Mandatory Reduction of Payments in Certain Events. (a) Notwithstanding anything in this Agreement to the contrary, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (such benefits, payments or distributions are hereinafter referred to as "Payments") would, if paid, be subject to the excise tax imposed by Section 4999 of the Code (the "Excise Tax"), then, prior to the m
...aking of any Payments to Executive, a calculation shall be made comparing (i) the net after-tax benefit to Executive of the Payments after payment by Executive of the Excise Tax, to (ii) the net after-tax benefit to Executive if the Payments had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax (the "Reduced Amount"). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments as of the date of the Change in Control, as determined by the Determination Firm (as defined in Section 9(b) below). For purposes of this Section 12, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 12, the "Parachute Value" of a Payment means the present value as of the date of the Change in Control of the portion of such Payment that constitutes a "parachute payment" under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. (b) All determinations required to be made under this Section 12, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, and the assumptions to be utilized in arriving at such determinations, shall be made by a nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and Executive (the "Determination Firm") which shall provide detailed supporting calculations to the Company and Executive within 15 business days after the receipt of notice from Executive that a Payment is due to be made, or such earlier time as is requested by the Company. All fees and expenses of the Determination Firm shall be borne solely by the Company. Any determination by the Determination Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Determination Firm hereunder, it is possible that Payments which Executive was entitled to, but did not receive pursuant to Section 12(a), could have been made without the imposition of the Excise Tax ("Underpayment"), consistent with the calculations required to be made hereunder. In such event, the Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive but no later than March 15 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment arises. (c) In the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section 12 shall be of no further force or effect.
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Mandatory Reduction of Payments in Certain Events. (a)
Notwithstanding anything Anything in this Agreement to the
contrary, contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise)
(such benefits, payments or distributions are hereinafter referred to as "Payments") would, if paid, (a "Payment") would be subject to the excise tax imposed by Section 49
...99 of the Code (the "Excise Tax"), then, prior to the making of any Payments Payment to Executive, a calculation shall be made comparing (i) the net after-tax benefit to Executive of the Payments Payment after payment by Executive of the Excise Tax, to (ii) the net after-tax benefit to Executive if the Payments Payment had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments Payment shall be limited to the extent necessary to avoid being subject to the Excise Tax (the "Reduced Amount"). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, in such a manner as to maximize the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual economic present value of such all Payments as of the date of the Change in Control, as actually made to Executive, determined by the Determination Firm (as defined in Section 9(b) below). For purposes of this Section 12, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 12, the "Parachute Value" of a Payment means the present value 11(b) below) as of the date of the Change in Control using the discount rate required by Section 280G(d)(4) of the portion Code. (b) The determination of such Payment that constitutes a "parachute payment" under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. (b) All determinations required to be made under this Section 12, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, such Excise Tax, and the assumptions calculation of the amounts referred to be utilized in arriving at such determinations, Section 12(a)(i) and (ii) above shall be made by a an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and Executive (the "Determination Firm") which shall provide detailed supporting calculations to the Company and Executive within 15 business days after the receipt of notice from Executive that a Payment is due to be made, or such earlier time as is requested by the Company. All fees and expenses of the Determination Firm shall be borne solely by the Company. calculations. Any determination by the Determination Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Determination Firm hereunder, it is possible that Payments which Executive was entitled to, but did not receive pursuant to Section 12(a), 11(a), could have been made without the imposition of the Excise Tax ("Underpayment"), consistent with the calculations required to be made hereunder. ("Underpayment"). In such event, the Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive Executive, but no later than March 15 December 31 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment arises. exist. 11 (c) In the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section 12 11 shall be of no further force or effect.
