Company Payment. Notwithstanding any other provision of this Section 9, if (i) there is a reduction in the payments to an Executive as described in this Section 9, (ii) the IRS later determines that the Executive is liable for the Excise Tax, the payment of which would result in the maximization of the Executive’s net after-tax proceeds (calculated as if the Executive’s benefits had not previously been reduced), and (iii) the Executive pays the Excise Tax, then the Company shall pay to the Executive those payments which were reduced pursuant to this Section 9 as soon as administratively possible after the Executive pays the Excise Tax so that the Executive’s net after-tax proceeds with respect to the Payments are maximized.
Appears in 4 contracts
Samples: Key Employee Retention Agreement (Emulex Corp /De/), Key Employee Retention Agreement (Emulex Corp /De/), Key Employee Retention Agreement (Emulex Corp /De/)
