Limit on Payments. If payments or benefits under this Agreement, after taking into account all other payments or benefits to which the Participant is entitled from the Company, are expected to result in an excise tax on the Participant or the loss of certain tax deductions by the Company by reason of Code Section 280G and 4999, then payments under this Agreement shall be reduced to an amount such that all payments to the Participant from the Company, which are considered contingent upon the Change in Control, shall not exceed 2.99 times the Participant's Base Amount as defined in Code Section 280G.
Appears in 4 contracts
Samples: Executive Employee Salary Continuation Agreement (Choiceone Financial Services Inc), Executive Employee Salary Continuation Agreement (Choiceone Financial Services Inc), Executive Employee Salary Continuation Agreement (Choiceone Financial Services Inc)
