Common use of Adjustments Due to Excise Tax Clause in Contracts

Adjustments Due to Excise Tax. (a) If it is determined that any amount or benefit to be paid or payable to Xxxxxxxx under this Agreement or otherwise in conjunction with his employment (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in conjunction with his employment) would give rise to liability of Xxxxxxxx for the excise tax imposed by Section 4999 of the Internal Revenue Code, as amended from time to time, or any successor provision (the “Excise Tax”), then the amount or benefits payable to Xxxxxxxx (the total value of such amounts or benefits, the “Payments”) shall be reduced by the Company to the extent necessary so that no portion of the Payments to Xxxxxxxx is subject to the Excise Tax. Such reduction shall only be made if the net amount of the Payments, as so reduced (and after deduction of applicable federal, state, and local income and payroll taxes on such reduced Payments other than the Excise Tax (collectively, the “Deductions”)) is greater than the excess of (i) the net amount of the Payments, without reduction (but after making the Deductions), over (ii) the amount of Excise Tax to which Xxxxxxxx would be subject in respect of such Payments. In the event Payments are required to be reduced pursuant to this Section 20(a), Xxxxxxxx shall designate the order in which such amounts or benefits shall be reduced in a manner consistent with Section 409A.

Adjustments Due to Excise Tax. (a) If it is determined that any amount or benefit to be paid or payable to Xxxxxxxx under this Agreement or otherwise in conjunction with his employment (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in conjunction with his employment) would give rise to liability of Xxxxxxxx for the excise tax imposed by Section 4999 of the Internal Revenue Code, as amended from time to time, or any successor provision (the “Excise Tax”), then the amount or benefits payable to Xxxxxxxx (the total value of such amounts or benefits, the “Payments”) shall be reduced by the Company to the extent necessary so that no portion of the Payments to Xxxxxxxx is subject to the Excise Tax. Such reduction shall only be made if the net amount of the Payments, as so reduced (and after deduction of applicable federal, state, and local income and payroll taxes on such reduced Payments other than the Excise Tax (collectively, the “Deductions”)) is greater than the excess of (i) the net amount of the Payments, without reduction (but after making the Deductions), over (ii) the amount of Excise Tax to which Xxxxxxxx would be subject in respect of such Payments. In the event Payments are required to be reduced pursuant to this Section 20(a), Xxxxxxxx shall designate the order in which such amounts or benefits shall be reduced in a manner consistent with Section 409A.Section

Adjustments Due to Excise Tax. (a) If it is determined that any amount or benefit to be paid or payable to Xxxxxxxx the Executive under this Agreement or otherwise in conjunction with his employment (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in conjunction with his employment) would give rise to liability of Xxxxxxxx Busky for the excise tax imposed by Section 4999 of the Internal Revenue Code, as amended from time to time, or any successor provision (the “Excise Tax”), then the amount or benefits payable to Xxxxxxxx Busky (the total value of such amounts or benefits, the “Payments”) shall be reduced by the Company to the extent necessary so that no portion of the Payments to Xxxxxxxx the Busky is subject to the Excise Tax. Such reduction shall only be made if the net amount of the Payments, as so reduced (and after deduction of applicable federal, state, and local income and payroll taxes on such reduced Payments other than the Excise Tax (collectively, the “Deductions”)) is greater than the excess of (i1) the net amount of the Payments, without reduction (but after making the Deductions), ) over (ii2) the amount of Excise Tax to which Xxxxxxxx the Busky would be subject in respect of such Payments. In the event Payments are required to be reduced pursuant to this Section 20(a14(a), Xxxxxxxx the Busky shall designate the order in which such amounts or benefits shall be reduced in a manner consistent with Code Section 409A.

Adjustments Due to Excise Tax. (a) If it is determined that any amount or benefit to be paid or payable to Xxxxxxxx Xxxxxxxxxx under this Agreement or otherwise in conjunction with his employment (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in conjunction with his employment) would give rise to liability of Xxxxxxxx Xxxxxxxxxx for the excise tax imposed by Section 4999 of the Internal Revenue Code, as amended from time to time, or any successor provision (the “Excise Tax”), then the amount or benefits payable to Xxxxxxxx Xxxxxxxxxx (the total value of such amounts or benefits, the “Payments”) shall be reduced by the Company to the extent necessary so that no portion of the Payments to Xxxxxxxx Xxxxxxxxxx is subject to the Excise Tax. Such reduction shall only be made if the net amount of the Payments, as so reduced (and after deduction of applicable federal, state, and local income and payroll taxes on such reduced Payments other than the Excise Tax (collectively, the “Deductions”)) is greater than the excess of (i) the net amount of the Payments, without reduction (but after making the Deductions), over (ii) the amount of Excise Tax to which Xxxxxxxx Xxxxxxxxxx would be subject in respect of such Payments. In the event Payments are required to be reduced pursuant to this Section 20(a), Xxxxxxxx Xxxxxxxxxx shall designate the order in which such amounts or benefits shall be reduced in a manner consistent with Section 409A.

Adjustments Due to Excise Tax. (a) If it is determined that any amount or benefit to be paid or payable to Xxxxxxxx Rxxxxx under this Agreement or otherwise in conjunction with his employment (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise in conjunction with his employment) would give rise to liability of Xxxxxxxx Rxxxxx for the excise tax imposed by Section 4999 of the Internal Revenue Code, as amended from time to time, or any successor provision (the “Excise Tax”), then the amount or benefits payable to Xxxxxxxx Rxxxxx (the total value of such amounts or benefits, the “Payments”) shall be reduced by the Company to the extent necessary so that no portion of the Payments to Xxxxxxxx Rxxxxx is subject to the Excise Tax. Such reduction shall only be made if the net amount of the Payments, as so reduced (and after deduction of applicable federal, state, and local income and payroll taxes on such reduced Payments other than the Excise Tax (collectively, the “Deductions”)) is greater than the excess of (i) the net amount of the Payments, without reduction (but after making the Deductions), over (ii) the amount of Excise Tax to which Xxxxxxxx Rxxxxx would be subject in respect of such Payments. In the event Payments are required to be reduced pursuant to this Section 20(a), Xxxxxxxx Rxxxxx shall designate the order in which such amounts or benefits shall be reduced in a manner consistent with Section 409A.