Limitation of Benefit. Notwithstanding anything to the contrary in this Agreement, if there are payments to the Executive which constitute “parachute payments,” as defined in Section 280G of the Code, then the payments made to the Executive shall be limited to One Dollar ($1.00) less than the amount which would cause the payments to the Executive (including payments to the Executive which are not included in this Agreement) to be subject to the excise tax imposed by Section 4999 of the Code. The calculations shall be done by an outside party in accordance with the Merger Agreement.
Appears in 3 contracts
Samples: Mutual Termination of Employment Agreement (Horizon Bancorp /In/), Transition Employment Agreement (German American Bancorp, Inc.), Transition Employment Agreement (River Valley Bancorp)
Limitation of Benefit. Notwithstanding anything to the contrary in this Agreement, if there are payments to the Executive which constitute “parachute payments,” as defined in Section 280G of the Internal Revenue Code (the “Code”), then the payments made to the Executive shall be limited to One Dollar ($1.00) less than the amount which would cause the payments to the Executive (including payments to the Executive which are not included in this Agreement) to be subject to the excise tax imposed by Section 4999 of the Code. The calculations shall be done by an outside party in accordance with the Merger Agreement.
Appears in 2 contracts
Samples: Defined Terms (LSB Financial Corp), Agreement and Plan of Merger (Old National Bancorp /In/)
Limitation of Benefit. Notwithstanding anything to the contrary in this Agreement, if there are payments to the Executive which constitute “parachute payments,” as defined in Section 280G of the Code, then the payments made to the Executive shall be limited to One Dollar ($1.00) less than the greatest amount which would cause payable without triggering the payments to the Executive (including payments to the Executive which are not included in this Agreement) to be subject to the excise tax imposed by under Code Section 4999 of the Code4999. The All necessary calculations shall be done by an outside party in accordance with as agreed to jointly by NWIN and the Merger AgreementExecutive.
Appears in 1 contract
Samples: Agreement and Plan of Merger (Northwest Indiana Bancorp)
Limitation of Benefit. Notwithstanding anything to the contrary in this Agreement, if there are payments to the Executive which constitute “parachute payments,” as defined in Section 280G of the Code, then the payments made to the Executive shall be limited to One Dollar ($1.00) less than the greatest amount which would cause payable without triggering the payments to the Executive (including payments to the Executive which are not included in this Agreement) to be subject to the excise tax imposed by under Code Section 4999 of the Code4999. The All necessary calculations shall be done by an outside party in accordance with the Merger Agreement.
Appears in 1 contract
Samples: Agreement and Plan of Merger (Northwest Indiana Bancorp)
