No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q) of the Company Disclosure Schedule ("Primary Company Executives"), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "disqualified individual" (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "Parachute Gross Up Payment"). The Company has provided Parent with a calculation, as Section 3.01(q) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of (i) the "base amount" (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 3 contracts
Samples: Agreement and Plan of Merger (International Speedway Corp), Agreement and Plan of Merger (Action Performance Companies Inc), Agreement and Plan of Merger (International Speedway Corp)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("Primary Company Executives"), no amount or other entitlement or economic benefit that could reasonably be expected to be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Company Stockholder Approval or the Parent Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Voting Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "disqualified individual" (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "Parachute Gross Up Payment"). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "base amount" (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Company Stockholder Approval or the Parent Stockholder Approval, the consummation of the Merger or any the other transaction transactions contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 3 contracts
Samples: Agreement and Plan of Merger (Olin Corp), Agreement and Plan of Merger (Chase Industries Inc), Exhibit 1 Agreement and Plan of Merger (Citigroup Inc)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("“Primary Company Executives"”), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement (alone or the Shareholder Agreement (in combination with any other event, including as a result of termination of employment on or following the Effective Time) (such actions, collectively, “Merger Actions”) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "“disqualified individual" ” (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "“excess parachute payment" ” (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or Company, any of its Subsidiaries, Parent, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "“Parachute Gross Up Payment"”). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "“base amount" ” (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose who holds any Company Stock Options or Company Restricted Shares that will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the any Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time) Action and (ii) the estimated Company’s reasonable, good faith estimate of the maximum amount, including any Parachute Gross Up Payment, amount that could be paid received (whether in cash or provided to property or the vesting of property, and including the amount of any tax gross-up) by each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the any Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated thereinAction.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Olin Corp), Agreement and Plan of Merger (Pioneer Companies Inc)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("“Primary Company Executives"”), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "“disqualified individual" ” (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "“excess parachute payment" ” (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its SubsidiariesCompany, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "“Parachute Gross Up Payment"”). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "“base amount" ” (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount of “parachute payments” as defined in Section 280G of the Code that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Closure Medical Corp), Agreement and Plan of Merger (Closure Medical Corp)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("Primary Company Executives"), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, director or employee or consultant of the Company or any of its Affiliates who is a "disqualified individual" (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code), and no . No such disqualified individual person is entitled to receive any additional payment from the Company or any of its SubsidiariesCompany, the Surviving Corporation or any other person (a "Parachute Gross Up Payment") in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "person. The Board of Directors of the Company has not granted to any officer, director or employee of the Company any right to receive any Parachute Gross Up Payment"). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of (i) the "base amount" (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time) Merger and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any the other transaction transactions contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or during a fixed period following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Johnson & Johnson), Agreement and Plan of Merger (Heartport Inc)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q4.01(m) of the Company Disclosure Schedule Letter ("“Primary Company Executives"”), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, Approval or the consummation of the Offer, the Merger or any other transaction contemplated by this Agreement (alone or the Shareholder Agreement (in combination with any other event, including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "“disqualified individual" ” (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "“excess parachute payment" ” (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or Company, any of its Subsidiaries, Parent, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "“Parachute Gross Up Payment"”). The Company has provided Parent with a calculation, as Section 3.01(q4.01(m) of the Company Disclosure Schedule Letter sets forth, calculated as of the date set forth therein of this Agreement, (i) the "“base amount" ” (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose who holds any Company Stock Options Options, Company Restricted Shares or Company PSU Awards that will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, Approval or the consummation of the Offer, the Merger or any other transaction contemplated by this Agreement (alone or the Shareholder Agreement (in combination with any other event, including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount of “parachute payments” as defined in Section 280G of the Code that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, Approval or the consummation of the Offer, the Merger or any other transaction contemplated by this Agreement (alone or the Shareholder Agreement (in combination with any other event, including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Mentor Corp /Mn/), Agreement and Plan of Merger (Johnson & Johnson)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("“Primary Company Executives"”), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement (alone or the Shareholder Agreement (in combination with any other event, including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "“disqualified individual" ” (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "“excess parachute payment" ” (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or Company, any of its Subsidiaries, Parent, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "“Parachute Gross Up Payment"”). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "“base amount" ” (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose who holds any Company Stock Options or Company Restricted Shares that will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement (alone or the Shareholder Agreement (in combination with any other event, including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount of “parachute payments” as defined in Section 280G of the Code that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement (alone or the Shareholder Agreement (in combination with any other event, including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 1 contract
