Common use of Equalization Payment Clause in Contracts

Equalization Payment. If any of the Special Termination Payment will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (or any similar tax that may hereafter be imposed), the Company shall also pay to the Executive in cash an additional amount (the "Excise Tax Gross-up Payment") such that the net amount retained by the Executive after deduction from the Special Termination Payment and the Excise Tax Gross-up Payment of any Excise Tax imposed upon the Special Termination Payment and any federal, state, local and other taxes (including income taxes, payroll taxes, Excise Tax and any other taxes) imposed upon the Excise Tax Gross-up Payment shall be equal to the original amount of the Special Termination Payment, prior to deduction of any Excise Tax imposed with respect to the Special Termination Payment. The Excise Tax Gross-Up Payment is intended to place the Executive in the same economic position he would have been in if the Excise Tax did not apply. The Excise Tax Gross-up Payment shall be paid to the Executive in full, at the time the Special Termination Payment is paid pursuant to this Agreement. For purposes of determining the Excise Tax Gross-up Payment pursuant to this Section 8.a, the Special Termination Payment shall also include any amounts which would be considered "Parachute Payments" (within the meaning of Section 280G(b)(2) of the Code) to the Executive, including, but not limited to, all items listed in Section 5 of this Agreement to the extent that they are considered to be Parachute Payments such that the Company will absorb the full cost of any Excise Tax thereon and all taxes relating to the Company's absorption of any Excise Taxes."

Equalization Payment. If any of the Special Termination Payment will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (or any similar tax that may hereafter be imposed), the Company shall also pay to the Executive in cash an additional amount (the "Excise Tax Gross-up Payment") such that the net amount retained by the Executive after deduction from the Special Termination Payment and the Excise Tax Gross-up Payment of any Excise Tax imposed upon the Special Termination Payment and any federal, state, state local and other taxes (including income taxes, payroll taxes, Excise Tax and any other taxes) imposed upon the Excise Tax Gross-up Payment shall be equal to the original amount of the Special Termination Payment, prior to deduction of any Excise Tax imposed with respect to the Special Termination Payment. The Excise Tax Gross-Up up Payment is intended to place the Executive in the same economic position he would have been in if the Excise Tax did not apply. The Excise Tax Gross-up Payment shall be paid to the Executive in full, at the time the Special Termination Payment is paid pursuant to this AgreementSection 1 hereof. For purposes of determining the Excise Tax Gross-up Payment pursuant to this Section 8.a3.a, the Special Termination Payment shall also include any amounts which would be considered "Parachute Payments" (within the meaning of Section 280G(b)(2) of the Code) to the Executive, including, but not limited to, all items listed in Section 5 1 of this Agreement to the extent that they are considered to be Parachute Payments such that the Company will absorb the full cost of any Excise Tax thereon and all taxes relating to the Company's absorption of any Excise Taxes."

Equalization Payment. If any of the Special Termination Payment will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (or any similar tax that may hereafter be imposed), the Company shall also pay to the Executive in cash an additional amount (the "Excise Tax Gross-up Payment") such that the net amount retained by the Executive after deduction from the Special Termination Payment and the Excise Tax Gross-up Payment of any Excise Tax imposed upon the Special Termination Payment and any federal, state, state local and other taxes (including income taxes, payroll taxes, Excise Tax and any other taxes) imposed upon the Excise Tax Gross-up Payment shall be equal to the original amount of the Special Termination Payment, prior to deduction of any Excise Tax imposed with respect to the Special Termination Payment. The Excise Tax Gross-Up up Payment is intended to place the Executive in the same economic position he she would have been in if the Excise Tax did not apply. The Excise Tax Gross-up Payment shall be paid to the Executive in full, at the time the Special Termination Payment is paid pursuant to this AgreementSection 1 hereof. For purposes of determining the Excise Tax Gross-up Payment pursuant to this Section 8.a3.a, the Special Termination Payment shall also include any amounts which would be considered "Parachute Payments" (within the meaning of Section 280G(b)(2) of the Code) to the Executive, including, but not limited to, all items listed in Section 5 1 of this Agreement to the extent that they are considered to be Parachute Payments such that the Company will absorb the full cost of any Excise Tax thereon and all taxes relating to the Company's absorption of any Excise Taxes."