Certain Reduction of Payments by the Bank. (a) Notwithstanding any other provision of this Agreement, if payments under this Agreement, together with any other payments received or to be received by the Employee in connection with a Change in Control would be deemed to include an "excess parachute payment" pursuant to Section 280G of the Code, then benefits under this Agreement shall be reduced (not less than zero) to the extent necessary to avoid the payment of an excess parachute payment by the Bank. The Employee shall determine the allocation of such reduction among payments to the Employee.
Appears in 3 contracts
Samples: Employment Agreement (Niagara Bancorp Inc), Employment Agreement (Ifb Holdings Inc), Employment Agreement (Brooklyn Heights Bancorp)
Certain Reduction of Payments by the Bank. (a) Notwithstanding any other provision of this Agreement, if payments under this Agreement, together with any other payments received or to be received by the Employee in connection with a Change in Control would be deemed to include an "excess parachute payment" pursuant to Section 280G of the Code, then benefits under this Agreement shall be reduced (not less than zero) to the extent necessary to avoid the payment of an excess parachute payment by the Bank. The Employee shall determine the allocation of such reduction among payments to the Employee.
Appears in 1 contract
Samples: Employment Agreement (First Federal Bankshares Inc)