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Mandatory Reduction of Payments in Certain Events. (a) Notwithstanding anything in this Agreement to the contrary, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise)
(such benefits, payments or distributions are hereinafter referred to as "Payments") would, if paid, (a "Payment") would be subject to the excise tax imposed by Section
12 4999 of the Code (the "Excise Tax"
...), then, prior to the making of any Payments Payment to Executive, a calculation shall be made comparing (i) the net after-tax benefit to Executive of the Payments Payment after payment by Executive of the Excise Tax, to (ii) the net after-tax benefit to Executive if the Payments Payment had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments Payment shall be limited to the extent necessary to avoid being subject to the Excise Tax (the "Reduced Amount"). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, to the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual present value of such Payments as of the date of the Change "change in Control, ownership or control" (as such term is used and defined in Section 280G of the Code), as determined by the Determination Firm (as defined in Section 9(b) 10(b) below). For purposes of this Section 12, 10, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 12, 10, the "Parachute Value" of a Payment means the present value as of the date of the Change "change in Control ownership or control" of the portion of such Payment that constitutes a "parachute payment" under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. (b) All determinations required to be made under this Section 12, including The determination of whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, such Excise Tax, and the assumptions calculation of the amounts referred to be utilized in arriving at such determinations, Section 10(a)(i) and (ii) above shall be made by a an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and Executive (the "Determination Firm") which shall provide detailed supporting calculations to the Company and Executive within 15 business days after the receipt of notice from Executive that a Payment is due to be made, or such earlier time as is requested by the Company. All fees and expenses of the Determination Firm shall be borne solely by the Company. calculations. Any determination by the Determination Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Determination Firm hereunder, it is possible that Payments which Executive was entitled to, but did not receive pursuant to Section 12(a), 10(a), could have been made without the imposition of the Excise Tax ("Underpayment"), consistent with the calculations required to be made hereunder. ("Underpayment"). In such event, the Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive but no later than March 15 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment arises. (c) In the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section 12 shall be of no further force or effect.
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Mandatory Reduction of Payments in Certain Events. (a)
Notwithstanding anything Anything in this Agreement to the
contrary, contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise)
(such benefits, payments or distributions are hereinafter referred to as "Payments") would, if paid, (a "Payment") would be subject to the excise tax imposed by Section 49
...99 of the Code (the "Excise Tax"), then, prior to the making of any Payments Payment to Executive, a calculation shall be made comparing (i) the net after-tax benefit to Executive of the Payments Payment after payment by Executive of the Excise Tax, to (ii) the net after-tax benefit to Executive if the Payments Payment had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments Payment shall be limited to the extent necessary to avoid being subject to the Excise Tax (the "Reduced Amount"). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, in such a manner as to maximize the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual economic present value of such all Payments as of the date of the Change in Control, as actually made to Executive, determined by the Determination Firm (as defined in Section 9(b) below). For purposes of this Section 12, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 12, the "Parachute Value" of a Payment means the present value 11(b) below) as of the date of the Change in Control using the discount rate required by Section 280G(d)(4) of the portion Code. (b) The determination of such Payment that constitutes a "parachute payment" under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. (b) All determinations required to be made under this Section 12, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, such Excise Tax, and the assumptions calculation of the amounts referred to be utilized in arriving at such determinations, Section 12(a)(i) and (ii) above shall be made by a an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and Executive (the "Determination Firm") which shall provide detailed supporting calculations to the Company and Executive within 15 business days after the receipt of notice from Executive that a Payment is due to be made, or such earlier time as is requested by the Company. All fees and expenses of the Determination Firm shall be borne solely by the Company. calculations. Any determination by the Determination Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at 11 the time of the initial determination by the Determination Firm hereunder, it is possible that Payments which Executive was entitled to, but did not receive pursuant to Section 12(a), 11(a), could have been made without the imposition of the Excise Tax ("Underpayment"), consistent with the calculations required to be made hereunder. ("Underpayment"). In such event, the Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive Executive, but no later than March 15 December 31 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment arises. exist. (c) In the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section 12 11 shall be of no further force or effect.
