Common use of Benefit Limitation Clause in Contracts

Benefit Limitation. (a) Should any payments or benefits become payable hereunder in connection with a Change in Control, then the aggregate Present Value, measured as of the Change in Control, of any Severance Payments to which the Executive becomes entitled under section 10(b)(ii) of this Agreement (namely, the salary continuation payments, the continued health care coverage, the life insurance coverage, the equivalent automobile and professional service payments and the equivalent 401(k) employer contribution payments) and, if applicable, any portion of the Special Bonus under section 10(g) which is deemed to constitute a parachute payment under Section 280 G of the Internal Revenue Code of 1986, as amended (the "Code") shall in no event exceed in amount the greater of the following dollar amounts (the "Benefit Limit"):

Appears in 6 contracts

Samples: Employment Agreement (Globecomm Systems Inc), Employment Agreement (Globecomm Systems Inc), Employment Agreement (Globecomm Systems Inc)

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Benefit Limitation. (a) Should any payments or benefits become payable hereunder in connection with a Change in Control, then the aggregate Present Value, measured as of the Change in Control, of any Severance Payments to which the Executive becomes entitled under section 10(b)(ii) of this Agreement (namely, the salary continuation payments, the continued health care coverage, the life insurance coverage, the equivalent automobile and professional service payments and the equivalent 401(k) employer contribution payments) and, if applicable, any portion of the Special Bonus under section 10(g) which is deemed to constitute a parachute payment under Section 280 280G of the Internal Revenue Code of 1986, as amended (the "Code") shall in no event exceed in amount the greater of the following dollar amounts (the "Benefit Limit"):

Appears in 2 contracts

Samples: Employment Agreement (Globecomm Systems Inc), Employment Agreement (Globecomm Systems Inc)

Benefit Limitation. (a) Should any payments or benefits become payable hereunder in connection with a Change in Control, then the aggregate Present Value, measured as of the Change in Control, of any Severance Payments to which the Executive becomes entitled under section 10(b)(ii) of this Agreement (namely, the salary continuation payments, the continued health care coverage, the life insurance coverage, the equivalent automobile and professional service payments and the equivalent 401(k) employer contribution payments) and, if applicable, any portion of the Special Bonus under section 10(g) which is deemed to constitute a parachute payment under Section 280 280G of the Internal Revenue Code of 1986, as amended (the "Code") shall in no event exceed in amount the greater of the following dollar amounts (the "Benefit Limit"):

Appears in 2 contracts

Samples: Separation Agreement and General Release (Globecomm Systems Inc), Separation Agreement and General Release (Globecomm Systems Inc)

Benefit Limitation. (a) Should any payments or benefits become payable hereunder in connection with a Change in Control, then the aggregate Present Value, measured as of the Change in Control, of any Severance Payments to which the Executive becomes entitled under section 10(b)(ii) of this Agreement (namely, the salary continuation payments, the continued health care coverage, the life insurance coverage, the professional services payments, any equivalent automobile and professional service payments and the equivalent 401(k) employer contribution payments) and, if applicable, any portion of the Special Bonus under section 10(g) which is deemed to constitute a parachute payment under Section 280 280G of the Internal Revenue Code of 1986, as amended (the "Code") shall in no event exceed in amount the greater of the following dollar amounts (the "Benefit Limit"):

Appears in 1 contract

Samples: Separation Agreement and General Release (Globecomm Systems Inc)

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Benefit Limitation. (a) Should any payments or benefits become payable hereunder in connection with a Change in Control, then the aggregate Present Value, measured as of the Change in Control, of any Severance Payments to which the Executive becomes entitled under section 10(b)(iisubsection 1O(b)(ii) of this Agreement (namely, the salary continuation payments, the continued health care coverage, the life insurance coverage, the professional services payments, any equivalent automobile and professional service payments and the equivalent 401(k) employer contribution payments) and, if applicable, any portion of the Special Bonus under section 10(gsubsection 10(f) which is deemed to constitute a parachute payment under Section 280 280G of the Internal Revenue Code of 1986, as amended (the "Code") shall in no event exceed in amount the greater of the following dollar amounts (the "Benefit Limit"):

Appears in 1 contract

Samples: Employment Agreement (Globecomm Systems Inc)

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