Common use of CERTAIN ADDITIONAL PAYMENTS TO THE EXECUTIVE Clause in Contracts

CERTAIN ADDITIONAL PAYMENTS TO THE EXECUTIVE. (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Parent Corp. and/or the Bank to or for the benefit of the Executive, 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 Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") or any similar section of the Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to an the "Excise Tax"), then, notwithstanding any provision herein to the contrary, the Executive shall be entitled to receive an additional payment (a "Gross-up Payment") in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income and employment taxes and any Excise Tax imposed upon the Gross-up Payment, the Executive retains under this Agreement, after the imposition of all applicable taxes, the same amount that he would have retained had he not been subject to the Excise Tax. The Gross-up Payment under this Paragraph shall be made no later than the later of (i) thirty (30) days following the date of the Payment; or (ii) the determination by the Accounting Firm pursuant to Paragraph 21(b) that a Gross-up Payment is required.

CERTAIN ADDITIONAL PAYMENTS TO THE EXECUTIVE. (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Parent Corp. and/or the Bank to or for the benefit of the Executive, 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 Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") or any similar section of the Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to an as the "Excise Tax"), then, notwithstanding any provision herein to the contrary, the Executive shall be entitled to receive an additional payment (a "Gross-up Payment") in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income and employment taxes and any Excise Tax imposed upon the Gross-up Payment, the Executive retains under this Agreement, after the imposition of all applicable taxes, the same amount that he would have retained had he not been subject to the Excise Tax. The Gross-up Payment under this Paragraph shall be made no later than the later of (i) thirty (30) days following the date of the Payment; or (ii) the determination by the Accounting Firm pursuant to Paragraph 21(b) that a Gross-up Payment is required.

CERTAIN ADDITIONAL PAYMENTS TO THE EXECUTIVE. (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Parent Corp. and/or the Bank to or for the benefit of the Executive, 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 Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") or any similar section of the Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to an as the "Excise Tax"), then, notwithstanding any provision herein to the contrary, the Executive shall be entitled to receive an additional payment (a "Gross-up Payment") in an amount such that after payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income and employment taxes and any Excise Tax imposed upon the Gross-up Payment, the Executive retains under this Agreement, after the imposition of all applicable taxes, the same amount that he would have retained had he not been subject to the Excise Tax. The Gross-up Payment under this Paragraph shall be made no later than the later of (i) thirty (30) days following the date of the Payment; or (ii) the determination by the Accounting Firm pursuant to Paragraph 21(b) that a Gross-up Payment is required.