Modified Cut-Back. Notwithstanding the foregoing Section 10(a), if it shall be determined that the amount of any payment due Executive pursuant to Section 10(a) above would result in less than $20,000 in net after-tax value to Executive, then no Gross-Up payment shall be made to Executive and the total payments due Executive pursuant to Section 10(a) shall be reduced to an amount that would not result in the imposition of any Excise Tax.
Appears in 3 contracts
Samples: Employment Agreement (Stillwater Mining Co /De/), Employment Agreement (Stillwater Mining Co /De/), Employment Agreement (Stillwater Mining Co /De/)
Modified Cut-Back. Notwithstanding the foregoing Section 10(a)foregoing, if it shall be determined that the amount of any payment due Executive pursuant to this Section 10(a) above would result in less than $20,000 in net after-tax value to Executive, then no Gross-Up payment shall be made to Executive and the total payments due Executive pursuant to this Section 10(a) shall be reduced to an amount that would not result in the imposition of any Excise Tax.
Appears in 2 contracts
Samples: Employment Agreement (El Capitan Precious Metals Inc), Employment Agreement (El Capitan Precious Metals Inc)
Modified Cut-Back. Notwithstanding the foregoing Section 10(a11(a), if it shall be determined that the amount of any payment due Executive pursuant to Section 10(a11(a) above would result in less than $20,000 in net after-tax value to Executive, then no Gross-Up payment up Payment shall be made to Executive and the total payments due Executive pursuant to Section 10(a11(a) shall be reduced to an amount that would not result in the imposition of any Excise Tax.
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