Common use of Certain Excise Tax Provisions Clause in Contracts

Certain Excise Tax Provisions. Notwithstanding anything herein to the contrary: (a) Additional Payment. In the event that (i) any payments or benefits received or to be received by Employee in connection with Employee’s employment with the Company (or termination thereof), whether under this Agreement or otherwise (the “Total Payments”), would subject Employee to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), and (ii) the amount of total “parachute payment” as defined in Section 280G(b) of the Code to be paid to the Employee is equal to or greater than 110 percent (110%) of 2.99 times the Employee’s “base amount” as defined in Section 280G(b)(3) of the Code (the “Safe Harbor Amount”), then the Company shall pay Employee in cash an additional amount (the “Gross-Up Payment”) such that the net amount retained by Employee after deduction of any Excise Tax upon the Total Payments and any federal, state and local income tax and Excise Tax upon the Gross-Up Payment shall be equal to the Total Payments. Such payments shall be made by the Company to Employee within thirty (30) days of Employee’s taxable year next following Employee’s taxable year in which Employee remits the related taxes to the taxing authorities.

Certain Excise Tax Provisions. Notwithstanding anything herein to the contrary: (a) Additional Payment. In the event that (i) any payments or benefits received or to be received by Employee in connection with Employee’s employment with the Company (or termination thereof), whether under this Agreement or otherwise (the “Total Payments”), would subject Employee to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”) (such tax, the “Excise Tax”), and (ii) the amount of total “parachute payment” as defined in Section 280G(b) of the Code to be paid to the Employee is equal to or greater than 110 percent (110%) of 2.99 times the Employee’s “base amount” as defined in Section 280G(b)(3) of the Code (the “Safe Harbor Amount”), then the Company shall pay Employee in cash an additional amount (the “Gross-Up Payment”) such that the net amount retained by Employee after deduction of any Excise Tax upon the Total Payments and any federal, state and local income tax and Excise Tax upon the Gross-Up Payment shall be equal to the Total Payments. Such payments shall be made by the Company to Employee within thirty (30) days of Employee’s taxable year next following Employee’s taxable year in which Employee remits the related taxes to the taxing authoritiestaxes.