Common use of Excise Tax Payment Clause in Contracts

Excise Tax Payment. In the event that any portion of the severance benefits or any other payment under this Agreement or under any other agreement with or plan of the Company (in the aggregate "Total Payments") would constitute an "Excess Parachute Payment," such that an "Excise Tax" is due, the Company shall provide to the Executive, in cash, an additional payment in an amount to cover the full cost of the excise tax and the Executive's state and federal income and employment taxes on this excise tax payment (and to cover the resulting excise and income and employment taxes resulting from such payment, and so on). For this purpose, the Executive shall be deemed to be in the highest marginal tax rate. This payment shall be made as soon as possible following the date of the Executive's qualifying termination, but in no event later than thirty (30) calendar days of such date.