Common use of Excise Tax Equalization Payment Clause in Contracts

Excise Tax Equalization Payment. If the Executive becomes entitled ------------------------------- to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "Total Payments") , if all or any part of the Total Payments will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the "Gross-Up Payment") in such amount such that after payment by the Executive of any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA), the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax upon the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical following the Effective Date of Termination, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. If the Executive becomes entitled ------------------------------- to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "“Total Payments") ”), if all or any part of the Total Payments will be subject to the tax (the "“Excise Tax"”) imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the "“Gross-Up Payment"”) in such amount such that after payment by the Executive of any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA), the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax upon the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical following the Effective Date of Termination, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. If the Executive Colleague becomes entitled ------------------------------- to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "Total Payments") , if all or any part of the Total Payments will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed), the Company shall pay to the Executive Colleague in cash an additional amount (the "Gross-Up Payment") in such amount such that after payment the net amount retained by the Executive Colleague after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA), the Executive retains an amount of the Gross-Up Payment shall be equal to the Excise Tax upon the Total Payments. Such payment shall be made by the Company to the Executive Colleague as soon as practical following the Effective Date of Termination, but in no event beyond thirty (30) days from such date.