Common use of ELIMINATION OF GROSS-UP PAYMENT FOR EXCISE TAX Clause in Contracts

ELIMINATION OF GROSS-UP PAYMENT FOR EXCISE TAX. It is the intent of the parties hereto to eliminate any requirement or obligation of the Company to provide a Gross-Up Payment for any Excise Tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, Section 8(c) entitled “Excise Tax” of the Employment Agreement is hereby deleted with the full and complete understanding that to the extent any such Excise Tax is imposed on the Executive, the Company shall have no obligation whatsoever for the payment or reimbursement thereof or for the payment of any Gross-Up Payment. Such liability shall remain the liability of the Executive for all purposes whatsoever.

ELIMINATION OF GROSS-UP PAYMENT FOR EXCISE TAX. It is the intent of the parties hereto to eliminate any requirement or obligation of the Company to provide a Gross-Up Payment for any Excise Tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, Section 8(c) entitled “Excise Tax” of the Employment Agreement is hereby deleted with the full and complete understanding that to the extent any such Excise Tax is imposed on the ExecutiveDirector, the Company shall have no obligation whatsoever for the payment or reimbursement thereof or for the payment of any Gross-Up Payment. Such liability shall remain the liability of the Executive Director for all purposes whatsoever.