Limitations on Payments Related to Change in Control. Notwithstanding the foregoing, the payment described in paragraph 5(f)(ii) shall be automatically reduced to an amount that is less than the amount that would cause it to be a "parachute payment" within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code.
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Sources: Employment Agreement (Pacific Financial Corp), Employment Agreement (Pacific Financial Corp), Employment Agreement (Pacific Financial Corp)
Limitations on Payments Related to Change in Control. Notwithstanding the foregoing, the payment described in paragraph 5(f)(ii) shall be automatically reduced to an amount that is less than the amount that would cause it to be a "βparachute payment" β within the meaning of Section 280G(b)(2)(A) of the Internal Revenue Code.
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