IRS Claims. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that the Internal Revenue Service or other agency will claim that a greater Excise Tax is due, and thus a greater amount of Gross-Up Payment should have been made by the Company than that determined pursuant to paragraph (b) above (an “Underpayment”). In the event that Executive is required to make a payment of any such Excise Tax, the Accounting Firm shall determine (within 30 days following the date upon which Executive is required to remit such payment) the amount of the Underpayment that has occurred, if any, and such Underpayment shall be paid by the Company to or for the benefit of the Executive within 30 days of such determination. Executive shall notify the Company in writing of any claim by the Internal Revenue Service or other agency that, if successful, would require the payment by the Company of the Gross-Up Payment or an Underpayment.
Appears in 3 contracts
Samples: Employment Security Agreement (Northern Trust Corp), Employment Security Agreement (Northern Trust Corp), Employment Security Agreement (Northern Trust Corp)
