Common use of Benefit Limit Clause in Contracts

Benefit Limit. In the event that any payment or benefit (including salary continuation payments, accelerated option vesting or continued health care coverage) received or to be received by Executive pursuant to this Agreement (collectively the "Payments") would constitute a parachute payment within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), then the following limitation shall apply: The aggregate present value of those Payments shall be limited in amount to the greater of the following dollar amounts (the "Benefit Limit"): (a) 2.99 times Executive's Average Compensation, or (b) the amount which yields Executive the greatest after-tax amount of Payments under this Agreement after taking into account any excise tax imposed under Code Section 4999 on those Payments. The present value of the Payments will be measured as of the date of the Change in Control or Corporate Transaction and determined in accordance with the provisions of Code Section 280G(d)(4).

Benefit Limit. In the event that any payment or benefit (including salary continuation payments, accelerated option vesting or continued health care coverage) received or to be received by Executive pursuant to this Agreement (collectively the "'Payments") would constitute a parachute payment within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), then the following limitation shall apply: The aggregate present value of those Payments shall be limited in amount to the greater of the following dollar amounts (the "Benefit Limit"): (a) 2.99 times Executive's Average Compensation, or (b) the amount which yields Executive the greatest after-tax amount of Payments under this Agreement after taking into account any excise tax imposed under Code Section 4999 on those Payments. The present value of the Payments will be measured as of the date of the Change in Control or Corporate Transaction and determined in accordance with the provisions of Code Section 280G(d)(4).

Benefit Limit. In the event that any payment or benefit (including salary continuation payments, accelerated option vesting or continued health care coverage) received or to be received by Executive pursuant to this Agreement (collectively the "`Payments") would constitute a parachute payment within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), then the following limitation shall apply: The aggregate present value of those Payments shall be limited in amount to the greater of the following dollar amounts (the "Benefit Limit"): (a) 2.99 times Executive's Average Compensation, or (b) the amount which yields Executive the greatest after-tax amount of Payments under this Agreement after taking into account any excise tax imposed under Code Section 4999 on those Payments. The present value of the Payments will be measured as of the date of the Change in Control or Corporate Transaction and determined in accordance with the provisions of Code Section 280G(d)(4).

Benefit Limit. In the event that any payment or benefit (including salary continuation payments, accelerated option vesting or continued health care coverage) received or to be received by Executive pursuant to this Agreement (collectively the "Payments") would constitute a parachute payment within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), then the following limitation shall apply: The aggregate present value of those Payments shall be limited in amount to the greater of the following dollar amounts (the "Benefit Limit"): (ai) 2.99 times Executive's Average Compensation, or (bii) the amount which yields Executive the greatest after-tax amount of Payments under this Agreement after taking into account any excise tax imposed under Code Section 4999 on those Payments. The present value of the Payments will be measured as of the date of the Change in Control or Corporate Transaction and determined in accordance with the provisions of Code Section 280G(d)(4).

Benefit Limit. In the event that any payment or benefit (including salary continuation payments, accelerated option vesting or continued health care coverage) received or to be received by Executive pursuant to this Agreement (collectively the "Payments") would constitute a parachute payment within the meaning of Section 280G 2806 of the Internal Revenue Code of 1986, as amended (the "Code"), then the following limitation shall apply: The aggregate present value of those Payments shall be limited in amount to the greater of the following dollar amounts (the "Benefit Limit"): (a) 2.99 times Executive's Average Compensation, or (b) the amount which yields Executive the greatest after-tax amount of Payments under this Agreement after taking into account any excise tax imposed under Code Section 4999 on those Payments. The present value of the Payments will be measured as of the date of the Change in Control or Corporate Transaction and determined in accordance with the provisions of Code Section 280G(d)(4).

Benefit Limit. In the event that any payment or benefit (including salary continuation payments, accelerated option vesting or continued health care coverage) received or to be received by Executive pursuant to this Agreement (collectively the "`Payments") would constitute a parachute payment within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), then the following limitation shall apply: The aggregate present value of those Payments shall be limited in amount to the greater of the following dollar amounts (the "Benefit Limit"): (a) 2.99 times Executive's Average Compensation, or (b) the amount which yields Executive the greatest after-tax amount of Payments under this Agreement after taking into account any excise tax imposed under Code Section 4999 on those Payments. The present value of the Payments will be measured as of the date of the Change in Control or Corporate Transaction and determined in accordance with the provisions of Code Section 280G(d)(4).