Common use of Avoidance of Penalty Taxes Clause in Contracts

Avoidance of Penalty Taxes. This Section 5 shall be interpreted so as to avoid the imposition of excise taxes on the Executive under Section 4999 of the Code, and the Executive may in his sole discretion elect to reduce any payments he may be eligible to receive under this Agreement to prevent the imposition of such excise taxes.

Avoidance of Penalty Taxes. This Section 5 shall be interpreted so as to avoid the imposition of excise taxes on the Executive under Section 4999 of the Code, and Code or the Executive may in his sole discretion elect disallowance of a deduction to reduce any payments he may be eligible the Corporation pursuant to receive Section 280G(a) of the Code with respect to amounts payable under this Agreement to prevent the imposition of such excise taxesor otherwise.