Common use of Parachute Tax Clause in Contracts

Parachute Tax. (a) In the event that the Employee would, except for this paragraph, be subject to a tax pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), as a result of receiving "parachute payments" (as defined in Section 280G(b)(2)(A) and (d)(3) of the Code) pursuant to this Agreement or any other arrangements between the Company and the Employee, or a deduction would not be allowed to the Company for all or any part of such payments by reason of Section 280G(a) of the Code, such payments shall be reduced so that the aggregate "present value" (as defined in Section 280G(d)(4) of the Code) of such payments is an amount equal to one dollar less than an amount equal to three times the Employee's "base amount," (as defined in Section 280G(b)(3)(a) and (d)(1) and (2) of the Code). To achieve such required reduction in aggregate present value, the Employee shall determine which parachute payments shall be reduced and the amount of each reduction. To enable the Employee to make such determination, the Company shall provide the Employee with such information as is reasonably necessary for such determination.

Parachute Tax. (a) In the event that the Employee would, except for this paragraph, be subject to a tax pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), as a result of receiving "parachute payments" payments (as defined in Section 280G(b)(2)(A) and (d)(3) of the Code) pursuant to this Agreement or any other arrangements between the Company and the Employee, or a deduction would not be allowed to the Company for all or any part of such payments by reason of Section 280G(a) of the Code, such payments shall be reduced so that the aggregate "present value" value (as defined in Section 280G(d)(4) of the Code) of such payments is an amount equal to one dollar less than an amount equal to three times the Employee's "Employee base amount," (as amount,(as defined in Section 280G(b)(3)(a) and (d)(1) and (2) of the Code). To achieve such required reduction in aggregate present value, the Employee shall determine which parachute payments shall be reduced and the amount of each reduction. To enable the Employee to make such determination, the Company shall provide the Employee with such information as is reasonably necessary for such determination.

Parachute Tax. (a) In the event that the Employee would, except for this paragraph, be subject to a tax pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), as a result of receiving "parachute payments" payments (as defined in Section 280G(b)(2)(A) and (d)(3) of the Code) pursuant to this Agreement or any other arrangements between the Company and the Employee, or a deduction would not be allowed to the Company for all or any part of such payments by reason of Section 280G(a) of the Code, such payments shall be reduced so that the aggregate "present value" value (as defined in Section 280G(d)(4) of the Code) of such payments is an amount equal to one dollar less than an amount equal to three times the Employee's "Employees base amount," (as amount,(as defined in Section 280G(b)(3)(a) and (d)(1) and (2) of the Code). To achieve such required reduction in aggregate present value, the Employee shall determine which parachute payments shall be reduced and the amount of each reduction. To enable the Employee to make such determination, the Company shall provide the Employee with such information as is reasonably necessary for such determination.

Parachute Tax. (a) In the event that the Employee would, except for this paragraph, be subject to a tax pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), as a result of receiving "parachute payments" payments (as defined in Section 280G(b)(2)(A) and (d)(3) of the Code) pursuant to this Agreement or any other arrangements between the Company and the Employee, or a deduction would not be allowed to the Company for all or any part of such payments by reason of Section 280G(a) of the Code, such payments shall be reduced so that the aggregate "present value" value (as defined in Section 280G(d)(4) of the Code) of such payments is an amount equal to one dollar less than an amount equal to three times the Employee's "Employees base amount," , (as defined in Section 280G(b)(3)(a) and (d)(1) and (2) of the Code). To achieve such required reduction in aggregate present value, the Employee shall determine which parachute payments shall be reduced and the amount of each reduction. To enable the Employee to make such determination, the Company shall provide the Employee with such information as is reasonably necessary for such determination.