Sections 280G/4999 Golden Parachute Tax. (A) If during or after the Employee's employment with Employer, Employee becomes subject to the excise tax imposed by Internal Revenue Code ("IRC") Section 4999 (the "Parachute Excise Tax"), the parties agree that if the aggregate of all "parachute payments" (as such term is used under IRC Section 280G) exceeds 300% of the "base amount" (as such term is used under IRC Section 280G), then, subject to Section 6.02(B), the parachute payment shall be reduced to 299.99% of such base amount.
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Samples: Employment Agreement (Ivivi Technologies, Inc.), Employment Agreement (Ivivi Technologies, Inc.)
Sections 280G/4999 Golden Parachute Tax. (A) If during or after the Employee's employment with Employer, Employee becomes subject to the excise tax imposed by Internal Revenue Code ("IRC") Section 4999 (the "Parachute Excise Tax"), the parties agree that if the aggregate of all "parachute payments" (as such term is used under IRC Section 280G) exceeds 300% of the "base amount" (as such term is used under IRC Section 280G), then, subject to Section 6.02(B6.05(B), the parachute payment shall be reduced to 299.99% of such base amount.
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Sections 280G/4999 Golden Parachute Tax. (A) If during or after the Employee's employment with Employer, Employee becomes subject to the excise tax imposed by Internal Revenue Code ("IRC") Section 4999 (the "Parachute Excise Tax"), the parties agree that if the aggregate of all "parachute payments" (as such term is used under IRC Section 280G) exceeds 300% of the "base amount" (as such term is used under IRC Section 280G)) by less than $50,000, then, subject to Section 6.02(B), then the parachute payment shall be reduced to 299.99% of such base amount, with such reduction being determined by Employee in his sole discretion.
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