Common use of Additional Payment to Account for Excise Taxes Clause in Contracts

Additional Payment to Account for Excise Taxes. If the Executive receives the lump-sum payment under section 5.1 of this Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer (collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code (the “Excise Tax”), the Employer shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1.

Additional Payment to Account for Excise Taxes. If the Executive receives the lump-sum payment under section 5.1 of this Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer (collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code (the “Excise Tax”), the Employer shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1.

Additional Payment to Account for Excise Taxes. If the Executive receives the lump-lump sum payment under section 5.1 of this Employment Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer (collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code of 1986 (the “Excise Tax”), the Employer shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Employment Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1.

Additional Payment to Account for Excise Taxes. If as the result of a Change in Control the Executive receives the lump-sum payment under section 5.1 of this Agreement and becomes entitled to acceleration of benefits under this Agreement or under any other benefit, compensation, or incentive plan or arrangement agreement of or with the Employer Bank or its affiliates (collectivelytogether, the “Total Benefits”), and if any part of the Total Benefits is will be subject to the Excise Tax under section as set forth in sections 280G and section 4999 of the Internal Revenue Code of 1986 (the “Excise Tax”), the Employer Bank shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits under section 4999 of the Internal Revenue Code (the “Excise Tax Payment”) ), and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, payroll and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1.”

Additional Payment to Account for Excise Taxes. If the Executive receives the lump-lump sum payment under section 5.1 Section 7.1 of this Employment Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer BNC (collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code (the “Excise Tax”), the Employer BNC shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Employment Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1Section 7.1.

Additional Payment to Account for Excise Taxes. If as a result of a Change in Control the Executive receives the lump-sum payment under section 5.1 of this Agreement and becomes entitled to acceleration of benefits under this Agreement or under any other benefit, compensation, or incentive plan or arrangement agreement of or with the Employer MidCarolina or its affiliates (collectivelytogether, the “Total Benefits”), and if any part of the Total Benefits is will be subject to the Excise Tax under section as set forth in sections 280G and section 4999 of the Internal Revenue Code of 1986 (the “Excise Tax”), the Employer MidCarolina shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits under section 4999 of the Internal Revenue Code (the “Excise Tax Payment”) ), and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, payroll and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1.”

Additional Payment to Account for Excise Taxes. If the Executive receives the lump-lump sum payment under section Section 5.1 of this Employment Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer (collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code (the “Excise Tax”), the Employer shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Employment Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section Section 5.1.

Additional Payment to Account for Excise Taxes. If the Executive receives the lump-sum payment under section 5.1 of this Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer BNC (collectively, the “"Total Benefits”"), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code (the “"Excise Tax”"), the Employer BNC shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “"Excise Tax Payment”") and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Employment Agreement as the “"Gross-Up Payment Amount.” " Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1.

Additional Payment to Account for Excise Taxes. If as the result of a Change in Control the Executive receives the lump-sum payment under section 5.1 of this Agreement and becomes entitled to acceleration of benefits under this Agreement or under any other benefit, compensation, or incentive plan or arrangement agreement of or with the Employer Bank or its affiliates (collectivelytogether, the “"Total Benefits”"), and if any part of the Total Benefits is will be subject to the Excise Tax under section as set forth in sections 280G and section 4999 of the Internal Revenue Code of 1986 (the “"Excise Tax”"), the Employer Bank shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits under section 4999 of the Internal Revenue Code (the “"Excise Tax Payment”) "), and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, payroll and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Agreement as the “"Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1."

Additional Payment to Account for Excise Taxes. If the Executive receives the lump-lump sum payment under section 5.1 Section 7.1 of this Employment Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer Bank (collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code (the “Excise Tax”), the Employer Bank shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Employment Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1Section 7.1.

Additional Payment to Account for Excise Taxes. If the Executive receives the lumpchange-sum payment in-control benefits under section 5.1 of this Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with Cortland Bancorp or the Employer Bank (collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section Internal Revenue Code sections 280G and section 4999 of the Internal Revenue Code (the “Excise Tax”), the Employer Cortland Bancorp shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment equal to 80% of the difference between (w) a full gross-up amount necessary (including the Excise Tax Payment) that would provide to provide the Executive the Excise Tax Payment net of all income, payroll, and excise taxestaxes and (v) the Excise Tax Payment. Together, the additional amounts described in clauses (x) and (y) are referred to in this Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount benefits set forth in section 5.1 1 and shall be made at the same time payment is made under section 5.12.

Additional Payment to Account for Excise Taxes. If the Executive receives the lump-lump sum payment under section 5.1 of this Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer (collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code (the “Excise Tax”), the Employer shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1.

Additional Payment to Account for Excise Taxes. If the Executive receives the lump-lump sum payment under section Section 5.1 of this Employment Agreement and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Employer (collectively, the “Total Benefits”), and if any part of the Total Benefits is subject to the Excise Tax under section 280G and section 4999 of the Internal Revenue Code (the “Excise Tax”), the Employer shall pay or cause to be paid to the Executive the following additional amounts, consisting of (x) a payment equal to the Excise Tax payable by the Executive under section 4999 on the Total Benefits (the “Excise Tax Payment”) and (y) a payment equal to the amount necessary to provide the Excise Tax Payment net of all income, payroll, and excise taxes. Together, the additional amounts described in clauses (x) and (y) are referred to in this Employment Agreement as the “Gross-Up Payment Amount.” Payment of the Gross-Up Payment Amount shall be made in addition to the amount set forth in section 5.1 and shall be made at the same time payment is made under section 5.1.Payment