Common use of Limitation on Severance Payment Clause in Contracts

Limitation on Severance Payment. In the event that the total amount of the Severance Payment due to the Executive pursuant to (P) 7-f-ii together with all other payments and the value of any benefit received or to be received by the Executive in the connection with termination upon a Change in Control constitutes a "Parachute Payment" within the meaning of (S)280G(b)(2) of the Internal Revenue Code of 1986, as amended ("IRC") and such Parachute Payment would result in all or a portion of such payments being subject to the excise tax imposed by (S) 0000 XXX then the amount due to the Executive on termination after a Change in Control shall be either the amount determined in accordance with (P) 7-f-ii or such lesser amount which would not result in any portion of the Severance Pay being subject to an excise tax under (S)4999 IRC, whichever amount, taking into account the applicable Federal, state and local income taxes and the excise tax imposed by (S)4999 IRC results in the receipt by the Executive, on an after-tax basis, of the greatest amount of Severance Pay under this section, notwithstanding that all or some portion of the Severance Pay may be subject to excise tax under (S)4999 IRC.

Limitation on Severance Payment. In the event that the total amount of the Severance Payment due to the Executive pursuant to (P) Paragraph 7-f-ii together with all other payments and the value of any benefit received or to be received by the Executive in the connection with termination upon a Change in Control constitutes a "Parachute Payment" within the meaning of (S)280G(b)(2) of the Internal Revenue Code of 1986, as amended ("IRC") and such Parachute Payment would result in all or a portion of such payments being subject to the excise tax imposed by (S) 0000 XXX then the amount due to the Executive on termination after a Change in Control shall be either the amount determined in accordance with (P) Paragraph 7-f-ii or such lesser amount which would not result in any portion of the Severance Pay being subject to an excise tax under (S)4999 IRC, whichever amount, taking into account the applicable Federal, state and local income taxes and the excise tax imposed by (S)4999 IRC results in the receipt by the Executive, on an after-tax basis, of the greatest amount of Severance Pay under this section, notwithstanding that all or some portion of the Severance Pay may be subject to excise tax under (S)4999 IRC.