Common use of Excise Payments Clause in Contracts

Excise Payments. If Executive is Terminated other than for Cause or resigns for Good Reason, in each case, in connection with a Significant Event, any payment to such Executive shall be increased to provide for the payment of an additional amount (the "Gross-Up Amount") such that the net amount retained by the Executive, after payment of (a) any excise taxes due on the payment under Section 4999 of the Code or any corresponding or applicable state law provision ("Excise Taxes") and (b) any federal, state or local income tax and any Excise Taxes due in respect of the Gross-Up Amount, shall equal that payment. Any Gross-Up Amount paid under this Agreement shall be in addition to, but not in duplication of, any Gross-Up Amount as defined in and paid under the Severance Agreement.