Common use of Reduction in Compensation to Avoid Excise Tax Clause in Contracts

Reduction in Compensation to Avoid Excise Tax. In the event Executive would become entitled to any amounts payable in connection with a Change of Control (whether or not such amounts are payable pursuant to this Agreement) (the “Severance Payments”), if any of such Severance Payments would otherwise be subject to the excise tax on excess golden parachute payments imposed by Section 4999 of the Code (or any similar federal, state or local tax that may hereafter be imposed) (the “Excise Tax”), as determined in accordance with this Section 4(b), but prior to giving effect to any adjustment under this Section 4(b), the following provisions shall apply:

Reduction in Compensation to Avoid Excise Tax. In the event Executive would become entitled to any amounts payable in connection with a Change of Control (whether or not such amounts are payable pursuant to this Agreement) (the “"Severance Payments”"), if any of such Severance Payments would otherwise be subject to the excise tax on excess golden parachute payments imposed by Section 4999 of the Code (or any similar federal, state or local tax that may hereafter be imposed) (the “"Excise Tax”"), as determined in accordance with this Section 4(b3(b), but prior to giving effect to any adjustment under this Section 4(b3(b), the following provisions shall apply: