Reduction in Severance Benefit If Net After Sample Clauses

Reduction in Severance Benefit If Net After. Tax Benefit ------------------------------------------------------- from Gross-Up Not More than $5,000. Notwithstanding any other provision of this ---------------------------------- paragraph 7, if the Net After-Tax Benefit (as defined below) Executive would realize after receipt of the Gross-Up Payment would not exceed by more than $5,000 the Net After-Tax Benefit Executive would realize if the Severance Benefit were reduced to the extent required, in the opinion of Tax Counsel, to prevent subjection of any part of the remaining Severance Benefit and other payments and benefits to which Executive is entitled to the Excise Tax, then Executive shall not be entitled to the Gross-Up Payment and his Severance Benefit shall be so reduced. SPI shall determine which elements of the Severance Benefit shall be reduced to conform to the provisions of this paragraph, provided, however, that there shall be no reduction under this paragraph in the amount payable to Executive under a deferred compensation arrangement between SPI and Executive to the extent such amount is attributable to deferrals elected by Executive or to Executive's vested interest, determined as of the date of termination of employment without regard to any acceleration resulting from a Change in Control, in nonelective deferrals credited to him. Any determination made by Tax Counsel pursuant to this paragraph shall be conclusive and binding on Executive; subject only to a determination under the provisions of paragraph 7.7 that an Excise Tax is payable. "Net After-Tax Benefit" shall mean the sum of the parachute payments (within the meaning of section 280G of the Code) payable to Executive under this agreement and all other plans, practices, policies, or programs of SPI, reduced by the federal, state, and local income taxes payable with respect to the parachute payments and by any Excise Tax imposed on Executive with respect to the parachute payments.
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Related to Reduction in Severance Benefit If Net After

  • Reduction of Severance Benefits If any payment or benefit that the Executive would receive from any Company Group member or any other party whether in connection with the provisions in this Agreement or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Payment will be equal to the Best Results Amount. The “Best Results Amount” will be either (x) the full amount of the Payment or (y) a lesser amount that would result in no portion of the Payment being subject to the Excise Tax, whichever of those amounts, taking into account the applicable federal, state and local employment taxes, income taxes and the Excise Tax, results in the Executive’s receipt, on an after-tax basis, of the greater amount. If a reduction in payments or benefits constituting parachute payments is necessary so that the Payment equals the Best Results Amount, reduction will occur in the following order: (A) reduction of cash payments in reverse chronological order (that is, the cash payment owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first cash payment to be reduced); (B) cancellation of equity awards that were granted “contingent on a change in ownership or control” within the meaning of Section 280G of the Code in the reverse order of date of grant of the awards (that is, the most recently granted equity awards will be cancelled first); (C) reduction of the accelerated vesting of equity awards in the reverse order of date of grant of the awards (that is, the vesting of the most recently granted equity awards will be cancelled first); and (D) reduction of employee benefits in reverse chronological order (that is, the benefit owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first benefit to be reduced). In no event will the Executive have any discretion with respect to the ordering of Payment reductions. The Executive will be solely responsible for the payment of all personal tax liability that is incurred as a result of the payments and benefits received under this Agreement, and the Executive will not be reimbursed, indemnified, or held harmless by any member of the Company Group for any of those payments of personal tax liability.

  • Amount of Severance Benefit If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall:

  • Death After Separation from Service But Before Benefit Distributions Commence If the Executive is entitled to benefit distributions under this Agreement, but dies prior to the commencement of said benefit distributions, the Bank shall distribute to the Beneficiary the same benefits that the Executive was entitled to prior to death except that the benefit distributions shall commence within thirty (30) days following receipt by the Bank of the Executive’s death certificate.

  • No Duplication of Severance Benefits The severance and other benefits provided in Article 3 and Article 4 are mutually exclusive of each other, and in no event shall Executive receive any severance or other benefits pursuant to both Article 3 and Article 4.

  • Death After Termination of Employment But Before Benefit Payments Commence If the Executive is entitled to benefit payments under this Agreement, but dies prior to the commencement of said benefit payments, the Company shall pay the benefit payments to the Executive's beneficiary that the Executive was entitled to prior to death except that the benefit payments shall commence on the first day of the month following the date of the Executive's death.

  • Lump Sum Severance Payment Payment of a lump sum amount equal to twelve (12) months of Executive’s then-current Base Salary plus the Pro Rated Bonus, less all customary and required taxes and employment-related deductions, paid on the first payroll date following the date on which the Release required by Paragraph 4(g) becomes effective and non-revocable, but not after seventy (70) days following the effective date of termination from employment.

  • Death Benefit Amount The Death Benefit Amount as of any Business Day prior to the Annuity Date is equal to the greater of:

  • Cash Severance Benefits Severance equal to the amount set forth in the Participant’s Participation Agreement and payable in cash in a lump sum in accordance with the terms and conditions of this Plan, including without limitation Section 7 hereof.

  • Description of Severance Benefits In the event the Executive becomes entitled to receive Severance Benefits, as provided in Sections 2.1 and 2.2 herein, the Company shall pay to the Executive and provide him with the following Severance Benefits:

  • Severance Amount If the Company is required to pay Executive severance by the express terms of Section 7(a) or 7(b), the Company shall pay Executive the following as severance:

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