Common use of Adjustment for Taxes Clause in Contracts

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 the Company's Sterling’s independent public accountants or the Internal Revenue Service determine determines that any payment, coverage, benefit or benefit acceleration provided to the EmployeeExecutive, 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 CompanySterling, within thirty (30) 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" ” (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 state and Federal income tax rate applicable to the receipt by the Employee 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 the Company's Sterling’s intention that the Employee's Executive’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 the CompanySterling's independent public accountants or the Internal Revenue Service determine determines that any payment, coverage, benefit or benefit acceleration provided to the EmployeeExecutive, 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"), the CompanySterling, within thirty (30) 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 state and Federal income tax rate applicable to the receipt by the Employee 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 the CompanySterling's intention that the EmployeeExecutive'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.