Common use of No Parachute Payments Clause in Contracts

No Parachute Payments. Except as disclosed on Company Disclosure --------------------- ------------------ Schedule 5.18, no officer, director, employee, shareholder or agent (or former ------------- officer, director, employee, shareholder or agent) of the Company is entitled now, or will or may be entitled to as a consequence of this Agreement and the other Purchase Agreements, to any payment or benefit from the Company or the Purchaser which if paid or provided would constitute an "excess parachute payment," as defined in Section 280G of the Code.

Appears in 2 contracts

Samples: Merger Agreement (Intercept Group Inc), Merger Agreement (Netzee Inc)

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No Parachute Payments. Except as disclosed on Company Disclosure --------------------- ------------------ Schedule 5.18, no officer, director, employee, shareholder or agent (or former ------------- officer, director, employee, shareholder or agent) of the Company is entitled now, or will or may be entitled to as a consequence of this Agreement and the other Purchase Agreements, to any payment or benefit from the Company or the Purchaser InterCept which if paid or provided would constitute an "excess parachute payment," as defined in Section 280G of the Code.

Appears in 1 contract

Samples: Merger Agreement (Intercept Group Inc)

No Parachute Payments. Except as disclosed on Company Disclosure --------------------- ------------------ Schedule 5.18, no officer, director, employee, shareholder or agent (or former ------------- officer, director, employee, shareholder or agent) of the Company is entitled now, or will or may be entitled to as a consequence of this Agreement and the other Purchase Agreements, to any payment or benefit from the Company or the Purchaser which if paid or provided would constitute an "excess parachute payment," as defined in Section 280G of the Code.

Appears in 1 contract

Samples: Stock Purchase Agreement (Tanners Restaurant Group Inc)

No Parachute Payments. Except as disclosed on in Company Disclosure --------------------- ------------------ Schedule 5.184.18, no officer, director, employee, shareholder employee or agent (or former ------------- officer, director, employee, shareholder employee or agent) of Company or the Company Subsidiary is entitled now, or will or may be entitled to as a consequence of this Agreement and or the other Purchase AgreementsMerger, to any payment or benefit from the Company or the Purchaser from Parent, which if paid or provided would constitute an "excess parachute payment," as defined in Section 280G of the Code.

Appears in 1 contract

Samples: Merger Agreement (Towne Services Inc)

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No Parachute Payments. Except as disclosed on Company Disclosure --------------------- ------------------ Schedule 5.18, no officer, director, employee, shareholder or agent (or former ------------- officer, director, employee, shareholder or agent) of the Company is entitled now, or will or may be entitled to as a consequence of this Agreement and the other Purchase Agreements, to any payment or benefit from the Company Company, Parent or the Purchaser Acquisition Corp. which if paid or provided would constitute an "excess parachute payment," as defined in Section 280G of the Code.

Appears in 1 contract

Samples: Stock Purchase Agreement (Towne Services Inc)

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