Common use of Benefit Adjustments Clause in Contracts

Benefit Adjustments. Notwithstanding the amount of Benefits described in Section 2.l(a), Benefits shall be limited in the event that Employee would realize less income on the receipt of Benefits and other “change in control payments” (as defined in section 280G of the Code), net of taxes, after deducting the amount of excise taxes that would be imposed pursuant to section 4999 of the Code. In such an event, the Benefits payable hereunder shall be reduced so that Benefits received in combination with all other change in control payments to be received by Employee equal the maximum amount that does not result in the receipt of a “parachute payment” (as defined by section 280G(b)(2) of the Code) by Employee. This reduction shall not apply if the amount of Benefits and other change in control payments received by Employee exceed such reduced amount after deducting the excise tax that would be imposed pursuant to section 4999 of the Code.

Benefit Adjustments. Notwithstanding the amount of Benefits described in Section 2.l(a), Benefits shall be limited in the event that Employee would realize less income on the receipt of Benefits and other “"change in control payments” " (as defined in section 280G of the Code), net of taxes, after deducting the amount of excise taxes that would be imposed pursuant to section 4999 of the Code. In such an event, the Benefits payable hereunder shall be reduced so that Benefits received in combination with all other change in control payments to be received by Employee equal the maximum amount that does not result in the receipt of a “"parachute payment” " (as defined by section 280G(b)(2) of the Code) by Employee. This reduction shall not apply if the amount of Benefits and other change in control payments received by Employee exceed such reduced amount after deducting the excise tax that would be imposed pursuant to section 4999 of the Code.

Benefit Adjustments. Notwithstanding the amount of Benefits described in Section 2.l(a2.1(a), Benefits shall be limited in the event that Employee would realize less income on the receipt of Benefits and other “"change in control payments” " (as defined in section 280G of the Code), net of taxes, after deducting the amount of excise taxes that would be imposed pursuant to section 4999 of the Code. In such an event, the Benefits payable hereunder shall be reduced so that Benefits received in combination with all other change in control payments to be received by Employee equal the maximum amount that does not result in the receipt of a “"parachute payment” " (as defined by section 280G(b)(2) of the Code) by Employee. This reduction shall not apply if the amount of Benefits and other change in control payments received by Employee exceed such reduced amount after deducting the excise tax that would be imposed pursuant to section 4999 of the Code.

Benefit Adjustments. Notwithstanding the amount of Benefits described in Section 2.l(a2.1(a), Benefits shall be limited in the event that Employee would realize less income on the receipt of Benefits and other “change in control payments” (as defined in section 280G of the Code), net of taxes, after deducting the amount of excise taxes that would be imposed pursuant to section 4999 of the Code. In such an event, the Benefits payable hereunder shall be reduced so that Benefits received in combination with all other change in control payments to be received by Employee equal the maximum amount that does not result in the receipt of a “parachute payment” (as defined by section 280G(b)(2) of the Code) by Employee. This reduction shall not apply if the amount of Benefits and other change in control payments received by Employee exceed such reduced amount after deducting the excise tax that would be imposed pursuant to section 4999 of the Code.