Common use of Tax Adjustment Payment Clause in Contracts

Tax Adjustment Payment. If the total payments to be paid to the Executive under Section 3(c) or (d), as applicable, along with any other payments to the Executive result in the Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, the Company shall pay the Executive such additional cash compensation to put him or her in the same after-tax situation (taking into account all income, excise, and payroll taxes) as if no such excise tax had been applicable (the “Tax Adjustment Payment”). The Tax Adjustment Payment shall be paid as soon as practicable following the Executive’s termination of employment. The determination of the excise tax and the additional cash compensation (if any) required hereunder will be made by the Company’s independent outside auditors. Notwithstanding the foregoing, the Company’s obligation to pay any Tax Adjustment Payment shall be conditioned upon the Executive Employment Agreement — Addison Executive’s agreement to structure any payments due to him or her under this Agreement in a manner that will eliminate or reduce the excise tax that is payable; provided that the Executive is under no obligation to agree to any such restructuring requested by the Company that would trigger any material adverse tax consequences to the Executive or would materially reduce the value of the payments otherwise due to him or her.

Tax Adjustment Payment. If the total payments to be paid to the Executive under Section 3(c) or (d), as applicable, along with any other payments to the Executive result in the Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, the Company shall pay the Executive such additional cash compensation to put him or her in the same after-tax situation (taking into account all income, excise, and payroll taxes) as if no such excise tax had been applicable (the “"Tax Adjustment Payment”"). The Tax Adjustment Payment shall be paid as soon as practicable following the Executive’s 's termination of employment. The determination of the excise tax and the additional cash compensation (if any) required hereunder will be made by the Company’s 's independent outside auditorsauditors or such other tax professionals as the Company in its sole discretion may so designate. Notwithstanding the foregoing, the Company’s 's obligation to pay any Tax Adjustment Payment shall be conditioned upon the Executive Employment Agreement — Addison Executive’s 's agreement to structure any payments due to him or her under this Agreement in a manner that will eliminate or reduce the excise tax that is payable; provided that the Executive is under no obligation to agree to any such restructuring requested by the Company that would trigger any material adverse tax consequences to the Executive or would materially reduce the value of the payments otherwise due to him or her.

Tax Adjustment Payment. If the total payments to be paid to the Executive under Section 3(c) or (d), as applicable, along with any other payments to the Executive result in the Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, the Company shall pay the Executive such additional cash compensation to put him or her in the same after-tax situation (taking into account all income, excise, and payroll taxes) Executive Employment Agreement — MxXxxxxx as if no such excise tax had been applicable (the “Tax Adjustment Payment”). The Tax Adjustment Payment shall be paid as soon as practicable following the Executive’s termination of employment. The determination of the excise tax and the additional cash compensation (if any) required hereunder will be made by the Company’s independent outside auditors. Notwithstanding the foregoing, the Company’s obligation to pay any Tax Adjustment Payment shall be conditioned upon the Executive Employment Agreement — Addison Executive’s agreement to structure any payments due to him or her under this Agreement in a manner that will eliminate or reduce the excise tax that is payable; provided that the Executive is under no obligation to agree to any such restructuring requested by the Company that would trigger any material adverse tax consequences to the Executive or would materially reduce the value of the payments otherwise due to him or her.

Tax Adjustment Payment. If the total payments to be paid to the Executive under Section 3(c) or (d), as applicable, along with any other payments to the Executive result in the Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, the Company shall pay the Executive such additional cash compensation to put him or her in the same after-tax situation (taking into account all income, excise, and payroll taxes) as if no such excise tax had been applicable (the “Tax Adjustment Payment”). The Tax Adjustment Payment shall be paid as soon as practicable following the Executive’s termination of employment. The determination of the excise tax and the additional cash compensation (if any) required hereunder will be made by the Company’s independent outside auditors. Notwithstanding the foregoing, the Company’s obligation to pay any Tax Adjustment Payment shall be conditioned upon the Executive Employment Agreement — Addison MxxXxxxxx Executive’s agreement to structure any payments due to him or her under this Agreement in a manner that will eliminate or reduce the excise tax that is payable; provided that the Executive is under no obligation to agree to any such restructuring requested by the Company that would trigger any material adverse tax consequences to the Executive or would materially reduce the value of the payments otherwise due to him or her.

