Certain Further Payments by Company Clause Samples
The "Certain Further Payments by Company" clause defines the company's obligation to make additional payments under specific circumstances beyond the initial agreed amounts. Typically, this clause outlines scenarios such as reimbursements for expenses, payment of bonuses, or settlement of outstanding obligations that may arise after the main transaction or agreement is executed. Its core practical function is to ensure that all potential financial responsibilities of the company are clearly addressed, preventing disputes over unforeseen costs and providing clarity for both parties regarding future payments.
Certain Further Payments by Company. (I) TAX REIMBURSEMENT PAYMENT. In the event that any amount or benefit paid ------------------------- or distributed to Executive pursuant to this Agreement, taken together with any amounts or benefits otherwise paid or distributed to Executive by the Company or any affiliate (collectively, the "Covered Payments"), are or become subject to the tax (the "Excise Tax") imposed under Section 4999 of the Internal Revenue Code of 1986, as amended, or any similar tax that may hereafter be imposed, the Company shall pay to the Executive at the time specified in this Section an additional amount (the "Tax Reimbursement Payment") such that the net amount retained by the Executive with respect to such Covered Payments, after deduction of any Excise Tax on the Covered Payments and any Federal, state and local income tax and other tax on the Tax Reimbursement Payment provided for by this Section, but before deduction for any Federal, state or local income or employment tax withholding on such Covered Payments, shall be equal to the amount of the Covered Payments.
Certain Further Payments by Company