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

Additional Payment to Account for Excise Taxes. If the Executive becomes entitled to severance and termination benefits under this Agreement, including accelerated vesting of stock options granted under the Corporation's 1997 Stock Option Plan and 1987 Stock Option and Performance Unit Plan and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Corporation or the 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 Corporation shall pay to the Executive an amount (the "Gross-Up Payment(s)") in addition to the amount set forth in Section 2(a) such that -- after payment by the Executive of all taxes (including any Excise Tax, income tax or payroll tax) imposed upon the Gross-Up Payment, together with any interest or penalties imposed with respect to such taxes -- the Executive will retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Total Benefits.

Additional Payment to Account for Excise Taxes. If the Executive becomes entitled to severance and termination benefits under this Agreement, including accelerated vesting of stock options granted under the Corporation's 1997 Stock Option Plan and 1987 Stock Option and Performance Unit Plan and acceleration of benefits under any other benefit, compensation, compensation or incentive plan or arrangement with the Corporation or the Bank (collectively, the "Total Benefits"), and if any part of the Total Benefits is subject to the Excise Tax under section Section 280G and section 4999 of the Internal Revenue Code (the "Excise Tax"), the Corporation shall pay to the Executive an amount (the "Gross-Up Payment(s)") in addition to the amount set forth in Section 2(a) such that -- after payment by the Executive of all taxes (including any Excise Tax, income tax or payroll tax) imposed upon the Gross-Up Payment, together with any interest or penalties imposed with respect to such taxes -- the Executive will retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Total Benefits.

Additional Payment to Account for Excise Taxes. If the Executive becomes entitled to severance and termination benefits under this Agreement, including accelerated vesting of stock options granted under the Corporation's 1997 Stock Option Plan and 1987 Stock Option and Performance Unit Plan and acceleration of benefits under any other benefit, compensation, or incentive plan or arrangement with the Corporation or the 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 Corporation shall pay to the Executive an amount (the "Gross-Up Payment(s)") in addition to the amount set forth in Section 2(a) such that -- after payment by the Executive of all taxes (including any Excise Tax, income tax or payroll tax) imposed upon the Gross-Up Payment, together with any interest or penalties imposed with respect to such taxes -- the Executive will retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Total Benefits.