Common use of Golden Parachute Limitation Clause in Contracts

Golden Parachute Limitation. Notwithstanding anything herein to the contrary, to the extent any amount paid or to be paid to the Executive pursuant to this Agreement would be treated as an “excess parachute payment,” as that phrase is defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), then the amount the Executive would otherwise receive under Sections 3(b) and 3(c) of this Agreement (in that order) shall be reduced so that no “excess parachute payment” is made by the Company or received by the Executive.

Golden Parachute Limitation. Notwithstanding anything herein to the contrary, to the extent any amount paid or to be paid or benefit to be provided to the Executive pursuant to this Agreement or otherwise (collectively, the "Payments") would be treated as an “"excess parachute payment,” " as that phrase is defined in Section 280G 2800 of the Internal Revenue Code of 1986, as amended (the “"Code”"), then the amount the Executive would otherwise receive under Sections 3(b) and 3(c) of this Agreement (in that order) Payments shall be reduced so that no “excess parachute payment” is made by the Company either: (a) paid or received by the Executive.allowed in full; or