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Common use of Overpayment or Underpayment Clause in Contracts

Overpayment or Underpayment. It is possible that after the determinations and selections made pursuant to this Section 8 Executive will receive Covered Payments that are in the aggregate more than the amount provided under this Section 8 (“Overpayment”) or less than the amount provided under this Section 8.4 (“Underpayment”). 8.4.1. In the event that: (A) the Accountants determine, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or Executive which the Accountants believe has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then Executive shall pay any such Overpayment to the Company. 8.4.2. In the event that: (A) the Accountants, based upon controlling precedent or substantial authority, determine that an Underpayment has occurred or (B) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Company to or for the benefit of Executive.

Appears in 7 contracts

Samples: Employment Agreement (Nortech Systems Inc), Employment Agreement (Nortech Systems Inc), Employment Agreement (Nortech Systems Inc)

Overpayment or Underpayment. It is possible that after the determinations and selections made pursuant to this Section 8 Executive will receive Covered Payments that are in the aggregate more than the amount provided under this Section 8 (“Overpayment”) or less than the amount provided under this Section 8.4 (“Underpayment”). 8.4.1. (a) In the event that: (A) the Accountants determine, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or Executive which the Accountants believe has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then Executive shall pay any such Overpayment to the Company. 8.4.2. (b) In the event that: (A) the Accountants, based upon controlling precedent or substantial authority, determine that an Underpayment has occurred or (B) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Company to or for the benefit of Executive.

Appears in 3 contracts

Samples: Employment Agreement (Nortech Systems Inc), Employment Agreement (Nortech Systems Inc), Employment Agreement (Nortech Systems Inc)

Overpayment or Underpayment. It is possible that after the determinations and selections made pursuant to this Section 8 7 Executive will receive Covered Payments that are in the aggregate more than the amount provided under this Section 8 7 (“Overpayment”) or less than the amount provided under this Section 8.4 7 (“Underpayment”). 8.4.1. 7.4.1 In the event that: (A) the Accountants determine, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or Executive which the Accountants believe has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then Executive shall pay any such Overpayment to the Company. 8.4.2. 7.4.2 In the event that: (A) the Accountants, based upon controlling precedent or substantial authority, determine that an Underpayment has occurred or (B) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Company to or for the benefit of Executive.

Appears in 2 contracts

Samples: Employment Agreement (Raven Industries Inc), Employment Agreement (Raven Industries Inc)

Overpayment or Underpayment. It is possible that after the determinations and selections made pursuant to this Section 8 6 Executive will receive Covered Payments that are in the aggregate more than the amount provided under this Section 8 6 (“Overpayment”) or less than the amount provided under this Section 8.4 6 (“Underpayment”). 8.4.1. 6.4.1 In the event that: (A) the Accountants determine, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or Executive which the Accountants believe has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then Executive shall pay any such Overpayment to the Company. 8.4.2. 6.4.2 In the event that: (A) the Accountants, based upon controlling precedent or substantial authority, determine that an Underpayment has occurred or (B) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Company to or for the benefit of Executive.

Appears in 2 contracts

Samples: Employment Agreement (Raven Industries Inc), Employment Agreement (Raven Industries Inc)

Overpayment or Underpayment. It is possible that after the determinations and selections made pursuant to this Section 8 Executive 5(d), you will receive Covered Payments that are in the aggregate more than the amount provided under this Section 8 5(e) (“Overpayment”) or less than the amount provided under this Section 8.4 5(e) (“Underpayment”). 8.4.1. In the event that: (A) the Accountants determine, based upon the assertion of a deficiency by the Internal Revenue Service against either the Company or Executive you which the Accountants believe has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then Executive shall you will pay any such Overpayment to the Company. 8.4.2. In the event that: (A) the Accountants, based upon controlling precedent or substantial authority, determine that an Underpayment has occurred or (B) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Company to or for the benefit of Executiveyour benefit.

Appears in 1 contract

Samples: Retention Bonus Agreement (Raven Industries Inc)