Common use of Excise Tax Payments Clause in Contracts

Excise Tax Payments. If an excise tax is imposed pursuant to Section 4999 of the Internal Revenue Code of 1986 or any corresponding provision of state income tax law on any payments or benefits received by Employee under any provision of this Agreement (other than this Section 7), the Company will pay Employee an additional amount equal to the amount of such tax, plus any interest, penalties or additions to tax which may be imposed with respect thereto. Employee will not be entitled to receive any payment with respect to any such excise tax which may be imposed on payments received under this Section 7.