Common use of Reduction in Payments Clause in Contracts

Reduction in Payments. (a) For purposes of this section, (i) "Payment" shall mean any payment or distribution in the nature of compensation to or for the benefit of EMPLOYEE, whether paid or payable pursuant to this Agreement or otherwise; (ii) "Agreement Payment" shall mean a Payment paid or payable pursuant to this Agreement (disregarding this Section); (iii) "Net After Tax Receipt" shall mean the Present Value of a Payment net of all taxes imposed on EMPLOYEE with respect thereto under Sections 1 and 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), determined by applying the highest marginal rate under Section 1 of the Code which applied to the EMPLOYEE'S taxable income for the immediately preceding taxable year; (iv) "Present Value" shall mean such value determined in accordance with Section 2800 (d)(4) of the Code; and (v) "Safe Harbor" shall mean the sum of $1.00 less than three times the EMPLOYEE'S "base amount" within the meaning of that term in Section 280G of the Code.

Reduction in Payments. (a) a. For purposes of this sectionSection 10, (i) "PaymentPAYMENT" shall mean any payment or distribution in the nature of compensation to or for the benefit of EMPLOYEEthe Executive, whether paid or payable pursuant to this Agreement or otherwise; , (ii) "Agreement PaymentAGREEMENT PAYMENT" shall mean a Payment paid or payable pursuant to this Agreement (disregarding this SectionSection 10); , (iii) "Net After Tax ReceiptNET AFTER TAX RECEIPT" shall mean the Present Value of a Payment net of all taxes imposed on EMPLOYEE the Executive with respect thereto under Sections 1 and 4999 of the Internal Revenue Code of 1986, as amended (the "CodeCODE"), determined by applying the highest marginal rate under Section 1 of the Code which applied to the EMPLOYEE'S Executive's taxable income for the immediately preceding taxable year; , (iv) "Present ValuePRESENT VALUE" shall mean such value determined in accordance with Section 2800 (d)(4280G(d)(4) of the Code; , and (v) "Safe HarborSAFE HARBOR" shall mean the sum of $1.00 less than three times the EMPLOYEE'S Executive's "base amount" within the meaning of that term in Section 280G of the Code.

Reduction in Payments. (a) For purposes of this section, (i) "Payment" shall mean any payment or distribution in the nature of compensation to or for the benefit of EMPLOYEEExecutive, whether paid or payable pursuant to this Agreement or otherwise; (ii) "Agreement Payment" shall mean a Payment paid or payable pursuant to this Agreement (disregarding this Section); (iii) "Net After Tax Receipt" shall mean the Present Value of a Payment net of all taxes imposed on EMPLOYEE Executive with respect thereto under Sections 1 and 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), determined by applying the highest marginal rate under Section 1 of the Code which applied to the EMPLOYEE'S Executive's taxable income for the immediately preceding taxable year; (iv) "Present Value" shall mean such value determined in accordance with Section 2800 280G (d)(4) of the Code; and (v) "Safe Harbor" shall mean the sum of $1.00 less than three times the EMPLOYEE'S Executive's "base amount" within the meaning of that term in Section 280G of the Code.