Common use of Excise Tax Equalization Payment Clause in Contracts

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to severance benefits under this Agreement or any other agreement with or plan of the Company (in the aggregate, the “Total Payments”), if any of the Total Payments will [be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code] or any similar excise tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the “Gross-Up Payment”), such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Article 9.4 (including FICA and FUTA), shall be equal to the Total Payments. The Company shall make such payment to the Executive as soon as practicable following the Effective Date of Termination, but in no event beyond thirty (30) days from such date. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s residence on the Effective Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. The Company’s Compensation Committee shall determine, based upon the advice of the Company’s independent certified public accountants, whether any payments or benefits hereunder are subject to the Excise Tax.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to severance benefits or any other payment or benefit under this Agreement Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “"Total Payments”"), if any of the Total Payments will [be subject to the tax (the “"Excise Tax”") imposed by Section 4999 of the Code] Code (or any similar excise tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the “"Gross-Up Payment”"), such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Article 9.4 Section 8.4 (including FICA and FUTA), shall be equal to the Total Payments. The Company shall make such payment to the Executive as soon as practicable following the Effective Date of Termination, but in no event beyond thirty (30) days from such date. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s 's residence on the Effective Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. The Company’s 's Compensation Committee shall determine, based upon the advice of the Company’s 's independent certified public accountants, whether any payments or benefits hereunder are subject to the Excise Tax.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to severance benefits under this Agreement or any other agreement with or plan of the Company (in the aggregate, the “"Total Payments”"), if any of the Total Payments will [be subject to the tax (the “"Excise Tax”") imposed by Section 4999 of the Code] or any similar excise tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the “"Gross-Up Payment”"), such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Article 9.4 (including FICA and FUTA), shall be equal to the Total Payments. The Company shall make such payment to the Executive as soon as practicable following the Effective Date of Termination, but in no event beyond thirty (30) days from such date. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s 's residence on the Effective Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. The Company’s 's Compensation Committee shall determine, based upon the advice of the Company’s 's independent certified public accountants, whether any payments or benefits hereunder are subject to the Excise Tax.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to severance benefits under this Agreement or any other agreement with or plan of the Company (in the aggregate, the “"Total Payments”"), if any of the Total Payments will [be subject to the tax (the “"Excise Tax”") imposed by Section 4999 of the Code] Code or any similar excise tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the “"Gross-Up Payment”"), such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Article 9.4 (including FICA and FUTA), shall be equal to the Total Payments. The Company shall make such payment to the Executive as soon as practicable following the Effective Date of Termination, but in no event beyond thirty (30) days from such date. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s 's residence on the Effective Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. The Company’s 's Compensation and Personnel Committee shall determine, based upon the advice of the Company’s 's independent certified public accountants, whether any payments or benefits hereunder are subject to the Excise Tax.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to severance benefits under this Agreement or any other agreement with or plan of the Company (in the aggregate, the “Total Payments”"Txxxx Xxxxxxts"), if any of the Total Payments will [be subject to the tax (the “"Excise Tax”") imposed by Section 4999 of the Code] Code or any similar excise tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the “"Gross-Up Payment”"), such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Article 9.4 (including FICA and FUTA), shall be equal to the Total Payments. The Company shall make such payment to the Executive as soon as practicable following the Effective Date of Termination, but in no event beyond thirty (30) days from such date. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s 's residence on the Effective Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. The Company’s 's Compensation and Personnel Committee shall determine, based upon the advice of the Company’s 's independent certified public accountants, whether any payments or benefits hereunder are subject to the Excise Tax.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to severance benefits or any other payment or benefit under this Agreement Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “Total Payments”), if any of the Total Payments will [be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code] Code (or any similar excise tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the “Gross-Up Payment”), such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Article 9.4 Section 8.4 (including FICA and FUTA), shall be equal to the Total Payments. The Company shall make such payment to the Executive as soon as practicable following the Effective Date of Termination, but in no event beyond thirty (30) days from such date. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s residence on the Effective Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. The Company’s Compensation Committee shall determine, based upon the advice of the Company’s independent certified public accountants, whether any payments or benefits hereunder are subject to the Excise Tax.

Excise Tax Equalization Payment. In the event that any of the Executive becomes entitled to severance benefits under this Agreement or any other agreement with or plan of the Company (in the aggregate, the “"Total Payments”"), if any of the Total Payments will [be subject to the tax (the “"Excise Tax”") imposed by Section 4999 of the Code] Code or any similar excise tax that may hereafter be imposed), the Company shall pay to the Executive Employee in cash an additional amount (the “"Gross-Up Payment”"), such that the net amount retained by the Executive Employee after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Article 9.4 2.4 (including FICA and FUTA), shall be equal to the Total Payments. The Company shall make such payment to the Executive Employee as soon as practicable following the Effective Date effective date of Terminationa Change in Control of the Company, but in no event beyond thirty (30) days from such date. For purposes of determining the amount of the Gross-Up Payment, the Executive Employee shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s Employee's residence on the Effective Date effective date of Terminationa Change in Control of the Company, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. The Company’s 's Compensation Committee shall determine, based upon the advice of the Company’s 's independent certified public accountants, whether any payments or benefits hereunder are subject to the Excise Tax.