Common use of Benefit Limitation Clause in Contracts

Benefit Limitation. (a) Anything in this Agreement to the contrary notwithstanding, in the event that a Change of Control occurs and 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 (“Total Payments”) to be made to Executive would otherwise exceed the amount (the “Safe Harbor Amount”) that could be received by Executive without the imposition of an excise tax under Section 4999 of Code, then the Total Payments shall be reduced to the extent, and only to the extent, necessary to assure that their aggregate present value, as determined in accordance the applicable provisions of Section 280G of the Code and the regulations thereunder, does not exceed the greater of the following dollar amounts (the “Benefit Limit”):

Appears in 7 contracts

Samples: Employment Agreement (Auxilium Pharmaceuticals Inc), Employment Agreement (Auxilium Pharmaceuticals Inc), Employment Agreement (Auxilium Pharmaceuticals Inc)

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Benefit Limitation. (a) 7.2.1 Anything in this Agreement to the contrary notwithstanding, in the event that a Change of in Control occurs and it shall be determined that any payment or distribution by the Company or its Affiliates to or for the benefit of Executivethe Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (“Total Payments”) to be made to Executive would otherwise exceed the amount (the “Safe Harbor Amount”) that could may be received eived by Executive the Employee without the imposition of an excise tax under Section section 4999 of Code, then the Total Payments shall be reduced to the extent, and only to the extent, necessary to assure that their aggregate present value, as determined in accordance the applicable provisions of Section section 280G of the Code and the regulations thereunderCode, does not exceed the greater of the following dollar amounts (the “Benefit Limit”):

Appears in 4 contracts

Samples: Employment Agreement (Susquehanna Bancshares Inc), Employment Agreement (Susquehanna Bancshares Inc), Employment Agreement (Susquehanna Bancshares Inc)

Benefit Limitation. (a) 10.6.1 Anything in this Agreement to the contrary notwithstanding, in the event that a Change of in Control occurs and it shall be determined that any payment or distribution by the Company or its Affiliates to or for the benefit of Executivethe Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (“Total Payments”) to be made to Executive would otherwise exceed the amount (the “Safe Harbor Amount”) that could may be received by Executive the Employee without the imposition of an excise tax under Section section 4999 of Code, then the Total Payments shall be reduced to the extent, and only to the extent, necessary to assure that their aggregate present value, as determined in accordance the applicable provisions of Section section 280G of the Code and the regulations thereunderCode, does not exceed the greater of the following dollar amounts (the “Benefit Limit”):

Appears in 1 contract

Samples: Employment Agreement (Susquehanna Bancshares Inc)

Benefit Limitation. (a) Anything in this Agreement to the contrary notwithstanding, in the event that a Change of Control occurs and 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 (“Total Payments”) to be made to Executive would otherwise exceed the amount (the “Safe Harbor Amount”) that could be received by Executive without the imposition of an excise tax under Section 4999 of Code, then the Total Payments shall be reduced to the extent, and only to the extent, necessary to assure that their aggregate present value, as determined in accordance the applicable provisions of Section 280G 2800 of the Code and the regulations thereunder, does not exceed the greater of the following dollar amounts (the “Benefit Limit”):

Appears in 1 contract

Samples: Employment Agreement (Auxilium Pharmaceuticals Inc)

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Benefit Limitation. (a) 6.7.1 Anything in this Agreement to the contrary notwithstanding, in the event that a Change of in Control occurs and it shall be determined that any payment or distribution by the Company or its Affiliates to or for the benefit of Executivethe Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (“Total Payments”) to be made to Executive would otherwise exceed the amount (the “Safe Harbor Amount”) that could may be received by Executive the Employee without the imposition of an excise tax under Section section 4999 of Code, then the Total Payments shall be reduced to the extent, and only to the extent, necessary to assure that their aggregate present value, as determined in accordance the applicable provisions of Section section 280G of the Code and the regulations thereunderCode, does not exceed the greater of the following dollar amounts (the “Benefit Limit”):

Appears in 1 contract

Samples: Employment Agreement (Susquehanna Bancshares Inc)

Benefit Limitation. (a) 8.2.1 Anything in this Agreement to the contrary notwithstanding, in the event that a Change of in Control occurs and it shall be determined that any payment or distribution by the Company or its Affiliates to or for the benefit of Executivethe Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (“Total Payments”) to be made to Executive would otherwise exceed the amount (the “Safe Harbor Amount”) that could may be received by Executive the Employee without the imposition of an excise tax under Section section 4999 of Code, then the Total Payments shall be reduced to the extent, and only to the extent, necessary to assure that their aggregate present value, as determined in accordance the applicable provisions of Section section 280G of the Code and the regulations thereunderCode, does not exceed the greater of the following dollar amounts (the “Benefit Limit”):

Appears in 1 contract

Samples: Employment Agreement (Susquehanna Bancshares Inc)

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