parachute payment
(B)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)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 inor 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)Rules similar to the rules of 280G(b)(3) shall apply for purposes of determining the base amount. (E)Rules similar to the rules of paragraphs (3) and (4) ofshall apply.