Common use of Parachute Tax Gross Up Clause in Contracts

Parachute Tax Gross Up. To the extent that the grant, payment or acceleration of payment of any amount under this Agreement (a “Benefit”) is subject to golden parachute excise tax under Section 4999(a) of the Code (a “Parachute Tax”), Company shall pay Executive an amount of cash (the “Gross-Up Amount”) such that the “net” Benefit received by Executive under this Agreement, after paying all applicable Parachute Taxes (including those on the Gross-Up Amount) and any federal or state taxes on the Gross-Up Amount, shall be equal to the Benefit that Executive would have received if such Parachute Tax had not been applicable.

Parachute Tax Gross Up. To the extent that the grant, payment or acceleration of payment of any amount under this Agreement (a “Benefit”"BENEFIT") is subject to golden parachute excise tax under Section 4999(a) of the Code (a “Parachute Tax”"PARACHUTE TAX"), Company shall pay Executive an amount of cash (the “Gross"GROSS-Up Amount”UP AMOUNT") such that the “"net” " Benefit received by Executive under this Agreement, after paying all applicable Parachute Taxes (including those on the Gross-Up Amount) and any federal or state taxes on the Gross-Up Amount, shall be equal to the Benefit that Executive would have received if such Parachute Tax had not been applicable.