Document ID: 16187

Text:
(a) If any of the payments or benefits received or to be received by the Executive including, without limitation, any payment or benefits received in connection with a Change in Control or the Executive's termination of employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise (all such payments collectively referred to herein as the 280G Payments) constitute parachute payments within the meaning of Section 280G of the Internal Revenue Code (the Code) and would, but for this Section 5.10, be subject to the excise tax imposed under Section 4999 of the Code (the Excise Tax), then prior to making the 280G Payments, a calculation shall be made comparing (i) the Net Benefit (as defined below) to the Executive of the 280G Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the 280G Payments are limited to the extent necessary to avoid being subject to the Excise Tax. If, and only if, the amount calculated under (i) above is less than the amount under (ii) above, the 280G Payments will be reduced to the minimum extent necessary so that no portion of the 280G Payments is subject to the Excise Tax. "Net Benefit" shall mean the present value of the 280G Payments net of all federal, state, local, foreign income, payroll, and excise taxes. If multiple amounts are subject to reduction, the amounts shall be reduced (but not below zero) in a manner determined by the Company that is consistent with the requirements of Section 409A of the Code (Section 409A) and otherwise so as to maximize the after-tax benefit to the Executive.

Named Entities:
83
84
Regulation
87
89
Act
113
114
Regulation
306
307
Regulation

Tokenized Text:
(
a
)
If
any
of
the
payments
or
benefits
received
or
to
be
received
by
the
Executive
including
,
without
limitation
,
any
payment
or
benefits
received
in
connection
with
a
Change
in
Control
or
the
Executive
'
s
termination
of
employment
,
whether
pursuant
to
the
terms
of
this
Agreement
or
any
other
plan
,
arrangement
or
agreement
,
or
otherwise
(
all
such
payments
collectively
referred
to
herein
as
the
280G
Payments
)
constitute
parachute
payments
within
the
meaning
of
Section
280G
of
the
Internal
Revenue
Code
(
the
Code
)
and
would
,
but
for
this
Section
5
.
10
,
be
subject
to
the
excise
tax
imposed
under
Section
4999
of
the
Code
(
the
Excise
Tax
)
,
then
prior
to
making
the
280G
Payments
,
a
calculation
shall
be
made
comparing
(
i
)
the
Net
Benefit
(
as
defined
below
)
to
the
Executive
of
the
280G
Payments
after
payment
of
the
Excise
Tax
to
(
ii
)
the
Net
Benefit
to
the
Executive
if
the
280G
Payments
are
limited
to
the
extent
necessary
to
avoid
being
subject
to
the
Excise
Tax
.
If
,
and
only
if
,
the
amount
calculated
under
(
i
)
above
is
less
than
the
amount
under
(
ii
)
above
,
the
280G
Payments
will
be
reduced
to
the
minimum
extent
necessary
so
that
no
portion
of
the
280G
Payments
is
subject
to
the
Excise
Tax
.
"
Net
Benefit
"
shall
mean
the
present
value
of
the
280G
Payments
net
of
all
federal
,
state
,
local
,
foreign
income
,
payroll
,
and
excise
taxes
.
If
multiple
amounts
are
subject
to
reduction
,
the
amounts
shall
be
reduced
(
but
not
below
zero
)
in
a
manner
determined
by
the
Company
that
is
consistent
with
the
requirements
of
Section
409A
of
the
Code
(
Section
409A
)
and
otherwise
so
as
to
maximize
the
after-tax
benefit
to
the
Executive
.