Common use of INTENDED TAX RESULTS Clause in Contracts

INTENDED TAX RESULTS. The Parties believe that the payments pursuant to Section 5.5 and Article VI, above, do not constitute “Excess Parachute Payments” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding such belief and intent, if any benefit under these provisions constitutes an “Excess Parachute Payment”, Employer shall pay to Executive an additional amount (the “Tax Payment”) such that (i) the excess of all Excess Parachute Payments (including payments under this sentence) over the sum of excise tax thereon under Section 4999 of the Code and income tax thereon under Subtitle A of the Code and under applicable state law is equal to (ii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law is equal to (iii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law. Such Tax Payment shall be paid to Executive concurrently with the severance payment referred to in Section 5.5.2., above.

INTENDED TAX RESULTS. The Parties believe that the payments pursuant to Section 5.5 5.7 and Article VI, above, do not constitute “Excess Parachute Payments” under Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding such belief and intent, if any benefit under these provisions constitutes an “Excess Parachute Payment”, Employer shall pay to Executive an additional amount (the “Tax Payment”) such that (i) the excess of all Excess Parachute Payments (including payments under this sentence) over the sum of excise tax thereon under Section 4999 of the Code and income tax thereon under Subtitle A of the Code and under applicable state law is equal to (ii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law is equal to (iii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law. Such Tax Payment shall be paid to Executive concurrently with the severance payment referred to in Section 5.5.25.7.2., above.. VIII

INTENDED TAX RESULTS. The Parties believe that the payments pursuant to Section 5.5 and Article VI, above, do not constitute “"Excess Parachute Payments” " under Section 280G of the Internal Revenue Code of 1986, as amended (the “"Code”"). Notwithstanding such belief and intent, if any benefit under these provisions constitutes an “"Excess Parachute Payment”", Employer shall pay to Executive an additional amount (the “"Tax Payment”") such that (i) the excess of all Excess Parachute Payments (including payments under this sentence) over the sum of excise tax thereon under Section 4999 of the Code and income tax thereon under Subtitle A of the Code and under applicable state law is equal to (ii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law is equal to (iii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law. Such Tax Payment shall be paid to Executive concurrently with the severance payment referred to in Section 5.5.2., above.

INTENDED TAX RESULTS. The Parties believe that the payments pursuant to Section 5.5 and Article VI, above, do not constitute “"Excess Parachute Payments” " under Section 280G of the Internal Revenue Code of 1986, as amended (the “"Code”"). Notwithstanding such belief and intent, if any benefit under these provisions constitutes an “"Excess Parachute Payment”", Employer shall pay to Executive an additional amount (the “"Tax Payment”") such that (i) the excess of all Excess Parachute Payments (including payments under this sentence) over the sum of excise tax thereon under Section 4999 of the Code and income tax thereon under Subtitle A of the Code and under applicable state law is equal to (ii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law is equal to (iii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law. Such Tax Payment shall be paid to Executive concurrently with the severance payment referred to in Section 5.5.2., above. The payments required to be paid to Executive by Employer pursuant to Section 5.5.2. and Article VI, above, shall not be reduced by or mitigated by amounts which Executive earns or is capable of earning during any period following his Termination Date, and shall not be subject to any offsets, deductions, or charges, other than as may be required under applicable Federal and State tax withholding and similar requirements.

INTENDED TAX RESULTS. The Parties believe that the payments pursuant to Section 5.5 5.6 and Article VI, above, do not constitute “"Excess Parachute Payments” " under Section 280G of the Internal Revenue Code of 1986, as amended (the “"Code”"). Notwithstanding such belief and intent, if any benefit under these provisions constitutes an “"Excess Parachute Payment”", Employer shall pay to Executive an additional amount (the “"Tax Payment”") such that (i) the excess of all Excess Parachute Payments (including payments under this sentence) over the sum of excise tax thereon under Section 4999 of the Code and income tax thereon under Subtitle A of the Code and under applicable state law is equal to (ii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law is equal to (iii) the excess of all Excess Parachute Payments (excluding payments under this sentence) over income tax thereon under Subtitle A of the Code and under applicable state law. Such Tax Payment shall be paid to Executive concurrently with the severance payment referred to in Section 5.5.25.6.2., above. NO MITIGATION ------------- The payments required to be paid to Executive by Employer pursuant to Section 5.6.2. and Article VI, above, shall not be reduced by or mitigated by amounts which Executive earns or is capable of earning during any period following his Termination Date.