Common use of Golden Parachute Payments Clause in Contracts

Golden Parachute Payments. If the aggregate present value (determined as of the date of termination of employment of Executive in accordance with the provisions of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") (or any successor section thereof) and the regulations and rulings thereunder ("Section 280G")) of the sum of (i) severance payments made to Executive due to his termination for Good Reason as a result of a Change in Control under this Section, and (ii) all other payments to Executive in the nature of compensation which are contingent on a change in ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company would result in an excess parachute payment (as determined under Section 280G), then the Company shall pay to Executive an additional severance amount under this Subsection (f) equal to the sum of (A) the amount of tax imposed by Code Section 4999 upon excess parachute payments received by Executive, and (B) federal and state income and social security/Medicare taxes (including interest and penalties) payable on both the tax amount in (A) and the entire amount paid under (B), such that Executive is reimbursed for, and has no out-of-pocket expenses with respect to, the cost of all income taxes and social security/Medicare taxes (including interest and penalties) payable upon amounts paid to Executive under this Subsection (f).

Golden Parachute Payments. If the aggregate present value (determined as of the date of termination of employment of Executive in accordance with the provisions of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") (or any successor section thereof) and the regulations and rulings thereunder ("Section 280G")) of the sum of (i) severance payments made to Executive due to his termination for Good Reason as a result of a Change in Control under this Section, and (ii) all other payments to Executive in the nature of compensation which are contingent on a change in ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company would result in an excess parachute payment (as determined under Section 280G), then the Company shall pay to Executive an additional severance amount under this Subsection (fe) equal to the sum of (A) the amount of tax imposed by Code Section 4999 upon excess parachute payments received by Executive, and (B) federal and state income and social security/Medicare taxes (including interest and penalties) payable on both the tax amount in (A) and the entire amount paid under (B), such that Executive is reimbursed for, and has no out-of-pocket expenses with respect to, the cost of all income taxes and social security/Medicare taxes (including interest and penalties) payable upon amounts paid to Executive under this Subsection (f).

Golden Parachute Payments. If the aggregate present value (determined as of the effective date of termination of employment of Executive in accordance with the provisions of Section 280G of the Internal Revenue Code of 1986, as amended (the "''Code"'') (or any successor section thereof) and the regulations and rulings thereunder ("''Section 280G"'')) of the sum of (i) severance payments made to Executive due to his termination for Good Reason as a result of a Change in Control under this Section, and (ii) all other payments to Executive in the nature of compensation which are contingent on a change in ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company would result in an excess parachute payment (as determined under Section 280G), then the Company shall pay to Executive an additional severance amount under this Subsection (f) equal to the sum of (A) the amount of tax imposed by Code Section 4999 upon excess parachute payments received by Executive, and (B) federal and state income and social security/Medicare medicare taxes (including interest 10 11 and penalties) payable on both the tax amount in (A) and the entire amount paid under (B), such that Executive is reimbursed for, and has no out-of-pocket expenses with respect to, the cost of all income taxes and social security/Medicare medicare taxes (including interest and penalties) payable upon amounts paid to Executive under this Subsection (f).

Golden Parachute Payments. If the aggregate present value (determined as of the date of termination of employment of Executive in accordance with the provisions of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") (or any successor section thereof) and the regulations and rulings thereunder ("Section 280G")) of the sum of (i) severance payments made to Executive due to his termination for Good Reason as a result of a Change in Control under this Section, and (ii) all other payments to Executive in the nature of compensation which are contingent on a change in ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company would result in an excess parachute payment (as determined under Section 280G), then the Company shall pay to Executive an additional severance amount under this Subsection (f) equal to the sum of (A) the amount of tax imposed by Code Section 4999 upon excess parachute payments received by Executive, and (B) federal and state income and social security/Medicare medicare taxes (including interest and penalties) payable on both the tax amount in (A) and the entire amount paid under (B), such that Executive is reimbursed for, and has no out-of-pocket expenses with respect to, the cost of all income taxes and social security/Medicare taxes (including interest and penalties) payable upon amounts paid to Executive under this Subsection (f).