Common use of Certain Reduction of Payments by the Company Clause in Contracts

Certain Reduction of Payments by the Company. In the event that any payment or benefit received or to be received by Executive in connection with a termination of his employment with Employer would constitute a "parachute payment" within the meaning of Code Section 280G or any similar or successor provision to 280G and/or would be subject to any excise tax imposed by Code Section 4999 or any similar or successor provision, then Employer shall assume all liability for the payment of any such tax and Employer shall immediately reimburse Executive on a "grossed-up" basis for any income taxes attributable to Executive by reason of such Employer payment and reimbursements.