Severance Reduction. An employee eligible for a severance payment as provided in Sections 1 through 3 of this article shall have their maximum severance amount reduced by an amount equal to the Board’s total contribution to the employee’s matching plan.
Severance Reduction. An individual eligible for the severance package shall have their maximum severance amount reduced by the amount of the employer matching contribution to the Matching Plan described in Article XVII, Section 1. Should the employee choose not to participate in the Matching Plan, there will be no reduction in severance.
Severance Reduction. Employees eligible for and participating in the matching plan will have their severance payment reduced by the amount of the Board’s total contribution, as outlined in Section 4, Subd. 2.
Severance Reduction. Notwithstanding paragraph 5 above, in the event that any payment or distribution made, or benefit provided under this Agreement, together with any other payment or distribution made, or benefit provided under this Agreement, by the Company to or for the benefit of you, would constitute an "excess parachute payment" as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"), then the Company may reduce or eliminate any payments or benefits provided herein so that the aggregate present value of all payments in the nature of compensation to you which are contingent on a change of control is One Dollar ($1.00) less than the amount which you could receive without being considered to have received any excess parachute payment. The determination of the amount of any reduction required or permitted by this paragraph 6 shall be made by an independent accounting firm selected by the Company and acceptable to you, and that determination shall be conclusive and binding on you and the Company.
Severance Reduction. In the event that the provision to you of any of the severance payments or benefits described in this Agreement will be deemed to be "excess parachute payments" under Internal Revenue Code section 280(G), the Company may reduce or eliminate such payments or benefits to the extent necessary to avoid all taxes and penalties under that section, and you shall not be entitled to receive any additional or different compensation or benefits as a result of such reduction or elimination.
Severance Reduction. If your employment with Azure or AME, as applicable, is terminated prior to the one-year anniversary of the payment date of the Azure Retention Bonus, and you are entitled to a severance payment under a severance policy of Azure or AME, as applicable, the amount of such severance payment shall be reduced by the portion of the Retention Bonus already paid as of such termination date and, only if your employment with AME is terminated, that remains payable under Section 4. The terms and conditions of the severance payment (other than as described herein) shall be governed by the applicable severance policy.
