Document ID: 15114

Text:
| Company (Payment) would constitute in whole or in part an excess parachute payment within the meaning of Section 280G of the Internal Revenue Code of 1986 , as amended (the Code) subject to the excise tax imposed by Section4999 of the Code (the Excise Tax), then such Payment shall be either (i)the full amount of such Payment or (ii)such lesser amount (with cash payments being reduced before equity compensation) as would result if the Payment were reduced until no portion of the Payment was subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal state and local employment taxes, income taxes, and the Excise Tax, results in Executives retention, on an after-tax basis, of the greater net amount. ---|---

Named Entities:
20
21
Regulation
24
28
Act
43
43
Regulation

Tokenized Text:
|
Company
(
Payment
)
would
constitute
in
whole
or
in
part
an
excess
parachute
payment
within
the
meaning
of
Section
280G
of
the
Internal
Revenue
Code
of
1986
,
as
amended
(
the
Code
)
subject
to
the
excise
tax
imposed
by
Section4999
of
the
Code
(
the
Excise
Tax
)
,
then
such
Payment
shall
be
either
(
i
)
the
full
amount
of
such
Payment
or
(
ii
)
such
lesser
amount
(
with
cash
payments
being
reduced
before
equity
compensation
)
as
would
result
if
the
Payment
were
reduced
until
no
portion
of
the
Payment
was
subject
to
the
Excise
Tax
,
whichever
of
the
foregoing
amounts
,
taking
into
account
the
applicable
federal
state
and
local
employment
taxes
,
income
taxes
,
and
the
Excise
Tax
,
results
in
Executives
retention
,
on
an
after-tax
basis
,
of
the
greater
net
amount
.
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