280G of the Code and the denominator of which is the actual present value of such payment.