Limitation on Payment. Notwithstanding anything in this Agreement to the contrary, if the total of the payments to be received under this Agreement, together with any other payments or benefits received from the Company or the Bank (including under the Change in Control Agreement), will be an amount that would cause them to be a "parachute payment" within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code of 1986, as amended (the "PARACHUTE PAYMENT AMOUNT"), then the sum of the payments to Executive shall be reduced so that the total amount thereof is $1 less than the Parachute Payment Amount.
Appears in 5 contracts
Samples: Employment Agreement (Pacific Continental Corp), Employment Agreement (Pacific Continental Corp), Employment Agreement (Pacific Continental Corp)
