Determination of Certain Payment Reductions. Executive will be permitted to provide the Company with written notice specifying which of the Total Payments will be subject to reduction or elimination (the “Reduction Notice”). But, if Executive’s exercise of authority pursuant to the Reduction Notice would cause any Total Payments to become subject to any taxes or penalties pursuant to Section 409A of the Code or if Executive fails to timely provide the Company with the Reduction Notice, then the Company will reduce or eliminate the Total Payments in the following order:
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Samples: Employment Agreement (TCF Financial Corp), Employment Agreement (TCF Financial Corp), Employment Agreement (TCF Financial Corp)
Determination of Certain Payment Reductions. Executive will be permitted to provide the Company Employer (or its successor) with written notice specifying which of the Total Payments will be subject to reduction or elimination (the “Reduction Notice”). But, if Executive’s exercise of authority pursuant to the Reduction Notice would cause any Total Payments to become subject to any taxes or penalties pursuant to Section 409A of the Internal Revenue Code or if Executive fails to timely provide the Company Employer (or its successor) with the Reduction Notice, then the Company Employer (or its successor) will reduce or eliminate the Total Payments in the following order:
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