Certain Additional Payments by the Bank. Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any benefit, payment or distribution by the Company to or for the benefit of Employee (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) (a “Payment”) would be subject to the excise tax imposed by Sections 280G and 4999 of the Code (the “Excise Tax”), then the Payments shall be limited to the extent necessary to avoid being subject to the Excise Tax. In that event, Employee shall direct in writing which Payments are to be modified or reduced.
Appears in 4 contracts
Samples: Change of Control Employment Agreement, Change of Control Employment Agreement (Crescent Banking Co), Change of Control Employment Agreement (Crescent Banking Co)
