Common use of Reimbursement for Taxes Clause in Contracts

Reimbursement for Taxes. In the event that Executive becomes entitled to payments or other benefits upon termination in accordance with Section 2(a) and any such payments or benefits will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed), the Company shall pay to the Executive, at the time specified in Section 2(a), an amount in addition to that provided for in Section 2(a) such that the net amount retained by the Executive, after deduction of any Excise Tax on such Section 2(a) payments or benefits and any federal, state and local income tax and Excise Tax upon the payment of any additional amount provided for by this Section, shall be equal to the amount provided for in Section 2(a).

Reimbursement for Taxes. In the event that Executive becomes entitled to payments or other benefits upon termination in accordance with Section 2(a) and any such payments or benefits will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Code (or any similar tax that may hereafter be by imposed), the Company shall pay to the Executiveexecutive, at the time specified in Section 2(a), an amount in addition to that provided for in Section 2(a) such that the net amount retained by the Executive, after deduction of any Excise Tax on such Section 2(a) payments or benefits and any federal, state and local income tax and Excise Tax upon the payment of any additional amount provided for by this Section, shall be equal to the amount provided for in Section 2(a).