Common use of Golden Parachute Limitation Clause in Contracts

Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”). (a) If the present value of all Executive’s severance compensation provided by MB or the Bank under Subparagraph F.4 or F.5 hereof and outside this Agreement is high enough to cause any such payment to be a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then one or more of such payments will be reduced by the minimum amount required to prevent the severance compensation under this Agreement from being a “parachute payment.” (b) Executive may direct the Bank and MB regarding the order of reducing severance compensation and other payments from the Bank or MB to comply with this Subparagraph F.6.

Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and F.5 Xxxxxxxxxxxxx X.0, X.0 xxx X.0 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”). (a) . If Executive’s employment status and the present value of all Executive’s severance compensation provided by MB or the Bank Company under Subparagraph Xxxxxxxxxxxxx X.0, X.0 or F.4 or F.5 hereof and outside this Agreement is high enough to cause any such payment to be a an “excess parachute payment” (as defined in Section 280G(b)(2280G(b)(1) of the Code), then one or more of such payments will be reduced by the minimum amount required to prevent the severance compensation under this Agreement from being a an “excess parachute payment.” (b) ” Executive may direct the Bank Company and MB regarding the order of reducing severance compensation and other payments from the Bank Company or MB to comply with this Subparagraph F.6F.5.

Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”). (a) If the present value of all Executive’s severance compensation provided by MB or the Bank under Subparagraph F.4 or F.5 hereof and outside this Agreement is high enough to cause any such payment to be a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then one or more of such payments will be reduced by the minimum amount required to prevent the severance compensation under this Agreement from being a “parachute payment.” (b) Executive may direct the Bank and MB regarding the order of reducing severance compensation and other payments from the Bank or MB to comply with this Subparagraph F.6.

Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”). (a) If the present value of all of Executive’s severance compensation provided by MB or the Bank under Subparagraph F.4 or F.5 hereof and outside this Agreement is high enough to cause any such payment to be a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then one or more of such payments will be reduced by the minimum amount required to prevent the severance compensation under this Agreement from being a “parachute payment.” (b) Executive may direct the Bank and MB regarding the order of reducing severance compensation and other payments from the Bank or MB to comply with this Subparagraph F.6.

Golden Parachute Limitation. Severance compensation under Subparagraphs Paragraph F.4 and or F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”). (a) If the present value of all Executive’s severance compensation provided by MB or the Bank Company under Subparagraph Paragraph F.4 or F.5 hereof and outside this Agreement is high enough to cause any such payment to be a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then one or more of such payments will be reduced by the minimum amount required to prevent the severance compensation under this Agreement from being a “parachute payment.” (b) Executive may direct the Bank and MB Company regarding the order of reducing severance compensation and other payments from the Bank or MB Company to comply with this Subparagraph F.6Paragraph F.7.

Golden Parachute Limitation. Severance compensation under Subparagraphs F.4 and Paragraph F. 4 or F.5 hereof will be reduced as provided below to avoid the penalties imposed on “parachute payments” under the Internal Revenue Code of 1986 (the “Code”). (a) If the present value of all Executive’s severance compensation provided by MB or the Bank under Subparagraph Paragraph F.4 or F.5 hereof and outside this Agreement is high enough to cause any such payment to be a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then one or more of such payments will be reduced by the minimum amount required to prevent the severance compensation under this Agreement from being a “parachute payment.” (b) Executive may direct the Bank and MB regarding the order of reducing severance compensation and other payments from the Bank or MB to comply with this Subparagraph F.6Paragraph F.7.