Common use of APPLICATION OF LIMITATION Clause in Contracts

APPLICATION OF LIMITATION. This Section 6 shall apply only if the Employee, on an after-tax basis, would receive more value under this Agreement after the application of this Section 6 than before the application of this Section 6. For this purpose, "after-tax basis" shall mean a calculation taking into account all federal and state income and excise taxes imposed on the Employee, including (without limitation) the excise tax described in section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"). If this Section 6 is applicable, it shall supersede any conflicting provision of this Agreement. The rules set forth in this Section 6 supersede all other agreements between the Employee and the Company with respect to whether the Company shall make a payment or property transfer to, or for the benefit of, the Employee that would subject the Employee to the excise tax described in section 4999 of the Code, and Section 6 of this Agreement shall be deemed to be an amendment of such agreements.

APPLICATION OF LIMITATION. This Section 6 5 shall apply only if the Employee, on an after-tax basis, would receive more value under this Agreement after the application of this Section 6 5 than before the application of this Section 65. For this purpose, "after-tax basis" shall mean a calculation taking into account all federal and state income and excise taxes imposed on the Employee, including (without limitation) the excise tax described in section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"). If this Section 6 5 is applicable, it shall supersede any conflicting provision of this Agreement. The rules set forth in this Section 6 5 supersede all other agreements between the Employee and the Company with respect to whether the Company shall make a payment or property transfer to, or for the benefit of, the Employee that would subject the Employee to the excise tax described in section 4999 of the Code, and Section 6 5 of this Agreement shall be deemed to be an amendment of such agreements.

APPLICATION OF LIMITATION. This Section 6 4 shall apply only if the Employee, on an after-tax basis, would receive more value under this Agreement after the application of this Section 6 4 than before the application of this Section 64. For this purpose, "after-tax basis" shall mean a calculation taking into account all federal and state income and excise taxes imposed on the Employee, including (without limitation) the excise tax described in section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"). If this Section 6 4 is applicable, it shall supersede any conflicting provision of this Agreement. The rules set forth in this Section 6 4 supersede all other agreements between the Employee and the Company with respect to whether the Company shall make a payment or property transfer to, or for the benefit of, the Employee that would subject the Employee to the excise tax described in section 4999 of the Code, and Section 6 4 of this Agreement shall be deemed to be an amendment of such agreements.