Golden Parachute Excise Taxes. (a) If all or any portion of the Total Severance Benefits payable under this Agreement as determined without regard to any additional payments required under this Section 14 (a "Payment"), would be subject to the Excise Tax, then the Executive shall be entitled to receive an additional payment ("Gross-Up Payment") from the Company in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax, imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payment.
Appears in 4 contracts
Samples: Control Executive Severance Agreement (Delta Petroleum Corp/Co), Control Executive Severance Agreement (Delta Petroleum Corp/Co), Control Executive Severance Agreement (Delta Petroleum Corp/Co)
