Common use of Excise Tax Gross-Up Payment Clause in Contracts

Excise Tax Gross-Up Payment. If the total amounts Executive would receive on account of or following a Change of Control would subject Executive to an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), the Company will promptly pay Executive, in addition to such severance benefits, a "Gross-up Payment." The amount of the Gross-up Payment will be equal to the entire excise tax Executive must pay, plus the entire amount necessary to pay all federal, state, local, excise and payroll taxes that will be assessed on the Gross-up Payment itself.

Excise Tax Gross-Up Payment. If the total amounts Executive would receive on account of or following a Change of Control would subject Executive to an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the "“Code"”), the Company will promptly pay Executive, in addition to such severance benefits, a "“Gross-up Payment." ” The amount of the Gross-up Payment will be equal to the entire excise tax Executive must pay, plus the entire amount necessary to pay all federal, state, local, excise and payroll taxes that will be assessed on the Gross-up Payment itself.