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Mandatory Reduction of Payments in Certain Events. (a)
Notwithstanding anything Anything in this Agreement to the
contrary, contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise)
(such benefits, payments or distributions are hereinafter referred to as "Payments") would, if paid, (a "Payment") would be subject to the excise tax imposed by Section 49
...99 of the Code (the "Excise Tax"), then, prior to the making of any Payments Payment to Executive, a calculation shall be made comparing (i) the net after-tax benefit to Executive of the Payments Payment after payment by Executive of the Excise Tax, to (ii) the net after-tax benefit to Executive if the Payments Payment had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments Payment shall be limited to the extent necessary to avoid being subject to the Excise Tax (the "Reduced Amount"). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, in such a manner as to maximize the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual economic present value of such all Payments as of the date of the Change in Control, as actually made to Executive, determined by the Determination Firm (as defined in Section 9(b) below). For purposes of this Section 12, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 12, the "Parachute Value" of a Payment means the present value 11(b) below) as of the date of the Change in Control using the discount rate required by Section 280G(d)(4) of the portion Code. (b) The determination of such Payment that constitutes a "parachute payment" under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. (b) All determinations required to be made under this Section 12, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, such Excise Tax, and the assumptions calculation of the amounts referred to be utilized in arriving at such determinations, Section 12(a)(i) and (ii) above shall be made by a an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and Executive (the "Determination Firm") which shall provide detailed supporting calculations to the Company and Executive within 15 business days after the receipt of notice from Executive that a Payment is due to be made, or such earlier time as is requested by the Company. All fees and expenses of the Determination Firm shall be borne solely by the Company. calculations. Any determination by the Determination Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Determination Firm hereunder, it is possible that Payments which Executive was entitled to, but did not receive pursuant to Section 12(a), 11(a), could have been made without the imposition of the Excise Tax ("Underpayment"), consistent with the calculations required to be made hereunder. ("Underpayment"). In such event, the Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive Executive, but no later than March 15 December 31 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment arises. exist. 12 (c) In the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section 12 11 shall be of no further force or effect.
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Mandatory Reduction of Payments in Certain Events. (a)
Notwithstanding anything Anything in this Agreement to the
contrary, contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise)
(such benefits, payments or distributions are hereinafter referred to as "Payments") would, if paid, (a "Payment") would be subject to the excise tax imposed by Section 49
...99 of the Code (the "Excise Tax"), then, prior to the making of any Payments Payment to Executive, a calculation shall be made comparing (i) the net after-tax benefit to Executive of the Payments Payment after payment by Executive of the Excise Tax, to (ii) the net after-tax benefit to Executive if the Payments Payment had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under (i) above is less than the amount calculated under (ii) above, then the Payments Payment shall be limited to the extent necessary to avoid being subject to the Excise Tax (the "Reduced Amount"). The reduction of the Payments due hereunder, if applicable, shall be made by first reducing cash Payments and then, in such a manner as to maximize the extent necessary, reducing those Payments having the next highest ratio of Parachute Value to actual economic present value of such all Payments as of the date of the Change in Control, as actually made to Executive, determined by the Determination Firm (as defined in Section 9(b) below). For purposes of this Section 12, present value shall be determined in accordance with Section 280G(d)(4) of the Code. For purposes of this Section 12, the "Parachute Value" of a Payment means the present value 11(b) below) as of the date of the Change in Control using the discount rate required by Section 280G(d)(4) of the portion Code. (b) The determination of such Payment that constitutes a "parachute payment" under Section 280G(b)(2) of the Code, as determined by the Determination Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment. (b) All determinations required to be made under this Section 12, including whether an Excise Tax would otherwise be imposed, whether the Payments shall be reduced, the amount of the Reduced Amount, such Excise Tax, and the assumptions calculation of the amounts referred to be utilized in arriving at such determinations, Section 12(a)(i) and (ii) above shall be made by a an independent, nationally recognized accounting firm or compensation consulting firm mutually acceptable to the Company and Executive (the "Determination Firm") which shall provide detailed supporting calculations to the Company and Executive within 15 business days after the receipt of notice from Executive that a Payment is due to be made, or such earlier time as is requested by the Company. All fees and expenses of the Determination Firm shall be borne solely by the Company. calculations. Any determination by the Determination Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Determination Firm hereunder, it is possible 12 that Payments which Executive was entitled to, but did not receive pursuant to Section 12(a), 11(a), could have been made without the imposition of the Excise Tax ("Underpayment"), consistent with the calculations required to be made hereunder. ("Underpayment"). In such event, the Determination Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive Executive, but no later than March 15 December 31 of the year after the year in which the Underpayment is determined to exist, which is when the legally binding right to such Underpayment arises. exist. (c) In the event that the provisions of Code Section 280G and 4999 or any successor provisions are repealed without succession, this Section 12 11 shall be of no further force or effect.
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