Reimbursement Payment. If all or any portion of the payments or benefits received, derived, or to be received or derived by Executive under (i) any present or prospective compensation arrangement of any type which is sponsored by CPB or any present or prospective subsidiary or affiliate of CPB, and in which the Employee is or becomes a participant, or (ii) any present or prospective agreement between CPB or any present or prospective subsidiary or affiliate of CPB, on the one hand, and Executive, on the other, will be subject to the excise tax (the “Excise Tax”) imposed under Section 4999 of the Code (with all payments and benefits which are so subject, excluding the Reimbursement Payment, being hereinafter referred to as the “Total Payments”), then CPB shall pay, at the time specified in Section 3, to the Executive an additional amount (the “Reimbursement Payment”) such that the net amount retained by the Executive, after deduction of (a) any Excise Tax on the Total Payments and (b) any Federal, state and local income and employment taxes and Excise Tax upon the Reimbursement Payment, shall be equal to the Total Payments.
Appears in 4 contracts
Samples: Excise Tax Reimbursement Agreement (Community Partners Bancorp), Excise Tax Reimbursement Agreement (Community Partners Bancorp), Excise Tax Reimbursement Agreement (Community Partners Bancorp)
