Common use of Excise Tax Limit Clause in Contracts

Excise Tax Limit. Notwithstanding anything else herein, to the extent that the Executive would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (and any similar tax that may hereafter be imposed) on the payments and/or benefits provided by Section 4 or any other amounts (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any person whose actions result in a change of ownership or effective control covered by Section 280G(b)(2) of the Code or any person affiliated with the Company or such person) as a result of a Change of Control, the amounts to be paid under this Agreement shall be automatically reduced to an amount one dollar less than that, when combined with such other amounts and benefits required to be so included, would subject the Executive to excise tax under Section 4999 of the Code. Such amount shall be reduced from the lump sum due under Section 4(A) hereof.

Excise Tax Limit. Notwithstanding anything else herein, to the extent that the Executive would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (and any similar tax that may hereafter be imposed) on the payments and/or benefits provided by Section 4 or any other amounts (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any person whose actions result in a change of ownership or effective control covered by Section 280G(b)(2) of the Code or any person affiliated with the Company or such person) as a result of a Change of Control, the amounts to be paid under this Agreement shall be automatically reduced to an amount one dollar less than that, when combined with such other amounts and benefits required to be so included, would subject the Executive to excise tax under Section 4999 of the Code. Such amount shall be reduced from the lump sum due under Section 4(A) hereof.under