Common use of Certain Reductions in Payments Clause in Contracts

Certain Reductions in Payments. (a) If the aggregate payments or benefits to be made or afforded to Executive pursuant to this Agreement (and any other plans, programs and arrangements maintained by the Company) (the "Termination Benefits") would constitute "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") or any successor thereto, and if such Termination Benefits were reduced to an amount (the "Non-Triggering Amount"), the value of which is one dollar ($1.00) less than an amount equal to three times Executive's "base amount," (determined in accordance with Code Section 280G), then the Termination Benefits shall be reduced to the Non-Triggering Amount. The allocation of the reduction required hereby among the Termination Benefits shall be determined by Executive. Notwithstanding the foregoing, if after application of the preceding sentences of this subsection 6.6(a), it is determined that the Executive received an excess parachute payment despite the reduction in the Executive's Termination Benefits, the excess of such Termination Benefits paid to the Executive over 2.99 times the Executive's "base amount," as defined in Section 280G of the Code, shall be treated as a loan to the Executive, and the Executive shall be required to repay such amount to the Bank or the Company, or the successor of the Bank or the Company, in consecutive annual installments over a period not to exceed ten years of the date of such determination, with interest at the prime rate plus 2% as set forth from time to time in The Wall Street Journal.

Certain Reductions in Payments. (a) If the aggregate payments or benefits to be made or afforded to Executive pursuant to this Agreement (and any other plans, programs and arrangements maintained by the Company) (the "Termination Benefits") would constitute "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") or any successor thereto, and if such Termination Benefits were reduced to an amount (the "Non-Non Triggering Amount"), the value of which is one dollar ($1.00) less than an amount equal to three times Executive's "base amount," (determined in accordance with Code Section 280G), and the Non-Triggering Amount would be greater than the aggregate value of the Termination Benefits (without such reduction) minus the amount of tax required to be paid by Executive thereon by Code Section 4999, then the Termination Benefits shall be reduced to the Non-Non- Triggering Amount. The allocation of the reduction required hereby among the Termination Benefits shall be determined by Executive. Notwithstanding the foregoing, if after application of the preceding sentences of this subsection 6.6(a), it is determined that the Executive received an excess parachute payment despite the reduction in the Executive's Termination Benefits, the excess of such Termination Benefits paid to the Executive over 2.99 times the Executive's "base amount," as defined in Section 280G of the Code, shall be treated as a loan to the Executive, and the Executive shall be required to repay such amount to the Bank or the Company, or the successor of the Bank or the Company, in consecutive annual installments over a period not to exceed within ten years of the date of such determination, with interest at the prime rate plus 2% as set forth from time to time in The Wall Street Journal.

Certain Reductions in Payments. (a) If the aggregate payments or benefits ------------------------------ to be made or afforded to Executive pursuant to this Agreement (and any other plans, programs and arrangements maintained by the CompanyBank [or __________]) (the "Termination Benefits") would constitute "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") or any successor thereto, and if such Termination Benefits were reduced to an amount (the "Non-Triggering Amount"), the value of which is one dollar ($1.00) less than an amount equal to three times Executive's "base amount," (determined in accordance with Code Section 280G), then the Termination Benefits shall be reduced to the Non-Triggering Amount. The Executive shall determine the allocation of the reduction required hereby among the Termination Benefits shall be determined by ExecutiveBenefits. Notwithstanding the foregoing, if after application of the preceding sentences of this subsection 6.6(a)Section 5, it is determined that the Executive received an excess parachute payment despite the reduction in the Executive's Termination Benefits, the excess of such Termination Benefits paid to the Executive over 2.99 times the Executive's "base amount," as defined in Section 280G of the Code, shall be treated as a loan to the Executive, and the Executive shall be required to repay such amount to the Bank [or the Company__________], or the successor of the Bank [or the Company____], in consecutive annual installments over a period not to exceed ten years of the date of such determination, with interest at the prime rate plus 2% as set forth from time to time in The Wall Street Journal.

Certain Reductions in Payments. (a) If the aggregate payments or benefits to be made or afforded to Executive pursuant to this Agreement (and any other plans, programs and arrangements maintained by the Company) (the "Termination Benefits") would constitute "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") or any successor thereto, and if such Termination Benefits were reduced to an amount (the "Non-Triggering NonTriggering Amount"), the value of which is one dollar ($1.00) less than an amount equal to three times Executive's "base amount," (determined in accordance with Code Section 280G), then the Termination Benefits shall be reduced to the Non-Triggering Amount. The allocation of the reduction required hereby among the Termination Benefits shall be determined by Executive. Notwithstanding the foregoing, if after application of the preceding sentences of this subsection 6.6(a), it is determined that the Executive received an excess parachute payment despite the reduction in the Executive's Termination Benefits, the excess of such Termination Benefits paid to the Executive over 2.99 times the Executive's "base amount," ", as defined in Section 280G of the Code, shall be treated as a loan to the Executive, and the Executive shall be required to repay such amount to the Bank or the Company, or the successor of the Bank or the Company, in consecutive annual installments over a period not to exceed within ten years of the date of such determination, with interest at the prime rate plus 2% two-percent as set forth from time to time in The Wall Street Journal.

