IRC 280G Adjustment. If the benefit payments under this Agreement, either alone or together with other payments to which the Officer is entitled to receive from Umpqua, would constitute an “excess parachute payment” as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), such benefit payments shall be reduced to the largest amount that will result in no portion of benefit payments under this Agreement being subject to the excise tax imposed by Section 4999 of the Code. The determination of any reduction in the benefit payments pursuant to the foregoing provisions, shall be made by mutual agreement of Umpqua and Officer or if no agreement is possible, by the Umpqua’s accountants.
Appears in 7 contracts
Samples: Employment Agreement (Umpqua Holdings Corp), Employment Agreement (Umpqua Holdings Corp), Employment Agreement (Umpqua Holdings Corp)
IRC 280G Adjustment. If the benefit payments under this Agreement, either alone or together with other payments to which the Officer is entitled to receive from Umpqua, would constitute an “"excess parachute payment” " as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “"Code”"), such benefit payments shall be reduced to the largest amount that will result in no portion of benefit payments under this Agreement being subject to the excise tax imposed by Section 4999 of the Code. The determination of any reduction in the benefit payments pursuant to the foregoing provisions, shall be made by mutual agreement of Umpqua and Officer or if no agreement is possible, by the Umpqua’s 's accountants.
Appears in 4 contracts
Samples: Employment Agreement (Umpqua Holdings Corp), Employment Agreement (Umpqua Holdings Corp), Employment Agreement (Umpqua Holdings Corp)
IRC 280G Adjustment. If the benefit payments under this Agreement, either alone or together with other payments to which the Officer is entitled to receive from Umpqua, would constitute an “excess parachute payment” as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), such benefit payments shall be reduced to the largest amount that will result in no portion of benefit payments under this Agreement being subject to the excise tax imposed by Section 4999 of the Code. The determination of any reduction in the benefit payments pursuant to the foregoing provisions, shall be made by mutual agreement of Umpqua and Officer or if no agreement is possible, by the Umpqua’s accountants.
Appears in 3 contracts
Samples: Employment Agreement (Umpqua Holdings Corp), Employment Agreement (Umpqua Holdings Corp), Employment Agreement (Umpqua Holdings Corp)
IRC 280G Adjustment. If the benefit payments under this Agreement, either alone or together with other payments to which the Officer is entitled to receive from Umpqua, would constitute an “"excess parachute payment” " as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “"Code”"), such benefit payments shall be reduced to the largest amount that will result in no portion of benefit payments under this Agreement being subject to the excise tax imposed by Section 4999 of the Code. The determination of any reduction in the benefit payments pursuant to the foregoing provisions, shall be made by mutual agreement of Umpqua and Officer or if no agreement is possible, by the Umpqua’s 's accountants.
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