Excise Tax Limitation definition

Excise Tax Limitation means the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions that are "subject to the Excise Tax Limitation" under this Plan, other than Post-December 31, 2004 Deferrals. If an Employer determines in good faith that there is a reasonable likelihood that any distribution to be paid to a Participant pursuant to this Plan (other than a distribution of Post-December 31, 2004 Deferrals) would not be deductible by the Employer solely because all or a portion of the distribution would constitute an "excess parachute payment" within the meaning of Code Section 280G, as determined consistent with the proposed regulations issued by the Internal Revenue Service under Code Section 280G, then to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to this Plan is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.6 below. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or his or her Beneficiary (in the event of the Participant's death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Employer during which the distribution is made will not be limited or, if earlier, the date that is twenty-four (24) months following the date on which the distribution was first distributable to the Participant pursuant to the provisions of this Plan.
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Excise Tax Limitation means the following described limitation on a benefit applicable to Pre-409A Deferrals that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions of Pre-409A Deferrals that are “subject to the Excise Tax Limitation” under this Plan. If an Employer determines in good faith that there is a reasonable likelihood that any distribution to be paid to a Participant pursuant to
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Examples of Excise Tax Limitation in a sentence

  • Except as provided in Section 4 (Excise Tax Limitation), nothing in this Agreement shall prevent or limit the Employee's continuing or future participation in any employee benefit plan, program, policy or practice provided by the Company or any of its Affiliates and for which the Employee may qualify, except as specifically provided herein.

  • Upon termination of the Executive’s employment for any reason, the Executive agrees that the Executive’s 12 Excise Tax Limitation .

Related to Excise Tax Limitation

  • Excise Tax means the excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.

  • Excise Tax Act means the Excise Tax Act (Canada);

  • Excise Taxes see Section 5.1.

  • Total Payments means those payments so described in Section 6.2 hereof.

  • Parachute Value of a Payment shall mean the present value as of the date of the change of control for purposes of Section 280G of the Code of the portion of such Payment that constitutes a “parachute payment” under Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.