Common use of 280G Clause in Contracts

280G. If, due to the benefits provided under Section 4.4 above, Executive is subject to any excise tax due to characterization of any amounts payable under Section 4.4 as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (collectively, the “Code”), the amounts payable under Section 4.4 will be reduced (to the least extent possible) in order to avoid any “excess parachute payment” under section 280G(b)(1) of the Code.

280G. If, due to the benefits provided under Section 4.4 subsection 7.4(a) above, Executive is subject to any excise tax due to characterization of any amounts payable under Section 4.4 subsection 7.4(a) as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder amended (collectively, the “Code”), Company shall pay to Executive an additional payment (the amounts payable under Section 4.4 will be reduced (“Tax Gross-Up Payment”) equal to the least extent possible) in order to avoid any “excess parachute payment” under section 280G(b)(1) amount of the Codesuch Section 280G excise tax payable by Executive.

280G. If, due to the benefits provided under Section 4.4 subsection 7.5(a) above, Executive is subject to any excise tax due to characterization of any amounts payable under Section 4.4 subsection 7.5(a) as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended, and amended (the regulations promulgated thereunder (collectively, the “"Code”"), Executive may elect, in Executive's sole discretion, to reduce the amounts payable under Section 4.4 will be reduced (to the least extent possiblesubsection 7.5(a) in order to avoid any “"excess parachute payment” " under section Section 280G(b)(1) of the Code.

280G. If, due to the benefits provided under Section 4.4 subsection 7.5(a) above, Executive is subject to any excise tax due to characterization of any amounts payable under Section 4.4 subsection 7.5(a) as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended, and amended (the regulations promulgated thereunder (collectively, the “"Code”"), the amounts payable under Section 4.4 subsection 7.5(a) will be reduced (to the least extent possible) in order to avoid any “"excess parachute payment” " under section 280G(b)(1) of the Code.

280G. If, due to the benefits provided under Section 4.4 subsection 8.7(a) above, Executive is subject to any excise tax due to characterization of any amounts payable under Section 4.4 subsection 8.7(a) as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder amended (collectively, the “Code”), the amounts payable under Section 4.4 subsection 8.7(a) will be reduced (to the least extent possible) in order to avoid any “excess parachute payment” under section 280G(b)(1Section 280G(b)(l) of the Code.

280G. If, due to the benefits provided under Section 4.4 subsection 7.4(a) above, Executive is subject to any excise tax due to characterization of any amounts payable under Section 4.4 subsection 7.4(a) as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended, and amended (the regulations promulgated thereunder (collectively, the “"Code”"), Company shall pay to Executive an additional payment (the amounts payable under Section 4.4 will be reduced ("Tax Gross-Up Payment") equal to the least extent possible) in order to avoid any “excess parachute payment” under section 280G(b)(1) amount of the Codesuch Section 280G excise tax payable by Executive.

280G. If, due to the benefits provided under Section 4.4 abovesubsection 7.5(a) above or otherwise by Company, Executive is subject to any excise tax due to characterization of any amounts payable under Section 4.4 subsection 7.5(a) as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder amended (collectively, the “Code”), the amounts payable under Section 4.4 subsection 7.5(a) or otherwise by Company will be reduced by Company (to the least extent possible) in order to avoid any “excess parachute payment” under section 280G(b)(1) of the Code.

280G. If, due to the benefits provided under Section 4.4 paragraph ---- 7.4(a) above, Executive is subject to any excise tax due to characterization of any amounts payable under Section 4.4 paragraph 7.4(a) as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended, and amended (the regulations promulgated thereunder (collectively"Code"), the “Code”)Executive may elect, in his sole discretion, to reduce the amounts payable under Section 4.4 will be reduced (to the least extent possibleparagraph 7.4(a) in order to avoid any “"excess parachute payment” " under section Section 280G(b)(1) of the Code.