Common use of Parachute Tax Gross Up Clause in Contracts

Parachute Tax Gross Up. If any payment made, or benefit provided, to or on behalf of Executive pursuant to this Agreement or otherwise ('Payments') results in Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code (or any successor or similar provision) ('Excise Tax'), the Company shall promptly pay Executive an additional amount in cash (the 'Additional Payment') such that after payment by Executive of all taxes, including, without limitation, any income taxes and Excise Tax imposed on the Additional Payment, Executive retains an amount of the Additional Payment equal to the Excise Tax imposed on the Payments. Such determinations shall be made by the Company's independent certified public accountants.

Parachute Tax Gross Up. If any payment made, or benefit provided, to or on behalf of Executive pursuant to this Agreement or otherwise ('“Payments'”) results in Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code (or any successor or similar provision) ('“Excise Tax'”), the Company shall promptly shall, as soon as administratively practicable, pay Executive an additional amount in cash (the '“Additional Payment'”) such that after payment by Executive of all taxes, including, without limitation, any income taxes and Excise Tax imposed on the Additional Payment, Executive retains an amount of the Additional Payment equal to the Excise Tax imposed on the Payments. Such determinations shall be made by the Company's ’s independent certified public accountants.