Common use of Amount of Payment Clause in Contracts

Amount of Payment. The Gross-Up Payment shall be equal to the amount necessary so that the net amount of the severance benefits received by the Executive, after subtracting the excise tax imposed under Code § 4999 (“excise tax”), and after also subtracting all federal, state or local income tax, FICA and the excise tax on the Gross-Up Payment itself, shall be equal to the net amount the Executive would have received if no excise tax had been imposed and no Gross-Up Payment had been paid.

Amount of Payment. The Gross-Up Payment shall be equal to the amount necessary so that the net amount of the severance benefits received retained by the Executive, after subtracting the excise tax imposed under Code § Section 4999 (“"excise tax”"), and after also subtracting all federal, state or local income tax, FICA and the excise tax on the Gross-Up Payment itself, shall be equal to the net amount the Executive would have received retained if no excise tax had been imposed and no Gross-Up Payment had been paid.

Amount of Payment. The Gross-Up Payment shall be equal to the amount necessary so that the net amount of the severance benefits received retained by the Executive, after subtracting the excise tax imposed under Code § 4999 (“excise tax”), and after also subtracting all federal, state or local income tax, FICA and the excise tax on the Gross-Up Payment itself, shall be equal to the net amount the Executive would have received retained if no excise tax had been imposed and no Gross-Up Payment had been paid.