Parachutes. (a) Notwithstanding any other provision of this Agreement, if all or any portion of the payments and benefits provided under this Agreement (including without limitation any accelerated vesting and any other payment or benefit received in connection with a Change-in-Control or the termination of Executive’s employment), or any other payments and benefits which Executive receives or is entitled to receive under any plan, program, arrangement or other agreement, whether from the Employer or an affiliate of the Employer, or any combination of the foregoing, would constitute an excess “parachute payment” within the meaning of Section 280G of the Code (whether or not under an existing plan, arrangement or other agreement) (each such parachute payment, a “Parachute Payment”), and would result in the imposition on Executive of an excise tax under Section 4999 of the Code or any successor thereto, then the following provisions shall apply:
Appears in 15 contracts
Samples: Employment and Noncompetition Agreement (Sl Green Operating Partnership, L.P.), Employment and Noncompetition Agreement (Sl Green Operating Partnership, L.P.), Employment and Noncompetition Agreement (Sl Green Operating Partnership, L.P.)
