Payments in Excess of $1 Million. If any payment hereunder, including but not limited to, a Severance Payment under Section 5(c)(ii) or 5(e) or Change in Control Compensation under Section 6, would not be deductible by the Company for federal income tax purposes by reason of Code section 162(m), or any similar or successor statute (excluding Code section 280G), such payment shall be deferred and the amount thereof shall be paid to Executive at the earliest time that such payment shall be deductible by the Company.
Appears in 5 contracts
Samples: Executive Employment Agreement (Patriot National, Inc.), Executive Employment Agreement (Patriot National, Inc.), Executive Employment Agreement (Patriot Risk Management, Inc.)
Payments in Excess of $1 Million. If any payment hereunder, including but not limited to, a Severance Payment under Section 5(c)(ii) or 5(e) or Change in Control Compensation under Section 6, would not be deductible by the Company for federal income tax purposes by reason of Code section Section 162(m), or any similar or successor statute (excluding Code section Section 280G), such payment shall be deferred and the amount thereof shall be paid to Executive at the earliest time that such payment shall be deductible by the Company.
Appears in 2 contracts
Samples: Executive Employment Agreement (Patriot Risk Management, Inc.), Executive Employment Agreement (Patriot Risk Management, Inc.)
Payments in Excess of $1 Million. If any payment hereunder, including but not limited to, a Severance Payment under Section 5(c)(ii) or 5(e) or Change in Control Compensation under Section 6, would not be deductible by the Company for federal income tax purposes by reason of Code section 162(m), or any similar or successor statute (excluding Code section 280G), such payment shall be deferred and the amount thereof shall be paid to Executive at the earliest time that such payment shall be deductible by the Company.
Appears in 1 contract
Samples: Executive Employment Agreement (Patriot National, Inc.)
