(5) Excess parachute payment For purposes of determining the tax imposed by subsection (a)(2)— (A) In general The term “excess parachute payment” means an amount equal to the excess of any parachute payment over the portion of the base amount allocated to such payment. (B) Parachute payment The term “parachute payment” means any payment in the nature of compensation to (or for the benefit of) a covered employee if— (i) such payment is contingent on such employee’s separation from employment with the employer, and (ii) the aggregate present value of the payments in the nature of compensation to (or for the benefit of) such individual which are contingent on such separation equals or exceeds an amount equal to 3 times the base amount. (C) Exception Such term does not include any payment— (i) described in section 280G(b)(6) (relating to exemption for payments under qualified plans), (ii) made under or to an annuity contract described in section 403(b) or a plan described in section 457(b), (iii) to a licensed medical professional (including a veterinarian) to the extent that such payment is for the performance of medical or veterinary services by such professional, or (iv) to an individual who is not a highly compensated employee as defined in section 414(q). (D) Base amount Rules similar to the rules of 280G(b)(3) shall apply for purposes of determining the base amount. (E) Property transfers; present value Rules similar to the rules of paragraphs (3) and (4) of section 280G(d) shall apply.