Common use of Deductibility of Payments Clause in Contracts

Deductibility of Payments. It is the intention of the Executive ------------------------- and of the Employer that no payments by the Employer to or for the benefit of the Executive under this Agreement or any other agreement or plan, if any, pursuant to which the Executive is entitled to receive payments or benefits shall be nondeductible to the Employer by reason of the operation of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), relating to parachute payments or any like statutory or regulatory provision. Accordingly, and notwithstanding any other provision of this Agreement or any such agreement or plan, if by reason of the operation of said Section 280G or any like statutory or regulatory provision, any such payments exceed the amount which can be deducted by the Employer, such payments shall be reduced to the maximum amount which can be deducted by the Employer. To the extent that payments exceeding such maximum deductible amount have been made to or for the benefit of the Executive, such excess payments shall be refunded to the Employer with interest thereon at the applicable Federal rate determined under Section 1274(d) of the Code, compounded annually, or at such other rate as may be required in order that no such payments shall be nondeductible to the Employer by reason of the operation of said Section 280G or any like statutory or regulatory provision. To the extent that there is more than one method of reducing the payments to bring them within the limitations of said Section 280G or any like statutory or regulatory provision, the Executive shall determine which method shall be followed, provided that if the Executive fails to make such determination within forty-five (45) days after the Employer has given notice of the need for such reduction, the Employer may determine the method of such reduction in its sole discretion.

Deductibility of Payments. It is the intention of the Executive ------------------------- Employee and of the Employer Company that no payments by the Employer Company to or for the benefit of the Executive Employee under this Agreement or any other agreement or plan, if any, pursuant to which the Executive Employee is entitled to receive payments or benefits shall be nondeductible to the Employer Company by reason of the operation of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), relating to parachute payments or any like statutory or regulatory provision. Accordingly, and notwithstanding any other provision of this Agreement or any such agreement or plan, if by reason of the operation of said Code Section 280G or any like statutory or regulatory provision, any such payments exceed the amount which can be deducted by the EmployerCompany, such payments shall be reduced to the maximum amount which can be deducted by the EmployerCompany. To the extent that payments exceeding such maximum deductible amount have been made to or for the benefit of the ExecutiveEmployee, such excess payments shall be refunded to the Employer Company with interest thereon at the applicable Federal rate determined under Section 1274(d) of the Code, compounded annually, or at such other rate as may be required in order that no such payments shall be nondeductible to the Employer Company by reason of the operation of said Section 280G or any like statutory or regulatory provision. To the extent that there is more than one method of reducing the payments to bring them within the limitations of said Section Sections 280G or any like statutory or regulatory provision, the Executive Employee shall determine which method shall be followed, ; provided that if the Executive Employee fails to make such determination within forty-five (45) days after the Employer Company has given notice of the need for such reduction, the Employer Company may determine the method of such reduction in its sole discretion.

Deductibility of Payments. It is the intention of the Executive ------------------------- Xx. Xxxxx and of the Employer Company that no payments by the Employer Company to or for the benefit of the Executive Xx. Xxxxx under this Agreement or any other agreement or plan, if any, pursuant to which the Executive Xx. Xxxxx is entitled to receive payments or benefits shall be nondeductible to the Employer Company by reason of the operation of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), relating to parachute payments or any like statutory or regulatory provision. Accordingly, and notwithstanding not withstanding any other provision of this Agreement or any such agreement or plan, if by reason of the operation of said Section 280G or any like statutory or regulatory provision, any such payments exceed the amount which can be deducted by the EmployerCompany, such payments shall be reduced to the maximum amount which can be deducted by the EmployerCompany. To the extent that payments exceeding such maximum deductible amount have been made to or for the benefit of the ExecutiveXx. Xxxxx, such excess payments shall be refunded to the Employer Company with interest thereon at the applicable Federal rate determined under Section 1274(d) of the Code, compounded annually, or at such other rate as may be required in order that no such payments shall be nondeductible to the Employer Company by reason of the operation of the said Section 280G or any like statutory or regulatory provisionprovisions. To the extent that there is more than one method of reducing the payments to bring them within the limitations of limitation said Section Sections 280G or any like statutory or regulatory provision, the Executive Xx. Xxxxx shall determine which method shall be followed, ; provided that if the Executive Xx. Xxxxx fails to make such sure determination within forty-five (45) days after the Employer Company has given the notice of the need for such reduction, the Employer Company may determine the method of such reduction in its sole discretion.

Deductibility of Payments. It is the intention of the Executive ------------------------- Employee and of the Employer Company that no payments by the Employer Company to or for the benefit of the Executive Employee under this Agreement or any other agreement or plan, if any, pursuant to which the Executive Employee is entitled to receive payments or benefits shall be nondeductible to the Employer Company by reason of the operation of Section 280G of the Internal Revenue Code of 1986, as amended (the "“Code"”), relating to parachute payments or any like statutory or regulatory provision. Accordingly, and notwithstanding any other provision of this Agreement or any such agreement or plan, if by reason of the operation of said Section 280G or any like statutory or regulatory provision, any such payments exceed the amount which can be deducted by the EmployerCompany, such payments shall be reduced to the maximum amount which can be deducted by the EmployerCompany. To the extent that payments exceeding such maximum deductible amount have been made to or for the benefit of the ExecutiveEmployee, such excess payments shall be refunded to the Employer Company with interest thereon at the applicable Federal rate determined under Section 1274(d) of the Code, compounded annually, or at such other rate as may be required in order that no such payments shall be nondeductible to the Employer Company by reason of the operation of said Section 280G or any like statutory or regulatory provision. To the extent that there is more than one method of reducing the payments to bring them within the limitations of said Section Sections 280G or any like statutory or regulatory provision, the Executive Employee shall determine which method shall be followed, ; provided that if the Executive Employee fails to make such determination within forty-five (45) days after the Employer Company has given notice of the need for such reduction, the Employer Company may determine the method of such reduction in its sole discretion.