Common use of Liability for Excise Taxes Clause in Contracts

Liability for Excise Taxes. Notwithstanding any reduction described in the immediately preceding paragraph (or in the absence of any such reduction), if the IRS determines that Executive is liable for Excise Tax as a result of receipt of Payments, then Asyst shall allow Executive to pay back to Asyst, within 30 days after final IRS determination, an amount of the Payments equal to the “Repayment Amount.” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to Asyst so that Executive’s net proceeds with respect to the Payments (after taking into account payment of the Excise Tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount shall be zero if a Repayment Amount of more than zero would not eliminate the Excise Tax imposed on the Payments. If the Excise Tax is not eliminated pursuant to this paragraph, Executive shall pay it.

Liability for Excise Taxes. Notwithstanding any reduction described in the immediately preceding paragraph (or in the absence of any such reduction), if the IRS determines that Executive Sxxxxxxx is liable for Excise Tax as a result of receipt of Payments, then Asyst shall allow Executive Sxxxxxxx to pay back to Asyst, within 30 days after final IRS determination, an amount of the Payments equal to the “Repayment Amount.” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to Asyst so that Executive’s Sxxxxxxx’x net proceeds with respect to the Payments (after taking into account payment of the Excise Tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount shall be zero if a Repayment Amount of more than zero would not eliminate the Excise Tax imposed on the Payments. If the Excise Tax is not eliminated pursuant to this paragraph, Executive Sxxxxxxx shall pay it.