Compensation Limitation. Notwithstanding the foregoing, Executive and Company agree that (i) to the extent permitted by any Federal statute (the "Act") that limits compensation of Executive hereunder, any payments or benefits payable to Executive under this Agreement (including, without limitation, payments under Sections 2 and 4 hereof) or pursuant to any other compensation or benefit plan of Company or other arrangement between Company and Executive that do not comply with the Act shall be deferred until such payments or benefits may be paid under the Act, and (ii) to the extent the Act does not permit the deferral of any such payments or benefits, the maximum compensation and/or severance Executive may receive from Company under this Agreement or any other compensation or benefit plan of Company or other arrangement between Company and Executive will not exceed the amount allowed under the Act.
Compensation Limitation. Notwithstanding any other provision of this Section 6, the Total Operating Expenses of the Company shall (in the absence of a satisfactory showing to the contrary) be deemed to be excessive if they exceed in any fiscal year the greater of 2% of its Average Invested Assets or 25% of its Net Income for such year. In the event the Independent Directors do not determine such excess expenses are justified, the Advisor agrees to reimburse the Company at the end of the twelve month period the amount by which the aggregate annual expenses paid or incurred by the Company exceed the limitations herein provided.
Compensation Limitation. Any employee who suffers any loss of compensation through the Board action may, if upheld by the arbitration proceeding, be reimbursed for such a loss provided that no adjustment of compensation shall be retroactive beyond ten (10) calendar days prior to the date the grievance occurred.
Compensation Limitation. The parties agree and acknowledge that their intent is that benefits under this Agreement shall not constitute an “excess parachute payment” under § 280G of the Internal Revenue Code of 1986, as amended (the “Code”), which would trigger an excise tax under Code § 4999. To give effect to that intent, and notwithstanding any other provision of this Agreement to the contrary, the parties specifically agree that the maximum benefits payable under this Agreement shall not exceed 2.99 multiplied by Executive’s “base amount,” as defined in Code § 280G.
Compensation Limitation. Section 1. No combination of premiums, penalties, or regular pay, excluding shift differentials, will result in an employee receiving more than three times the basic hourly wage rate for any time worked. (Article amended 8/7/80)
Compensation Limitation. The Compensation Limitation is an amount equal to 25% of the Participants Code Section 415 Compensation for the Limitation Year. However, this limitation will not apply to any contribution made for medical benefits within the meaning of Code Section 401(h) or Code Section 419A(f)(2) after separation from service which is otherwise treated as an Annual Addition under Code Section 415(l)(1) or Code Section 419A(d)(2).
Compensation Limitation. An out-of-contract Player whose Salary Budget Charge exceeded the Maximum Salary Budget Charge for the immediately preceding League Season, and whose Salary Budget Charge for the next League Season, based on an offer from his current Team, will also exceed the Maximum Salary Budget Charge, will not be eligible for Free Agency. An out-of-contract Player whose Salary Budget Charge exceeded the Maximum Base Salary for the immediately preceding League Season, and whose current Team did not make him an offer in excess of the Maximum Salary Budget Charge, may go through Free Agency provided that he agrees to a new SPA that results in his Salary Budget Charge being less than the Maximum Salary Budget Charge.
Compensation Limitation. Anything in this Agreement to the contrary notwithstanding, no payment or distribution by the Company to or for the benefit of the Executive of the Salary Continuation Benefit or any other amount in the nature of compensation (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a "Payment") will be paid that would be subject to the excise tax or denial of deduction imposed by Sections 280G and 4999 of the Code (an "Excess Parachute Payment").
Compensation Limitation. Notwithstanding the foregoing, Executive and Company agree that (i) to the extent permitted by any Federal statute (the "Act") that limits compensation of Executive hereunder, any payments or benefits payable to Executive under this Agreement (including, without limitation, payments under Sections 2 and 4 hereof) or pursuant to any other compensation or benefit plan of Company or other arrangement between Company and Executive that do not comply with the Act shall be deferred until such payments or benefits may be paid under the Act; provided such deferral is permissible under Code Section 409A and accomplished in a manner which does not impose any taxes, interests or penalties upon Executive pursuant to Code Section 409A, and (ii) to the extent the Act does not permit the deferral of any such payments or benefits, the maximum compensation and/or severance Executive may receive from Company under this Agreement or any other compensation or benefit plan of Company or other arrangement between Company and Executive will not exceed the amount allowed under the Act; provided, however, that nothing contained in this paragraph is intended nor shall it be construed to permit any such deferral or limitation as a result of Company’s inability to claim an allowable deduction from income for such payments for purposes of federal or state income taxes.
Compensation Limitation. No Eligible Employee may receive a Performance Award in excess of $7.5 million during any three (3) year period.