Tax Adjustment Payment. If the total payments to be paid to the Executive under Section 3(c) or (d), as applicable, along with any other payments to the Executive result in the Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, the Company shall pay the Executive such additional cash compensation to put him or her in the same after-tax situation (taking into account all income, excise, and payroll taxes) as if no such excise tax had been applicable (the “Tax Adjustment Payment”). The Tax Adjustment Payment shall be paid as soon as practicable following the Executive’s termination of employment. The determination of the excise tax and the additional cash compensation (if any) required hereunder Executive Employment Agreement — Bxxxx will be made by the Company’s independent outside auditors. Notwithstanding the foregoing, the Company’s obligation to pay any Tax Adjustment Payment shall be conditioned upon the Executive Employment Agreement — Addison Executive’s agreement to structure any payments due to him or her under this Agreement in a manner that will eliminate or reduce the excise tax that is payable; provided that the Executive is under no obligation to agree to any such restructuring requested by the Company that would trigger any material adverse tax consequences to the Executive or would materially reduce the value of the payments otherwise due to him or her.

Tax Adjustment Payment. If the total payments to be paid to the Executive under Section 3(c) or (d), as applicable, along with any other payments to the Executive result in the Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, the Company shall pay the Executive such additional cash compensation to put him or her in the same after-tax situation (taking into account all income, excise, and payroll taxes) as if no such excise tax had been applicable (the “Tax Adjustment Payment”). The Tax Adjustment Payment shall be paid as soon as practicable following the Executive’s termination of employment. The determination of the excise tax and the additional cash compensation (if any) required hereunder will be made by the Company’s independent outside auditors. Notwithstanding the foregoing, the Company’s obligation to pay any Tax Adjustment Payment shall be conditioned upon the Executive Employment Agreement — Addison Executive’s agreement to structure any payments due to him or her under this Agreement in a manner that will eliminate or reduce the excise tax that is payable; provided that the Executive is under no obligation to agree to any such restructuring requested by the Company that would trigger any material adverse tax consequences to the Executive or would materially reduce the value of the payments otherwise due to him or her.

Tax Adjustment Payment. If the total payments to be paid to the Executive under Section 3(c) or (d), as applicable, along with any other payments to the Executive result in the Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, the Company shall pay the Executive such additional cash compensation to put him or her in the same after-tax situation (taking into account all income, excise, and payroll taxes) as if no such excise tax had been applicable (the “Tax Adjustment Payment”). The Tax Adjustment Payment shall be paid as soon as practicable following the Executive’s termination of employment. The determination of the excise tax and the additional cash compensation (if any) required hereunder will be made by the Company’s independent outside auditors. Notwithstanding the foregoing, the Executive Employment Agreement — McDonald Company’s obligation to pay any Tax Adjustment Payment shall be conditioned upon the Executive Employment Agreement — Addison Executive’s agreement to structure any payments due to him or her under this Agreement in a manner that will eliminate or reduce the excise tax that is payable; provided that the Executive is under no obligation to agree to any such restructuring requested by the Company that would trigger any material adverse tax consequences to the Executive or would materially reduce the value of the payments otherwise due to him or her.

Tax Adjustment Payment. If the total payments to be paid to the Executive under Section 3(c) or (d), as applicable, along with any other payments to the Executive result in the Executive being subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, the Company shall pay the Executive such additional cash compensation to put him or her in the same after-tax situation (taking into account all income, excise, and payroll taxes) as if no such excise tax had been applicable (the “Tax Adjustment Payment”). The Tax Adjustment Executive Employment Agreement — Mxxxxxxx Payment shall be paid as soon as practicable following the Executive’s termination of employment. The determination of the excise tax and the additional cash compensation (if any) required hereunder will be made by the Company’s independent outside auditors. Notwithstanding the foregoing, the Company’s obligation to pay any Tax Adjustment Payment shall be conditioned upon the Executive Employment Agreement — Addison Executive’s agreement to structure any payments due to him or her under this Agreement in a manner that will eliminate or reduce the excise tax that is payable; provided that the Executive is under no obligation to agree to any such restructuring requested by the Company that would trigger any material adverse tax consequences to the Executive or would materially reduce the value of the payments otherwise due to him or her.