Common use of Excise Tax Payments Clause in Contracts

Excise Tax Payments. In the event of a determination that a portion of any payment or benefit to the Executive or for his benefit payable or distributable pursuant to the terms of this Agreement is or will be deemed to be an "excess parachute payment" within the meaning of Section 280G(b)(1) of the Internal Revenue Code of 1986, as amended (the "Code") (a "

Excise Tax Payments. (a) In the event of a determination that the Company determines that a portion of any payment or benefit to the Executive or for his benefit payable or distributable pursuant to the terms of this Agreement is or will be deemed to be an "excess parachute payment" within the meaning of Section 280G(b)(1) of the Internal Revenue Code of 1986, as amended (the "Code") (a "