Common use of Payments in the Event of Application of An Excise Tax Clause in Contracts

Payments in the Event of Application of An Excise Tax. In the event that any payments under this Agreement or any other compensation, benefit or other amount from the Company for the benefit of the Executive are subject to the tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (including any applicable interest and penalties, the "Excise Tax"), the payments provided for under this Agreement shall be reduced (except for required tax withholdings) to an amount that is $1.00 less than the amount that would trigger such Excise Tax.

Payments in the Event of Application of An Excise Tax. In the event that any payments under this Agreement or any other compensation, benefit or other amount from the Company for the benefit of the Executive are subject to the tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "“Code"”) (including any applicable interest and penalties, the "“Excise Tax"”), the payments provided for under this Agreement shall be reduced (except for required tax withholdings) to an amount that is $1.00 less than the amount that would trigger such Excise Tax.