Samples: Agreement and Plan of Merger (Conor Medsystems Inc)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(n) of the Company Disclosure Schedule Letter ("“Primary Company Executives"”), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "“disqualified individual" ” (as such term is defined in the 1989 proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "“excess parachute payment" ” (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "“Parachute Gross Up Payment"”). The Company has provided Parent with a calculation, as Section 3.01(q3.01(n) of the Company Disclosure Schedule Letter sets forth, calculated as of the date set forth therein of this Agreement, (i) a good faith estimate of the "“base amount" ” (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 1 contract
Samples: Agreement and Plan of Merger (Meridian Medical Technologies Inc)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("“Primary Company Executives"”), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "“disqualified individual" ” (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "“excess parachute payment" ” (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "“Parachute Gross Up Payment"”). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "“base amount" ” (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount of “parachute payments” as defined in Section 280G of the Code that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 1 contract
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q) of the Company Disclosure Schedule ("“Primary Company Executives"”), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "“disqualified individual" ” (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein as an "“excess parachute payment" ” (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "“Parachute Gross Up Payment"”). The Company has provided Parent with a calculation, as Section 3.01(q) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of (i) the "“base amount" ” (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 1 contract
Samples: Agreement and Plan of Merger (Speedway Motorsports Inc)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q) of the Company Disclosure Schedule ("Primary Company Executives"), no No amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "“disqualified individual" ” (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "“excess parachute payment" ” (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "Parachute Gross Up Payment")individual. The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forthforth the Company’s good faith estimate, calculated as of the date set forth therein of this Agreement, (i) the "“base amount" ” (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive the Company’s chief executive officer and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement(collectively, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time“Primary Company Executives”) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount of “parachute payments” as defined in Section 280G of the Code that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 1 contract
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("Primary Company Executives"), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "disqualified individual" (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "Parachute Gross Up Payment"). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "base amount" (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.this
Appears in 1 contract
Samples: Merger Agreement (3 Dimensional Pharmaceuticals Inc)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q) of the Company Disclosure Schedule ("Primary Company Executives"), no No amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "disqualified individual" (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "Parachute Gross Up Payment")individual. The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forthforth the Company's good faith estimate, calculated as of the date set forth therein of this Agreement, (i) the "base amount" (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive the Company's chief executive officer and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement(collectively, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time"Primary Company Executives") and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount of "parachute payments" as defined in Section 280G of the Code that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 1 contract
Samples: 82 Agreement and Plan of Merger (Johnson & Johnson)
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("Primary Company Executives"), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "disqualified individual" (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "Parachute Gross Up Payment"). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "base amount" (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount of "parachute payments" as defined in Section 280G of the Code that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 1 contract
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("Primary Company Executives"), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "disqualified individual" (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified individual (a "Parachute Gross Up Payment"). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "base amount" (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 1 contract
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("Primary Company Executives"), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "disqualified individual" (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified dis qualified individual (a "Parachute Gross Up Payment"). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "base amount" (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Agreement, the obtaining of the Shareholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.this
Appears in 1 contract
No Excess Parachute Payments. Other than payments or benefits that may be made to the persons listed in Section 3.01(q3.01(m) of the Company Disclosure Schedule ("Primary Company Executives"), no amount or other entitlement or economic benefit that could be received (whether in cash or property or the vesting of property) as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of termination of employment on or following the Effective Time) by or for the benefit of any director, officer, employee or consultant of the Company or any of its Affiliates who is a "disqualified individual" (as such term is defined in proposed Treasury Regulation Section 1.280G-1) under any Company Benefit Plan, Company Benefit Agreement or otherwise would be set forth therein characterized as an "excess parachute payment" (as such term is defined in Section 280G(b)(1) of the Code), and no such disqualified individual is entitled to receive any additional payment from the Company or any of its Subsidiaries, the Surviving Corporation or any other person in the event that the excise tax required by Section 4999(a) of the Code is imposed on such disqualified dis qualified individual (a "Parachute Gross Up Payment"). The Company has provided Parent with a calculation, as Section 3.01(q3.01(m) of the Company Disclosure Schedule sets forth, calculated as of the date set forth therein of this Agreement, (i) the "base amount" (as such term is defined in Section 280G(b)(3) of the Code) for (A) each Primary Company Executive and (B) each other disqualified individual (defined as set forth above) whose Company Stock Options will vest pursuant to their terms in connection with the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time) and (ii) the estimated maximum amount, including any Parachute Gross Up Payment, amount that could be paid or provided to each Primary Company Executive as a result of the execution and delivery of this Agreement, the Shareholder Stockholder Agreement, the obtaining of the Shareholder Stockholder Approval, the consummation of the Merger or any other transaction contemplated by this Agreement or the Shareholder Stockholder Agreement (including as a result of any termination of employment on or following the Effective Time), in each case subject to the assumptions stated therein.
Appears in 1 contract
