Provisions Relating to Parachute Payments. If payments and benefits to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, would result in total Parachute Payments to the Executive with a value equal to or greater than one hundred percent (100%) of the Parachute Payment Limit, the Executive may, in his sole discretion, elect to reduce the amount payable pursuant to Section 5(b) so that the value of all Parachute Payments to the Executive, whether or not made pursuant to this Agreement, is equal to the Parachute Payment Limit minus One Dollar ($1.00).
Appears in 12 contracts
Samples: Executive Severance Agreement (Cantel Medical Corp), Executive Severance Agreement (Cantel Medical Corp), Executive Severance Agreement (Cantel Medical Corp)
Provisions Relating to Parachute Payments. (a) If payments and benefits to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, would result in total Parachute Payments to the Executive with a value equal to or greater than one hundred percent (100%) but less than one hundred ten percent (110%) of the Parachute Payment Limit, the Executive may, in his sole discretion, elect to reduce the amount payable pursuant to Section 5(bSubsection 7(b) or 8(b), as applicable, shall be reduced so that the value of all Parachute Payments to the Executive, whether or not made pursuant to this Agreement, is equal to the Parachute Payment Limit minus One Dollar ($1.00).
Appears in 2 contracts
Samples: Employment Agreement (Old National Bancorp /In/), Employment Agreement (Old National Bancorp /In/)
Provisions Relating to Parachute Payments. (a) If payments and benefits to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, would result in total Parachute Payments to the Executive with a value equal to or greater than one hundred percent (100%) but less than one hundred ten percent (110%) of the Parachute Payment Limit, the Executive may, in his sole discretion, elect to reduce the amount payable pursuant to Section Subsection 5(b) or 6(b), as applicable shall be reduced so that the value of all Parachute Payments to the Executive, whether or not made pursuant to this Agreement, is equal to the Parachute Payment Limit minus One Dollar ($1.00).
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Old National Bancorp /In/), Agreement and Plan of Merger (Monroe Bancorp)
Provisions Relating to Parachute Payments. (a) If payments and benefits to or for the benefit of the Executive, whether pursuant to this Agreement or otherwise, would result in total Parachute Payments to the Executive with a value equal to or greater than one hundred percent (100%) of the Parachute Payment Limit, the Executive may, in his sole discretion, elect to reduce the amount payable pursuant to Section 5(b) the Executive, shall be reduced so that the value of all Parachute Payments to the ExecutiveExecutive (determined in accordance with Code Section 280G), whether or not made pursuant to this Agreement, is equal to the Parachute Payment Limit minus One Dollar ($1.00)., accomplished by first reducing any amounts payable pursuant
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