Common use of Restoration of Reduction and Gross-Up Payment If Excise Tax Due Clause in Contracts

Restoration of Reduction and Gross-Up Payment If Excise Tax Due. If after Executive's Severance Benefit has been reduced pursuant to paragraph 7.6, Executive receives a claim by the Internal Revenue Service that, if successful, would require payment of an Excise Tax, then Executive shall notify SPI in writing as soon as practicable but not later than ten business days after Executive receives written notice of the claim and shall apprise SPI of the nature of the claim and the date on which the claim is requested to be paid. The provisions of paragraphs 7.3 and 7.4 shall then apply (except that the term "Excise Tax" shall be substituted for the term "Gross-Up Payment" in the last sentence of paragraph 7.3). If SPI exhausts its remedies pursuant to paragraph 7.3, and Executive is required to make a payment of any Excise Tax, SPI shall promptly pay to Executive the amount by which his Severance Benefit was reduced pursuant to paragraph 7.6; Executive shall be entitled to receive a Gross-Up Payment pursuant to paragraph 7.1; Tax Counsel shall determine the amount of the Gross-Up Payment pursuant to paragraph 7.2; and SPI shall pay the fees and disbursements of Tax Counsel.

Restoration of Reduction and Gross-Up Payment If Excise Tax Due. If after Executive's Severance Benefit has been reduced pursuant to paragraph 7.66.6, Executive receives a claim by the Internal Revenue Service that, if successful, would require payment of an Excise Tax, then Executive shall notify SPI in writing as soon as practicable but not later than ten business days after Executive receives written notice of the claim and shall apprise SPI of the nature of the claim and the date on which the claim is requested to be paid. The provisions of paragraphs 7.3 6.3 and 7.4 6.4 shall then apply (except that the term "Excise Tax" shall be substituted for the term "Gross-Gross Up Payment" in the last sentence of paragraph 7.36.3). If SPI exhausts its remedies pursuant to paragraph 7.36.3, and Executive is required to make a payment of any Excise Tax, SPI shall promptly pay to Executive the amount by which his Severance Benefit was reduced pursuant to paragraph 7.66.6; Executive shall be entitled to receive a Gross-Gross Up Payment pursuant to paragraph 7.16.1; Tax Counsel shall determine the amount of the Gross-Gross Up Payment pursuant to paragraph 7.26.2; and SPI shall pay the fees and disbursements of Tax Counsel.

Restoration of Reduction and Gross-Up Payment If Excise Tax Due. If after Executive's Severance Benefit has Parachute Payments have been reduced pursuant to paragraph Section 7.6, Executive receives a claim by the Internal Revenue Service that, if successful, would require payment of an Excise Tax, then Executive shall notify SPI in writing as soon as practicable but not later than ten business days after Executive receives written notice of the claim and shall apprise SPI of the nature of the claim and the date on which the claim is requested to be paid. The provisions of paragraphs Sections 7.3 and 7.4 shall then apply (except that the term "Excise Tax" shall be substituted for the term "Gross-Up Payment" in the last sentence of paragraph Section 7.3). If SPI exhausts its remedies pursuant to paragraph Section 7.3, and Executive is required to make a payment of any Excise Tax, SPI shall promptly pay to Executive the amount by which his Severance Benefit was Parachute Payments were reduced pursuant to paragraph Section 7.6; Executive shall be entitled to receive a Gross-Up Payment pursuant to paragraph Section 7.1; Tax Counsel shall determine the amount of the Gross-Up Payment pursuant to paragraph Section 7.2; and SPI shall pay the fees and disbursements of Tax Counsel.