Common use of Applicable Tax Rates Clause in Contracts

Applicable Tax Rates. For purposes of determining whether the Employee would receive a greater net after-tax benefit were the amounts payable under this Agreement reduced in accordance with Section 3(e)(iii), the Employee shall be deemed to pay: (A) Federal income taxes at the highest applicable marginal rate of Federal income taxation for the calendar year in which the first amounts are to be paid hereunder, and (B) any applicable state and local income taxes at the highest applicable marginal rate of taxation for such calendar year, net of the maximum reduction in Federal incomes taxes which could be obtained from the deduction of such state or local taxes if paid in such year, provided, however, that the Employee may request that such determination be made based on his individual tax circumstances, which shall govern such determination so long as the Employee provides to the Accountants such information and documents as the Accountants shall reasonably request to determine such individual circumstances.

Applicable Tax Rates. For purposes of determining whether the -------------------- Employee would receive a greater net after-tax benefit were the amounts payable under this Agreement reduced in accordance with Section 3(e)(iii), the Employee shall be deemed to pay: (A) Federal income taxes at the highest applicable marginal rate of Federal income taxation for the calendar year in which the first amounts are to be paid hereunder, and (B) any applicable state and local income taxes at the highest applicable marginal rate of taxation for such calendar year, net of the maximum reduction in Federal incomes taxes which could be obtained from the deduction of such state or local taxes if paid in such year, ; provided, however, that the Employee may request that such determination be made based on his individual tax circumstances, which shall govern such determination so long as the Employee provides to the Accountants such information and documents as the Accountants shall reasonably request to determine such individual circumstances.