Common use of Certain Other Payments Clause in Contracts

Certain Other Payments. If the Executive is liable for the payment of any excise tax (the “Basic Excise Tax”) pursuant to Section 4999 of the Code, or any successor or like provision, with respect to any payment or property transfers received or to be received under this Agreement or otherwise, the Company shall pay the Executive an amount (the “Special Reimbursement”) which, after payment by the Executive (or on the Executive’s behalf) of any federal, state and local taxes, including, without limitation, any further excise tax under said Section 4999, with respect to or resulting from the Special Reimbursement, equals the net amount of the Basic Excise Tax. The Special Reimbursement shall be paid as soon as possible after it is determined by the Company or the Executive and reviewed for accuracy by the Company’s certified public accountants, but in all events no later than the last day of the calendar year after the calendar year in which the applicable Basic Excise Tax is paid.