Common use of Reduction in Payments Clause in Contracts

Reduction in Payments. a. For purposes of this Section 10, (i) "PAYMENT" shall mean any payment or distribution in the nature of compensation to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise, (ii) "AGREEMENT PAYMENT" shall mean a Payment paid or payable pursuant to this Agreement (disregarding this Section 10), (iii) "NET AFTER TAX RECEIPT" shall mean the Present Value of a Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Internal Revenue Code of 1986, as amended (the "CODE"), determined by applying the highest marginal rate under Section 1 of the Code which applied to the Executive's taxable income for the immediately preceding taxable year, (iv) "PRESENT VALUE" shall mean such value determined in accordance with Section 280G(d)(4) of the Code, and (v) "SAFE HARBOR" shall mean $1.00 less than three times the Executive's "base amount" within the meaning of that term in Section 280G of the Code.

Reduction in Payments. a. (a) For purposes of this Section 10section, (i) "PAYMENTPayment" shall mean any payment or distribution in the nature of compensation to or for the benefit of the ExecutiveEMPLOYEE, whether paid or payable pursuant to this Agreement or otherwise, ; (ii) "AGREEMENT PAYMENTAgreement Payment" shall mean a Payment paid or payable pursuant to this Agreement (disregarding this Section 10Section), ; (iii) "NET AFTER TAX RECEIPTNet After Tax Receipt" shall mean the Present Value of a Payment net of all taxes imposed on the Executive EMPLOYEE with respect thereto under Sections 1 and 4999 of the Internal Revenue Code of 1986, as amended (the "CODECode"), determined by applying the highest marginal rate under Section 1 of the Code which applied to the Executive's EMPLOYEE'S taxable income for the immediately preceding taxable year, ; (iv) "PRESENT VALUEPresent Value" shall mean such value determined in accordance with Section 280G(d)(42800 (d)(4) of the Code, ; and (v) "SAFE HARBORSafe Harbor" shall mean the sum of $1.00 less than three times the Executive's EMPLOYEE'S "base amount" within the meaning of that term in Section 280G of the Code.

Reduction in Payments. a. (a) For purposes of this Section 10section, (i) "PAYMENTPayment" shall mean any payment or distribution in the nature of compensation to or for the benefit of the Executive, whether paid or payable pursuant to this Agreement or otherwise, ; (ii) "AGREEMENT PAYMENTAgreement Payment" shall mean a Payment paid or payable pursuant to this Agreement (disregarding this Section 10Section), ; (iii) "NET AFTER TAX RECEIPTNet After Tax Receipt" shall mean the Present Value of a Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Internal Revenue Code of 1986, as amended (the "CODE"Code), determined by applying the highest marginal rate under Section 1 of the Code which applied to the Executive's taxable income for the immediately preceding taxable year, ; (iv) "PRESENT VALUEPresent Value" shall mean such value determined in accordance with Section 280G(d)(4280G (d)(4) of the Code, ; and (v) "SAFE HARBORSafe Harbor" shall mean the sum of $1.00 less than three times the Executive's "base amount" within the meaning of that term in Section 280G of the Code.