Common use of Excise Tax Indemnification Clause in Contracts

Excise Tax Indemnification. (a) If Mx. Xxxxxxxxx’x employment terminates under circumstances entitling him (or in the event of his death, his estate) to the Additional Termination Entitlements, the Company shall pay to Mx. Xxxxxxxxx (or in the event of his death, his estate) an additional amount intended to indemnify him against the financial effects of the excise tax imposed on excess parachute payments under section 280G of the Code (the “Tax Indemnity Payment”). The Tax Indemnity Payment shall be determined under the following formula:

Excise Tax Indemnification. (a) If Mx. Xxxxxxxxx’x Xxxxx’x employment terminates under circumstances entitling him (or in the event of his death, his estate) to the Additional Termination Entitlements, the Company shall pay to Mx. Xxxxxxxxx Xxxxx (or in the event of his death, his estate) an additional amount intended to indemnify him against the financial effects of the excise tax imposed on excess parachute payments under section 280G of the Code (the “Tax Indemnity Payment”). The Tax Indemnity Payment shall be determined under the following formula:

Excise Tax Indemnification. (a) If Mx. Xxxxxxxxx’x Xxxxxx’x employment terminates under circumstances entitling him (or in the event of his death, his estate) to the Additional Termination Entitlements, the Company shall pay to Mx. Xxxxxxxxx Xxxxxx (or in the event of his death, his estate) an additional amount intended to indemnify him against the financial effects of the excise tax imposed on excess parachute payments under section 280G of the Code (the “Tax Indemnity Payment”). The Tax Indemnity Payment shall be determined under the following formula: