Common use of Potential Further Reduction of Benefits Clause in Contracts

Potential Further Reduction of Benefits. If, notwithstanding any reduction described in Section 4.a, the IRS determines that a Participant is liable for the Excise Tax as a result of the receipt of any payments made pursuant to this Plan, then the Participant shall be obligated to pay back to the Company, within thirty (30) days after a final IRS determination or in the event that the Participant challenges the final IRS determination, a final judicial determination, a portion of the Payments equal to the "Repayment Amount." The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to the Company so that the Participant's net after-tax proceeds with respect to the Payments (after taking into account the payment of the Excise Tax and all other applicable taxes imposed on such benefits) shall be maximized. The Repayment Amount shall be zero if a Repayment Amount of more than zero would not result in the Participant's net after-tax proceeds with respect to the Payments being maximized. If the Excise Tax is not eliminated pursuant to this Section 4.c, the Participant shall pay the Excise Tax.

Potential Further Reduction of Benefits. If, notwithstanding any reduction described in this Section 4.a, 8.16 the IRS Internal Revenue Service (“IRS”) determines that a Participant Xxxxxxx is liable for the Excise Tax as a result of the receipt of any payments made pursuant to this PlanPayments, then the Participant Xxxxxxx shall be obligated to pay back to the Company, within thirty (30) 30 days after a final IRS determination or in the event that the Participant Xxxxxxx challenges the final IRS determination, a final judicial determination, a portion of the Payments equal to the "“Repayment Amount." ” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to the Company so that the Participant's Xxxxxxx' net after-tax proceeds with respect to the Payments (after taking into account the payment of the Excise Tax and all other applicable taxes imposed on such benefits) shall be maximized. The Repayment Amount shall be zero if a Repayment Amount of more than zero would not result in the Participant's Xxxxxxx' net after-tax proceeds with respect to the Payments being maximized. If the Excise Tax is not eliminated pursuant to this Section 4.c8.16, the Participant Xxxxxxx shall pay the Excise Tax.

Potential Further Reduction of Benefits. If, notwithstanding any reduction described in Section 4.a3.3(a), the IRS determines that a Participant is liable for the Excise Tax as a result of the receipt of any payments made pursuant to this Plan, then the Participant shall be obligated to pay back to the Company, within thirty (30) days after a final IRS determination or in the event that the Participant challenges the final IRS determination, a final judicial determination, a portion of the Payments equal to the "“Repayment Amount." ” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to the Company so that the Participant's net after-tax proceeds with respect to the Payments (after taking into account the payment of the Excise Tax and all other applicable taxes imposed on such benefits) shall be maximized. The Repayment Amount shall be zero if a Repayment Amount of more than zero would not result in the Participant's net after-tax proceeds with respect to the Payments being maximized. If the Excise Tax is not eliminated pursuant to this Section 4.c3.3(c), the Participant shall pay the Excise Tax.