Common use of Federal Excise Tax Clause in Contracts

Federal Excise Tax. If the payments and benefits provided for in this Agreement constitute “parachute payments” within the meaning of the Internal Revenue Code of 1986, as amended (the “Code”), but for this Section 4, would be subject to the excise tax imposed by Section 4999 of the Code, then the payments and benefits under this Agreement will be payable, at Executive’s election, either in full or in such lesser amount as would result, after taking into account the applicable federal, state and local income taxes and excise tax imposed by Section 4999 of the Code, in Executive’s receipt on an after-tax basis of the greatest amount of benefits.

Federal Excise Tax. If the payments and benefits provided for in this Agreement constitute “"parachute payments” " within the meaning of the Internal Revenue Code of 1986, as amended (the “"Code”"), but for this Section 4, would be subject to the excise tax imposed by Section 4999 of the Code, then the payments and benefits under this Agreement will be payable, at Executive’s 's election, either in full or in such lesser amount as would result, after taking into account the applicable federal, state and local income taxes and excise tax imposed by Section 4999 of the Code, in Executive’s 's receipt on an after-tax basis of the greatest amount of benefits.

Federal Excise Tax. If the payments and benefits provided for in this Agreement constitute “"parachute payments” " within the meaning of the Internal Revenue Code of 1986, as amended (the “"Code”"), but for this Section 46, would be subject to the excise tax imposed by Section 4999 of the Code, then the payments and benefits under this Agreement will be payable, at Executive’s 's election, either in full or in such lesser amount as would result, after taking into account the applicable federal, state and local income taxes and excise tax imposed by Section 4999 of the Code, in Executive’s 's receipt on an after-tax basis of the greatest amount of benefits.