Certain Reductions in Payments. (a) If the aggregate payments or benefits to be made or afforded to Executive pursuant to this Agreement (and any other plans, programs and arrangements maintained by the Company) (the "Termination Benefits") would constitute "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") or any successor thereto, and if such Termination Benefits were reduced to an amount (the "Non-Triggering Amount"), the value of which is one dollar ($1.00) less than an amount equal to three times Executive's "base amount," (determined in accordance with Code Section 280G), then the Termination Benefits shall be reduced to the Non-Non- Triggering Amount. The allocation of the reduction required hereby among the Termination Benefits shall be determined by Executive. Notwithstanding the foregoing, if after application of the preceding sentences of this subsection 6.6(a), it is determined that the Executive received an excess parachute payment despite the reduction in the Executive's Termination Benefits, the excess of such Termination Benefits paid to the Executive over 2.99 times the Executive's "base amount," as defined in Section 280G of the Code, shall be treated as a loan to the Executive, and the Executive shall be required to repay such amount to the Bank or the Company, or the successor of the Bank or the Company, in consecutive annual installments over a period not to exceed ten years of the date of such determination, with interest at the prime rate plus 2% as set forth from time to time in The Wall Street Journal.

Certain Reductions in Payments. (ai) If the aggregate payments or benefits to be made or afforded to Executive Consultant pursuant to this Agreement (and any other plans, programs and arrangements maintained by the Company) (the "Termination Benefits") would constitute "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") or any successor thereto, and if such Termination Benefits were shall be reduced to an amount (the "Non-Triggering Amount"), the value of which is one dollar ($1.00) less than an amount equal to three times ExecutiveConsultant's "base amount," (Base Amount", determined in accordance with Code Section 280G), then so as to not trigger the Termination Benefits shall be reduced to loss of deduction provisions under Section 280G of the Non-Triggering AmountInternal Revenue Code and the excise tax provisions of Section 4999 of the Internal Revenue Code. The allocation of the reduction required hereby among the Termination Benefits shall be determined by ExecutiveConsultant. Notwithstanding the foregoing, if after application of the preceding sentences of this subsection 6.6(a(f), it is determined that the Executive Consultant received an excess parachute payment despite the reduction in of the ExecutiveConsultant's Termination Benefits, the excess of such Termination Benefits paid to the Executive Consultant over 2.99 times the ExecutiveConsultant's "base amount," Base Amount", as defined in Section 280G of the Code, shall be treated as a loan to the ExecutiveConsultant, and the Executive Consultant shall be required to repay such amount to the Bank or the Company, or the successor of the Bank or the Company, in consecutive annual installments over a period not to exceed ten years within thirty days of the date of such determination, with interest at the prime rate plus 2% two-percent as set forth from time to time in The Wall Street Journal.

Certain Reductions in Payments. (a) If the aggregate payments or benefits to be made or afforded to Executive pursuant to this Agreement (and any other plans, programs and arrangements maintained by the Company) (the "Termination Benefits") would constitute "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code") or any successor thereto, and if such Termination Benefits were reduced to an amount (the "Non-Triggering NonTriggering Amount"), the value of which is one dollar ($1.00) less than an amount equal to three times Executive's "base amount," (determined in accordance with Code Section 280G), then the Termination Benefits shall be reduced to the Non-Non- Triggering Amount. The allocation of the reduction required hereby among the Termination Benefits shall be determined by Executive. Notwithstanding the foregoing, if after application of the preceding sentences of this subsection 6.6(a), it is determined that the Executive received an excess parachute payment despite the reduction in the Executive's Termination Benefits, the excess of such Termination Benefits paid to the Executive over 2.99 times the Executive's "base amount," ", as defined in Section 280G of the Code, shall be treated as a loan to the Executive, and the Executive shall be required to repay such amount to the Bank or the Company, or the successor of the Bank or the Company, in consecutive annual installments over a period not to exceed within ten years of the date of such determination, with interest at the prime rate plus 2% two-percent as set forth from time to time in The Wall Street Journal.