Adjustment for Taxes. In the event that either the Company's independent public accountants or the Internal Revenue Service determine that any payment, coverage, benefit or benefit acceleration provided to the Employee, whether specifically provided for in this Agreement or otherwise, is subject to the excise tax imposed by Section 4999 (or any successor provision) ("Section 4999") of the Code, the Company, within thirty (30) days thereafter, shall pay to the Executive, in addition to any other payment, coverage or benefit due and owing hereunder, an amount determined by multiplying the rate of excise tax then imposed by Section 4999 by the amount of the "excess parachute payment" received by the Executive (determined without regard to any payments made to the Executive pursuant to this paragraph) and dividing the product so obtained by the amount obtained by subtracting the aggregate local, estate and Federal income tax rate applicable to the receipt by the Employee of the "excess parachute payment" (taking into account the deductibility for Federal income tax purposes of the payment of state and local income taxes thereon) from the amount obtained by subtracting from 1.00 the rate of excise tax then imposed by Section 4999 of the Code, it being the Company's intention that the Employee's net after tax position be identical to that which would have obtained had Sections 280G and 4999 not been a part of the Code.
Adjustment for Taxes. In the event that either Sterling’s independent public accountants or the Internal Revenue Service determines that any payment, coverage, benefit or benefit acceleration provided to Executive, whether specifically provided for in this Agreement or otherwise, is subject to the excise tax imposed by Section 4999 (or any successor provision) (“Section 4999”) of the Internal Revenue Code of 1986, as amended (the “Code”), Sterling, within 30 days thereafter, shall pay to Executive, in addition to any other payment or benefit due and owing hereunder, an amount determined by multiplying the rate of excise tax then imposed by Section 4999 by the amount of the “excess parachute payment” (as defined in Section 280G of the Code) received by Executive (determined without regard to any payments made to the Executive pursuant to this paragraph) and dividing the product so obtained by the amount obtained by subtracting the aggregate local, state and Federal income tax rate applicable to the receipt by Executive of the “excess parachute payment” (taking into account the deductibility for Federal income tax purposes of the payment of state and local income taxes thereon) from the amount obtained by subtracting from 1.00 the rate of excise tax then imposed by Section 4999 of the Code, it being Sterling’s intention that the Executive’s net after tax position be identical to that which would have obtained had Sections 280G and 4999 not been part of the Code.
Adjustment for Taxes. In the event that either the Company’s independent public accountants or the Internal Revenue Service determine that any payment, coverage, benefit or benefit acceleration provided to the Executive, whether specifically provided for in this Agreement or otherwise, is subject to the excise tax imposed by Section 4999 (or any successor provision) (“Section 4999”) of the Code, the Company shall pay to the Executive, in addition to any other payment, coverage or benefit due and owing hereunder, a “Gross-Up Payment” in an amount determined by multiplying the rate of excise tax then imposed by Section 4999 by the amount of the “excess parachute payment” (as defined in Section 280G of the Code) received by the Executive (determined without regard to any payments made to the Executive pursuant to this paragraph) and dividing the product so obtained by the amount obtained by subtracting the aggregate local, estate and Federal income tax rate applicable to the receipt by the Executive of the “excess parachute payment” (taking into account the deductibility for Federal income tax purposes of the payment of state and local income taxes thereon) from the amount obtained by subtracting from 1.00 the rate of excise tax then imposed by Section 4999, it being the Company’s intention that the Executive’s net after tax position be identical to that which the Executive would have obtained had Sections 280G and 4999 not been a part of the Code, provided, however, that the Company may reduce by up to five percent (5%) in the aggregate the amount of payments and benefits provided under this Agreement, but solely to the extent that such reduction will eliminate such excise tax liability. The Gross Up Payments shall be paid in any event not later than three (3) days prior to the date on which the related taxes are to be remitted to the tax authorities. As a result of the uncertainty in the application of Section 4999, it is possible that Gross-Up Payments, if any, which will not have been made by the Company, should have been made, together with any interest, penalties or taxes of any kind thereon, consistent with the calculations required to be made hereunder (a “Underpayment”). The Company shall pay all such Underpayment to or for the benefit of the Executive. The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross-Up Payment within ten (10) business days after the E...
Adjustment for Taxes. The amount of benefits determined pursuant to -------------------- this Section 7.14 shall be appropriately adjusted to take into account Income Taxes in a manner consistent with Section 7.06(b).
Adjustment for Taxes. In addition to the amounts set forth in Section 3(a) and 3(b) hereof for the Base Annual Fee and the Annual Bonus, the Company shall pay to the General Manager an amount equal to the General Manager's Federal, state and local payroll and related taxes associated with the General Manager's salary and bonus payments to Xx. Xxxxxx.
Adjustment for Taxes. In the event that either Sterling's independent public accountants or the Internal Revenue Service determines that any payment, coverage, benefit or benefit acceleration provided to Executive, whether specifically provided for in this Agreement or otherwise, is subject to the excise tax imposed by Section 4999 (or any successor provision) ("Section 4999") of the Internal Revenue Code of 1986, as amended (the "Code"), Sterling, within 30 days thereafter, shall pay to Executive, in addition to any other payment, coverage or benefit due and owing hereunder, an amount determined by multiplying the rate of excise tax then imposed by Section 4999 by the amount of the "excess parachute payment" received by Executive (determined without regard to any payments made to the Executive pursuant to this paragraph) and dividing the product so obtained by the
Adjustment for Taxes. The amount of net after-Tax benefits -------------------- determined pursuant to this Section 8.14 shall take into account Income Taxes, based on the Tax Rate.
Adjustment for Taxes. Tenant shall pay to Landlord an amount equal to its proportionate share (as determined pursuant to Section 5.2(c) above) of any increase in Direct Taxes paid or incurred by Landlord in any tax year following the Base Year above the Direct Taxes paid or incurred by Landlord during the Base Year. The term “Direct Taxes” as used herein shall include all real property taxes on the Building, the land on which the Building is situated, and the various estates in the Building and the land, including, but not limited to, all taxes payable by Landlord by reason of its ownership
Adjustment for Taxes. To the extent that any of the foregoing relocation expenses are treated as wages for federal, state or local income tax purposes, FAMC will “gross up” its reimbursement to the Employee so that the net amount of reimbursement after tax will equal the actual amount of the reimbursement required to be paid to the Employee. Likewise, FAMC will pay any taxes imputed on the bridge loan described in preceding subsection (d). Reimbursement of any of the foregoing Relocation Expenses incurred directly by the Employee shall be made to the Employee within ten (10) days after presentation to FAMC of an itemized accounting and documentation of such expenses.
Adjustment for Taxes. If the Taxes levied or assessed against the Real Property for any tax fiscal year that is wholly or partly within the Term are greater than the applicable Base Year Taxes, Tenant shall pay to Landlord, as additional rent during the calendar year in which such tax increase takes place, the amount or amounts determined for each floor or part of a floor of the Premises as follows: The amount of the increase in Taxes above the applicable Base Year Taxes X Agreed Area of the Premises Agreed Rentable Square Footage of Building for Taxes (385,000 s.f.) X Number of months in the calendar year that the Premises are leased 12 Any additional rent due to Landlord shall be due and payable at the later of (a) the time the Taxes are due and payable or (b) submission by Landlord to Tenant of a written statement showing the amount due including documentation of such changes. All reasonable expenses incurred by Landlord (including attorneys’, appraisers’, consultants’ fees and other costs) in contesting any increase in Taxes, including, but not limited to, any increase in the rate or assessment of the Taxes on the Real Property shall be included as an item of Taxes for the purpose of computing additional rent due hereunder.
