Parachute Payments and Parachute Awards. Notwithstanding the provisions of SECTION 13f, but subject to any contrary provisions in a Participant's employment agreement with the Company or any Parent or Subsidiary thereof, if, in connection with a Change in Control, a tax under Section 4999 of the Code would be imposed on the Participant (after taking into account the exceptions set forth in Sections 280G(b)(4) and 280G(b)(5) of the Code), then the Company shall pay the Participant an amount equal to the tax under Section 4999.
Appears in 3 contracts
Samples: Grant Agreement (Aerobic Creations, Inc.), Grant Agreement (Aerobic Creations, Inc.), Grant Agreement (Aerobic Creations, Inc.)
Parachute Payments and Parachute Awards. Notwithstanding the provisions of SECTION 13f13F, but subject to any contrary provisions in a Participant's employment agreement with the Company or any Parent or Subsidiary thereof, if, in connection with a Change in Control, a tax under Section 4999 of the Code would be imposed on the Participant (after taking into account the exceptions set forth in Sections 280G(b)(4) and 280G(b)(5) of the Code), then the Company shall pay the Participant an amount equal to the tax under Section 4999.
Appears in 2 contracts
Samples: Director and Founders Agreement (Aerobic Creations, Inc.), Grant Agreement (Aerobic Creations, Inc.)
