Parachute definition

Parachute means a device used or intended to be used to retard the fall of a body or object through the air.

Parachute means a parasol-shaped device used to retard the fall of human beings, articles or animals from the height by the resistance of the air;

Parachute means any device comprising a flexible drag, or drag and lift, surface from which load is suspended by shroud lines capable of controlled deployment from a packed condition;

Examples of Parachute in a sentence

• If the reduction of the amount payable under this Agreement would not result in a reduction of the Parachute Value of all Payments to the Safe Harbor Amount, no amounts payable under the Agreement shall be reduced pursuant to this Section 8(a).

• The determination of the Net After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment.

• For “parachute payments” with the same Parachute Payment Ratio and the same time of payment, such “parachute payments” shall be reduced on a pro rata basis (but not below zero) prior to reducing “parachute payments” with a lower Parachute Payment Ratio.

• Notwithstanding the foregoing provisions of this Section 8(a), if it shall be determined that the Executive is entitled to the Gross-Up Payment, but that the Parachute Value of all Payments does not exceed 110% of the Safe Harbor Amount, then no Gross-Up Payment shall be made to the Executive and the amounts payable under this Agreement shall be reduced so that the Parachute Value of all Payments, in the aggregate, equals the Safe Harbor Amount.

• For “parachute payments” with the same Parachute Payment Ratio, such “parachute payments” shall be reduced based on the time of payment of such “parachute payments,” with amounts having later payment dates being reduced first.

More Definitions of Parachute

Parachute or similar obligations to any officer, director, consultant or Employee, whether arising or created before, on or after the date of this Agreement, arising or payable by virtue of the transactions contemplated by this Agreement or otherwise;

Parachute payments Section 7.07 "payoff letters" Section 5.09

Parachute as used herein means the Sitel employee handbook. Termination Because of You Becoming Incapacitated

Parachute provisions of Section 280G and 4999(a) of the Internal Revenue Code of 1986, as amended, then the Company shall pay Employee an additional amount of cash (the "Additional Amount") such that the net amount received by Employee, after paying all applicable excise taxes and all other federal and state taxes on such Additional Amount, shall be equal to the net amount that Employee would have received if payments made hereunder were not subject to such parachute excise tax.

Parachute means an apparatus designed to be opened by its motion through the air after exiting from an aircraft in flight and to slow that motion to an acceptable rate of descent.

Parachute means a parasol-shaped device that uses air-resistance to slow down the free fall of a human being, thing, or animal from a height;

Parachute. Payments. Except as required by law or as set forth on Schedule 2.17(b), neither CML Fiberoptics nor Electro has made, or may be obligated to make, to any current or former employee of CML Fiberoptics or Electro any payment in the form of wages or other compensation pursuant to any employment agreement or Plan as a consequence, in whole or in part of this Agreement or of any change in the ownership or effective control of CML Fiberoptics or Electro or the business of either.