Parachute Amount definition

Parachute Amount to which Executive shall be entitled pursuant to Section 15(d) shall equal 2.99 times Executive's base amount.

Parachute Amount means an amount equal to the greater of the Severance Amount or the Minimum Severance Amount provided for in Subparagraph 7(d)(i).

Parachute Amount shall have the same meaning as the term “parachute payment” defined in Section 280G(b)(2) of the Code and the regulations and rulings thereunder and, to the extent included in such definition, shall include all payments to Executive in the nature of compensation which are contingent on a change in ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, including the accelerated vesting of any stock options granted to Executive.

Examples of Parachute Amount in a sentence

• Should it be determined that the aggregate Present Value (measured as of the Closing Date) of the Parachute Payment attributable to the Payment(s) does not exceed one hundred ten percent (110%) of the Permissible Parachute Amount, then no Gross-Up Payment shall be made to Executive under Paragraph 1 of this Appendix.

• In the event the Parachute Amount is required to be reduced pursuant to this subparagraph, the payments under this Agreement that are included in the Parachute Amount shall be reduced in the following order of priority: (i) first from cash compensation, (ii) next from equity compensation, then (iii) pro-rata among all remaining payments; provided, however, that payments that are not subject to Section 409A shall be reduced before any payments that are subject to Section 409A are reduced.

• The Escrow Arrangement shall be maintained until the earlier of (A) eighteen (18) months after the occurrence of the first event constituting a Change in Control or (B) the payment to Executive of the Parachute Amount pursuant to the provisions of Subparagraph 8(b)(i).

• Within fifteen (15) days after the occurrence of the first event constituting a Change in Control, the Company shall place funds in an amount equal to the estimated Parachute Amount in escrow, pursuant to arrangements that are mutually acceptable to the Company and Executive providing for the payment of the Parachute Amount in the event Executive becomes entitled thereto pursuant to Subparagraph 8(b)(i) (the "Escrow Arrangement").

• For the avoidance of doubt, this provision shall reduce the Parachute Amount otherwise payable to Executive, only if doing so would place Executive in a better net after-tax present-value economic position as compared with not doing so (taking into account any excise taxes payable in respect of such Parachute Amount).

More Definitions of Parachute Amount

Parachute Amount means an amount equal to the Severance Amount provided for in Subparagraph 7(d)(i). In the event an enhanced severance plan is adopted by the Company, Executive shall be entitled to receive the same level of severance benefits as the Executive Vice Presidents.

Parachute Amount means an amount equal to three (3) times the sum of Executive's Average Base Salary and Average Incentive Compensation, each as determined in Subparagraph 8(d)(i) (i.e. the "Parachute Amount" shall mean an amount equal to 150% of the Severance Amount provided for in Subparagraph 8(d)(i)).

Parachute Amount means an amount equal to 150% of the Severance Amount provided for in Subparagraph 8(d)(i)).

Parachute Amount means an amount equal to such additional amounts to which Executive shall be entitled in accordance with the Company's then current severance policies, provided, that at a minimum Executive shall be entitled to receive an amount in a lump sum equal to three (3) times the sum of Executive's Average Base Salary and Average Incentive Compensation. For purposes of this Supplemental Agreement, "Average Base Salary" shall mean the average of the annual Base Salary received by Executive pursuant to Section 4(a) of the Employment Agreement for each of the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company. For purposes of this Supplemental Agreement, "Average Incentive Compensation" shall mean the average of the annual cash bonuses received by Executive pursuant to Section 4(b) of the Employment Agreement for the three (3) immediately preceding fiscal years or such fewer number of complete fiscal years as Executive may have been employed by the Company.

Parachute Amount means an amount equal to (i) the greater ---------------- of $3,000,000,00 or the Severance Amount or, if applicable, the Minimum Severance Amount provided for in subparagraph 8(d)(i), plus (ii) any amount computed by reference to subparagraphs 9(c) or 9(d) of this Agreement or otherwise which are deemed to be a "Parachute Payment" within the meaning of Section 280G(b)(2) of the Code.

Parachute Amount has the meaning set forth in Section 3.20(c).

Parachute Amount means, with respect to any individual, the amount of any retention, change in control or similar payment that such individual would become entitled to in connection with or as a result of the transactions contemplated by this Agreement.