Common use of Application of Code Section 280G Clause in Contracts

Application of Code Section 280G. If any payment of Severance Benefits hereunder shall be determined to be an “excess parachute payment”, as defined by Section 280G of the Internal Revenue Code of 1986, as amended (the “Code” ), which subjects Executive to an excise tax under Section 4999(a) of the Code, the Bank shall pay a supplemental benefit equal to the excise tax and all state and federal income taxes on the supplemental benefit. Executive agrees to fully cooperate with the Bank should the Bank determine to challenge, for whatever reason, any determination by the Internal Revenue Service that Severance Benefits paid hereunder constitute “excess parachute payments” as defined by Section 280G of the Code.

Application of Code Section 280G. If any payment of Severance Benefits hereunder shall be determined to be an “"excess parachute payment”", as defined by Section 280G of the Internal Revenue Code of 1986, as amended (the “"Code” " ), which subjects Executive to an excise tax under Section 4999(a) of the Code, the Bank shall pay a supplemental benefit equal to the excise tax and all state and federal income taxes on the supplemental benefit. Executive agrees to fully cooperate with the Bank should the Bank determine to challenge, for whatever reason, any determination by the Internal Revenue Service that Severance Benefits paid hereunder constitute “"excess parachute payments” " as defined by Section 280G of the Code.

Application of Code Section 280G. If any payment of Severance Benefits hereunder shall be determined to be an “"excess parachute payment”", as defined by Section 280G of the Internal Revenue Code of 1986, as amended (the “"Code” "), which subjects Executive to an excise tax under Section 4999(a) of the Code, the Bank shall pay a supplemental benefit equal to the excise tax and all state and federal income taxes on the supplemental benefit. Executive agrees to fully cooperate with the Bank should the Bank determine to challenge, for whatever reason, any determination by the Internal Revenue Service that Severance Benefits paid hereunder constitute “"excess parachute payments” " as defined by Section 280G of the Code.