Benefit Reduction Sample Clauses

Benefit Reduction. Should any of your severance benefits under ----------------- this letter agreement (when aggregated with other such benefits) be deemed to be parachute payments under Code Section 280G, then the dollar amount of your severance payment under Paragraphs 1 and 2 will be reduced to the extent (and only to the extent) necessary to provide you with the maximum after-tax benefit available, after taking into account any parachute excise tax which might otherwise be payable by you under Code Section 4999 and any analogous State income tax provision.

Benefit Reduction. In the event of a Change in Control, the following limitations shall become applicable:

Benefit Reduction. In the event any payments are required to be made pursuant to Section 3 hereof, the first dollar amount of such payments shall be reduced to the extent necessary to assure that the payments that are received pursuant to the terms and conditions of this Agreement which are "parachute payments" under Internal Revenue Code Section 280G (or any successor section) and the Department of Treasury regulations issued thereunder do not exceed the maximum amount which may be paid hereunder without such amounts being treated as subject to a loss of a federal income tax deduction under such section.

Benefit Reduction. (a) To the extent the aggregate Present Value, measured as of the Change in Control, of (i) the Equity Award Parachute Payment (or installments thereof) plus (ii) the Parachute Payment attributable to your other Change in Control Severance Benefits under Part Two of the Agreement would, when added to the Present Value of all of your Other Parachute Payments, exceed the Benefit Limit, then the following reductions shall be made to the Change in Control Severance Benefits to which you are otherwise entitled under Part Two of this Agreement and your Equity Awards, to the extent necessary to assure that such Benefit Limit is not exceeded: first, the dollar amount of the Severance Payment to which you would otherwise be entitled shall be reduced, and then the number of shares or share equivalents which would otherwise be purchasable under your Equity Awards shall be reduced (based on the amount of the Equity Award Parachute Payment attributable to each such Equity Award) to the extent necessary to eliminate such excess, with the actual Equity Awards to be so reduced to be determined by you. (b) In the event your employment is terminated by the Company during the Pre-Closing Period for any reason other than a Termination for Cause, the Benefit Limit shall be calculated in good faith first at the time of such termination, with such calculation to be based upon the probability of the consummation of the contemplated Change in Control within the Pre-Closing Period, and any benefit reduction required by Paragraph 2 of this Part Three on the basis of such good-faith calculation shall be applied at that time. The Benefit Limit shall be recalculated in accordance with this Part Three as soon as administratively practicable following the expiration of the Pre-Closing Period. To the extent any Equity Awards are reduced and terminated in connection with the initial calculation made at the time of your termination of employment, those Equity Awards will not be subsequently restored in connection with the re-calculation of the Benefit Limit following the expiration of the Pre-Closing Period, even if those terminated Equity Awards could have otherwise fallen within the Benefit Limit as so re-calculated.

Benefit Reduction. The annual benefit under this Section 2.1 shall be reduced by the sum of the following amounts: (a) Fifty percent (50%) of the amount of the Executive’s annual Social Security Benefit; (b) The value of employer contributions under the Bank’s 401(k) Plan; (c) The value of employer contributions under the Bank’s Executive Deferred Compensation Plan; and (d) The value of employer contributions under the Bank’s Long-Term Incentive Retirement Plan.

Benefit Reduction. If it is determined (in the reasonable opinion of independent public accountants then regularly retained by the Company), that any amount payable to Employee under this Agreement or any other plan, program or agreement under which Employee participates or is a party would constitute an “Excess Parachute Payment” within the meaning of Section 280G of the Code (or any similar provision), subject to the excise tax imposed by Section 4999 of the Code, as amended from time to time (the “Excise Tax”), then the amount of benefits payable to the Employee under any provision of this Agreement will be reduced to the extent necessary so that no portion of the amounts payable to the Employee is subject to the Excise Tax. Employee will be responsible for any and all Excise Taxes (or similar taxes imposed upon such payments). The determination of the amount of reduction, if any, in the amounts payable to the Employee will be made in good faith by the Company’s independent public accountants, and a written statement setting forth the calculation thereof will be provided to the Employee.

Benefit Reduction. If the bank member is entitled to other income benefits, as defined below, or if such income benefits become payable to the bank member, his or her spouse, child, parent or other auxiliary for the same period of disability for which a weekly benefit is payable in accordance with the terms of this Agreement, then the amount of such weekly payments which is payable hereunder shall be reduced by the amounts of these other incomes. Other income benefits, referred to above, include: a. Any amount payable under any Worker’s Compensation Law, Occupational Disease Law, or any other legislation of similar purpose. b. The amount of any disability income benefits provided under any compulsory benefit act or law. c. Any periodic cash payable by virtue of the entitlement of the bank member, or which would have been payable if any application for the same were approved, under the Federal Social Security Act (primary and family benefits) provided that this Section 3 shall be inapplicable in any case in which due proof is submitted to the Town of Bedford that, after determination, the Bank member’s application for such Social Security cash payments has been disallowed.

Benefit Reduction. If you are getting CalFresh benefits now, you may repay by having your household's benefits reduced for all or part of the amount owed. Repayment by this method will be 10% of your monthly benefit or $10 each month, whichever is more.

Benefit Reduction. The purpose of this insurance is to extend to you a reasonable level of income when you are disabled, but it is not designed to give you income which would exceed or even equal your normal take-home pay when you are working. For this reason, the benefits that you receive from the plan will be reduced by any income from the following sources.