Common use of Cut Back in Benefits Clause in Contracts

Cut Back in Benefits. Notwithstanding any other provision of this Agreement, the cash lump sum payment and other benefits otherwise to be provided pursuant to Sections 3, 4, and 5 of this Agreement (the "Severance Benefit") shall be reduced as described below if independent accountants for the Company (the "Accountants") determine (A) that Executive would, by reason of section 4999 of the Code, be required to pay an excise tax on any part of the Severance Benefit or any part of any other payment or benefit to which Executive is entitled under any plan, practice, policy, or program, and (B) the amount of the Severance Benefit that Executive would retain on an after-tax basis, present value basis would be increased as a result of such reduction by an amount of at least $5,000. If the Severance Benefit is required to be reduced, it shall be reduced only to the extent required, in the opinion of the Accountants, to prevent the imposition upon the Executive of the tax imposed under section 4999 of the Code. The Company shall determine which elements of the Severance Benefit shall be reduced to conform to the provisions of this Section. Any determination made by the Accountants pursuant to this Section shall be conclusive and binding on the Executive. The Executive shall promptly provide to the Company such information regarding the Executive tax situation as the Company shall reasonably request in order to allow the Accountants to perform calculations required by this Section 5.

Cut Back in Benefits. Notwithstanding any other provision of this Agreement, the cash lump sum payment or other payment(s) and other benefits otherwise to be provided pursuant to Sections 3, 4, 5, 6 and 5 7 of this Agreement (the "“Severance Benefit"”) shall be reduced as described below if independent accountants for the Company (the "“Accountants"”) determine (A) that Executive would, by reason of section 4999 of the Code, be required to pay an excise tax on any part of the Severance Benefit or any part of any other payment or benefit to which Executive is entitled under any plan, practice, policy, or program, and (B) the amount of the Severance Benefit that Executive would retain on an after-tax basis, present value basis would be increased as a result of such reduction by an amount of at least $5,000. If the Severance Benefit is required to be reduced, it shall be reduced only to the extent required, in the opinion of the Accountants, to prevent the imposition upon the Executive of the tax imposed under section 4999 of the Code. The Company shall determine which elements of the Severance Benefit shall be reduced to conform to the provisions of this Section. Any determination made by the Accountants pursuant to this Section shall be conclusive and binding on the Executive. The Executive shall promptly provide to the Company such information regarding the Executive tax situation as the Company shall reasonably request in order to allow the Accountants to perform calculations required by this Section 510.

Cut Back in Benefits. Notwithstanding any other provision of this Agreement, the cash lump sum payment and other benefits otherwise to be provided pursuant to Sections 3, 4, 4 and 5 of this Agreement (the "“Severance Benefit"”) shall be reduced as described below if independent accountants for the Company (the "“Accountants"”) determine (A) that Executive would, by reason of section 4999 of the Code, be required to pay an excise tax on any part of the Severance Benefit or any part of any other payment or benefit to which Executive is entitled under any plan, practice, policy, or program, and (B) the amount of the Severance Benefit that Executive would retain on an after-tax basis, present value basis would be increased as a result of such reduction by an amount of at least $5,000. If the Severance Benefit is required to be reduced, it shall be reduced only to the extent required, in the opinion of the Accountants, to prevent the imposition upon the Executive of the tax imposed under section 4999 of the Code. The Company shall determine which elements of the Severance Benefit shall be reduced to conform to the provisions of this SectionSection 9. Any determination made by the Accountants pursuant to this Section 9 shall be conclusive and binding on the Executive. The Executive shall promptly provide to the Company such information regarding the Executive tax situation as the Company shall reasonably request in order to allow the Accountants to perform calculations required by this Section 59.

Cut Back in Benefits. Notwithstanding any other provision of this Agreement, the cash lump sum payment and other benefits otherwise to be provided pursuant to Sections 3, 4, and 5 of this Agreement (the "“Severance Benefit"”) shall be reduced as described below if independent accountants for the Company (the "“Accountants"”) determine (A) that Executive would, by reason of section 4999 of the Code, be required to pay an excise tax on any part of the Severance Benefit or any part of any other payment or benefit to which Executive is entitled under any plan, practice, policy, or program, and (B) the amount of the Severance Benefit that Executive would retain on an after-tax basis, present value basis would be increased as a result of such reduction by an amount of at least $5,000. If the Severance Benefit is required to be reduced, it shall be reduced only to the extent required, in the opinion of the Accountants, to prevent the imposition upon the Executive of the tax imposed under section 4999 of the Code. The Company shall determine which elements of the Severance Benefit shall be reduced to conform to the provisions of this Section. Any determination made by the Accountants or the Company pursuant to this Section shall be conclusive and binding on the Executive. The Executive shall promptly provide to the Company such information regarding the Executive Executive’s tax situation as the Company shall reasonably request in order to allow the Accountants to perform calculations required by this Section 58.

Cut Back in Benefits. Notwithstanding any other provision of this Agreement, the cash lump sum payment or other payment(s) and other benefits otherwise to be provided pursuant to Sections 3, 4, 5, 6 and 5 7 of this Agreement (the "“Severance Benefit"”) shall be reduced as described below if independent accountants for the Company (the "“Accountants"”) determine (A) that Executive would, by reason of section 4999 of the Code, be required to pay an excise tax on any part of the Severance Benefit or any part of any other payment or benefit to which Executive is entitled under any plan, practice, policy, or program, and (B) the amount of the Severance Benefit that Executive would retain on an after-tax basis, present value basis would be increased as a result of such reduction by an amount of at least $5,000. If the Severance Benefit is required to be reduced, it shall be reduced only to the extent required, in the opinion of the Accountants, to prevent the imposition upon the Executive of the tax imposed under section 4999 of the Code. The Company shall determine which elements of the Severance Benefit shall be reduced to conform to the provisions of this Section. Any determination made by the Accountants pursuant to this Section shall be conclusive and binding on the Executive. The Executive shall promptly provide to the Company such information regarding the Executive tax situation as the Company shall reasonably request in order to allow the Accountants to perform calculations required by this Section 510.