Common use of Parachute Tax Gross Up Clause in Contracts

Parachute Tax Gross Up. Executive acknowledges that neither the Company nor New Frontier presently has, nor shall it have any obligation to consider or institute, a policy or procedure (a “Gross Up Policy”) that requires the Company/New Frontier to pay any of its employees (including senior officers) a “gross-up amount” providing employees entitled to any acceleration payments with a “net” (or increased) payment amount that takes into account any associated golden parachute excise tax (“Parachute Tax”) under Section 4999(a) of the Code. Notwithstanding the foregoing, in the event New Frontier or the Company during the Employment Period institutes a Gross Up Policy applicable to one or more executives similarly situated to Executive in connection with any acceleration payments owing or which could be owing to such executive(s), Executive shall thereafter be entitled to participate in such Gross Up Policy.

Parachute Tax Gross Up. Executive acknowledges that neither the Company nor New Frontier presently has, nor shall it have any obligation to consider or institute, a policy or procedure (a “Gross Up Policy”"GROSS UP POLICY") that requires the Company/New Frontier to pay any of its employees (including senior officers) a “"gross-up amount” " providing employees entitled to any acceleration payments with a “"net” " (or increased) payment amount that takes into account any associated golden parachute excise tax (“Parachute Tax”"PARACHUTE TAX") under Section 4999(a) of the Code. Notwithstanding the foregoing, in the event New Frontier or the Company during the Employment Period institutes a Gross Up Policy applicable to one or more executives similarly situated to Executive in connection with any acceleration payments owing or which could be owing to such executive(s), Executive shall thereafter be entitled to participate in such Gross Up Policy.