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

Additional Payment to Account for Excise Taxes. If the Executive’s benefits under this Agreement and under any other benefit, compensation, or incentive plan or arrangement with the Employer (collectively, the “Total Benefits”) are 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 “

Additional Payment to Account for Excise Taxes. If the Executive’s benefits under this Agreement and under any other benefit, compensation, or incentive plan or arrangement with the Employer (collectively, the “Total Benefits”) are 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 “

Additional Payment to Account for Excise Taxes. If the Executive’s benefits under this Agreement and 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”) are subject to the Excise Tax under section as set forth in Code sections 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 under section 4999 of the 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.”

Additional Payment to Account for Excise Taxes. If the Executive’s benefits under this Agreement and 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”) are subject to the Excise Tax under section as set forth in Code sections 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 under Code section 4999 (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.”