Common use of Excise Tax Equalization Payment Clause in Contracts

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "Total Payments"), if any of the Total Payments 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 in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical following the effective date of termination, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under this AgreementPlan, or under any other agreement with or plan of the Company (in the aggregate, the "Total Payments"), if any of the Total Payments 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 in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federalFederal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical following the effective date of termination, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with with, or plan of the Company (in the aggregate, the "Total Payments"), if any of the Total Payments 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 Executive, in cash cash, an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 5.1 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical following the effective date Effective Date of terminationTermination, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In If the event that the Executive Participant becomes entitled to Severance Benefits severance benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan plans of the Company (in the aggregate, the "Total Payments"), if and any of the Total Payments 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 Participant in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive Participant after deduction of any Excise Tax upon the Total Payments and any federal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 5.1 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive Participant as soon as practical practicable following the effective date of termination, but in no event beyond thirty forty-five (3045) days from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to a Severance Benefits Payment or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "Total Payments"), if any of the Total Payments 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), then the Company Bank shall pay to the Executive in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive him after deduction of any Excise Tax upon the Total Payments and any federalFederal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 3.8 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company Bank to the Executive as soon as practical following the effective date of terminationthe Terminating Event, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that If the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "“Total Payments"”), if all or any part of the Total Payments 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 in cash an additional amount (the "“Gross-Up Payment"”) in such amount such that the net amount retained after payment by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state state, and local income tax tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 5.1 (including FICA and FUTA), shall be the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax upon the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical following the effective date Effective Date of terminationTermination, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance CIC Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "Total Payments"), if and any of the Total Payments will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (or any similar tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 Paragraph 12(c) (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical following the effective date of terminationthe Qualifying Termination, but in no event beyond later than thirty (30) days from after such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to a Severance Benefits Payment or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company Bank (in the aggregate, the "“Total Payments"”), if any of the Total Payments 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 Bank shall pay to the Executive in cash an additional amount (the "“Gross-Up Payment"”) such that the net amount retained by the Executive him after deduction of any Excise Tax upon the Total Payments and any federalFederal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 3.8 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company Bank to the Executive as soon as practical following the effective date of terminationthe Terminating Event, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance CIC Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "Total Payments"), if and any of the Total Payments will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") (or any similar tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 Paragraph 13(c) (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical following the effective date of terminationthe Qualifying Termination, but in no event beyond later than thirty (30) days from after such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to a Severance Benefits Payment or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "“Total Payments"”), and if any of the Total Payments 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), then the Company Bank shall pay to the Executive in cash an additional amount (the "“Gross-Up Payment"”) such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federalFederal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 3.8 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company Bank to the Executive as soon as practical following the effective date of terminationthe Terminating Event, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "“Total Payments"”), if any of the Total Payments 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 in cash an additional amount (the "“Gross-Up Payment"”) such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federalFederal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical following the effective date of termination, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to a Severance Benefits Payment or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company or the Bank (in the aggregate, the "“Total Payments"”), if any of the Total Payments 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 Bank shall pay to the Executive in cash an additional amount (the "“Gross-Up Payment"”) such that the net amount retained by the Executive her after deduction of any Excise Tax upon the Total Payments and any federalFederal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 3.8 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company Bank to the Executive as soon as practical following the effective date of terminationthe Terminating Event, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to a Severance Benefits Payment or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the "Total Payments"), and if any of the Total Payments 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), then the Company Bank shall pay to the Executive in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federalFederal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 3.8 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company Bank to the Executive as soon as practical following the effective date of terminationthe Terminating Event, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to a Severance Benefits Payment or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company Bank (in the aggregate, the "Total Payments"), if any of the Total Payments 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 Bank shall pay to the Executive in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by the Executive him after deduction of any Excise Tax upon the Total Payments and any federalFederal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 3.8 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company Bank to the Executive as soon as practical following the effective date of terminationthe Terminating Event, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In If the event that the Executive Participant becomes entitled to Severance Benefits severance benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan plans of the Company (in the aggregate, the "“Total Payments"”), if and any of the Total Payments 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 Participant in cash an additional amount (the "“Gross-Up Payment"”) such that the net amount retained by the Executive Participant after deduction of any Excise Tax upon the Total Payments and any federal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 7.3 5.1 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive Participant as soon as practical practicable following the effective effective, date of termination, but in no event beyond thirty forty-five (3045) days from such date.