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 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 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 retained received 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 retained 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 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 retained if no excise tax had been imposed and no Gross-Up Payment had been paid.