Common use of Reduction for "Parachute Payments Clause in Contracts

Reduction for "Parachute Payments. Notwithstanding anything in this Agreement to the contrary, any amounts payable hereunder to the Executive in connection with a change in control, as well as any other "parachute payments," as such term is defined under Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), payable under any other plans, agreements or policies of the Company, shall be reduced to the extent necessary to assure that the Executive does not become subject to the excess parachute payment excise tax under Section 4999 of the Code and the Company does not lose all or part of its compensation deduction for such payments.

Reduction for "Parachute Payments. Notwithstanding anything in this Agreement to the contrary, any amounts payable hereunder to the Executive in connection with a change in control, as well as any other "“parachute payments," ” as such term is defined under Section 280G of the Internal Revenue Code of 1986, as amended (the "“Code"”), payable under any other plans, agreements or policies of the Company, shall be reduced to the extent necessary to assure that the Executive does not become subject to the excess parachute payment excise tax under Section 4999 of the Code and the Company does not lose all or part of its compensation deduction for such payments.