Common use of Additional Payments by the Company Clause in Contracts

Additional Payments by the Company. If it is determined (as hereafter provided) that any payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program, or arrangement, including without limitation any stock option, stocck appreciation right or similar right or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a “Payment “), would be subject to the excise tax imposed by section 4999 of the Code (or any successor provisions thereto) or to any similar tax imposed by state or local law , or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the “Excise Tax”), then Executive will be entitled to receive an additional payment or payments (a “Gross-Up Payment”) in an amount such that, after payment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including any Excise Tax, imposed upon the Gross-up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments

Additional Payments by the Company. If it is determined (as hereafter provided) that any payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program, or arrangement, including without limitation any stock option, stocck appreciation right or similar right or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a “"Payment “"), would be subject to the excise tax imposed by section 4999 of the Code (or any successor provisions thereto) or to any similar tax imposed by state or local law , or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the “"Excise Tax”"), then Executive will be entitled to receive an additional payment or payments (a “"Gross-Up Payment”") in an amount such that, after payment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including any Excise Tax, imposed upon the Gross-up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments