Document ID: 11749

Text:
4.8 Parachute Payment. If any payment or benefit CFO would receive pursuant to this Agreement (Payment) would (i)constitute a Parachute Payment within the meaning of Section280G of the Internal Revenue Code of 1986, as amended (the Code), and (ii)but for this sentence, be subject to the excise tax imposed by Section4999 of the Code (the Excise Tax), then such Payment shall be equal to the Reduced Amount. The Reduced Amount shall be either (x)the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y)the largest portion, up to and including the total of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in CFO s receipt, on an after-tax basis, of the greatest economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting Parachute Payments is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the manner that results in the greatest economic benefit for CFO . If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata.

Named Entities:
11
11
Role
33
33
Regulation
36
40
Act

Tokenized Text:
4
.
8
Parachute
Payment
.
If
any
payment
or
benefit
CFO
would
receive
pursuant
to
this
Agreement
(
Payment
)
would
(
i
)
constitute
a
Parachute
Payment
within
the
meaning
of
Section280G
of
the
Internal
Revenue
Code
of
1986
,
as
amended
(
the
Code
)
,
and
(
ii
)
but
for
this
sentence
,
be
subject
to
the
excise
tax
imposed
by
Section4999
of
the
Code
(
the
Excise
Tax
)
,
then
such
Payment
shall
be
equal
to
the
Reduced
Amount
.
The
Reduced
Amount
shall
be
either
(
x
)
the
largest
portion
of
the
Payment
that
would
result
in
no
portion
of
the
Payment
being
subject
to
the
Excise
Tax
or
(
y
)
the
largest
portion
,
up
to
and
including
the
total
of
the
Payment
,
whichever
amount
,
after
taking
into
account
all
applicable
federal
,
state
and
local
employment
taxes
,
income
taxes
,
and
the
Excise
Tax
(
all
computed
at
the
highest
applicable
marginal
rate
)
,
results
in
CFO
s
receipt
,
on
an
after-tax
basis
,
of
the
greatest
economic
benefit
notwithstanding
that
all
or
some
portion
of
the
Payment
may
be
subject
to
the
Excise
Tax
.
If
a
reduction
in
payments
or
benefits
constituting
Parachute
Payments
is
necessary
so
that
the
Payment
equals
the
Reduced
Amount
,
reduction
shall
occur
in
the
manner
that
results
in
the
greatest
economic
benefit
for
CFO
.
If
more
than
one
method
of
reduction
will
result
in
the
same
economic
benefit
,
the
items
so
reduced
will
be
reduced
pro
rata
.