Common use of Golden Parachute Tax Clause in Contracts

Golden Parachute Tax. (a) Anything herein to the contrary notwithstanding, in the event that it is determined that any payment or distribution by the Company to or for Executive's benefit, whether paid or payable or distributed or distributable pursuant to the terms hereof or otherwise, other than any payment pursuant to this Section 9(a) (a "Payment"), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the "Excise Tax"), then Executive shall be entitled to receive, within 15 days following the determination described in Section 9(b) below, an additional payment ("Excise Tax Adjustment Payment") in an amount such that after payment by Executive of all applicable Federal, state and local taxes (computed at the maximum marginal rates and including any interest or penalties imposed with respect to such taxes), including any Excise Tax, imposed upon the Excise Tax Adjustment Payment, Executive shall retain an amount of the Excise Tax Adjustment Payment equal to the Excise Tax imposed upon the payments.