Change in Control Related Provisions. Notwithstanding the provisions of Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said sections (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Company, as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by Section 5 shall be determined by Executive.
Appears in 16 contracts
Samples: Employment Agreement (Fox Chase Bancorp Inc), Employment Agreement (Fox Chase Bancorp Inc), Employment Agreement (Fox Chase Bancorp Inc)
Change in Control Related Provisions. Notwithstanding the provisions of Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said sections paragraphs (the “"Termination Benefits”") constitute an “"excess parachute payment” " under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “"Non-Triggering Amount”"), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Companythree (3) times Executive's "base amount", as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by Section 5 shall be determined by Executive.
Appears in 10 contracts
Samples: Employment Agreement (Clifton Savings Bancorp Inc), Employment Agreement (Clifton Savings Bancorp Inc), Employment Agreement (Clifton Savings Bancorp Inc)
Change in Control Related Provisions. Notwithstanding the provisions of Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said sections (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Company, as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by Section 5 shall be determined made first to any cash payment due under this Agreement and next, but only to the extent necessary, by Executivewaiving the vesting of any equity compensation awards then outstanding.
Appears in 9 contracts
Samples: Employment Agreement (Fox Chase Bancorp Inc), Employment Agreement (Fox Chase Bancorp Inc), Employment Agreement (Fox Chase Bancorp Inc)
Change in Control Related Provisions. Notwithstanding the provisions of Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said sections paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Companythree (3) times Executive’s “base amount”, as determined in accordance with said Section 280G. The allocation of If necessary, the reduction required hereby among the Termination Benefits provided by shall be made from the cash payments due under Section 5 shall be determined by Executiveof the Agreement.
Appears in 8 contracts
Samples: Clifton Savings Bank (Clifton Bancorp Inc.), Employment Agreement (Clifton Bancorp Inc.), Clifton Savings Bank (Clifton Bancorp Inc.)
Change in Control Related Provisions. Notwithstanding the provisions paragraphs of Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive Executive, under said sections paragraphs (the “"Termination Benefits”") constitute an “"excess parachute payment” " under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, necessary to an amount (the “"Non-Triggering Amount”"), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Companythree (3) times Executive's "base amount", as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by the paragraphs of Section 5 shall be determined by the Executive.
Appears in 5 contracts
Samples: Employment Agreement (West Essex Bancorp Inc), Employment Agreement (West Essex Bancorp Inc), Employment Agreement (West Essex Bancorp Inc)
Change in Control Related Provisions. Notwithstanding the provisions of Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said sections paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Company, as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by Section 5 shall be determined by Executive.
Appears in 4 contracts
Samples: Employment Agreement (Fox Chase Bancorp Inc), Employment Agreement (Fox Chase Bancorp Inc), Employment Agreement (Fox Chase Bancorp Inc)
Change in Control Related Provisions. Notwithstanding the provisions of Section Paragraph 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said sections paragraphs (the “"Termination Benefits”") constitute an “"excess parachute payment” " under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “"Non-Triggering Amount”"), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Company, as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by Section Paragraph 5 shall be determined by Executive.
Appears in 2 contracts
Samples: Employment Agreement (Northeast Pennsylvania Financial Corp), Employment Agreement (Northeast Pennsylvania Financial Corp)
Change in Control Related Provisions. (a) Notwithstanding the provisions of Section 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said sections paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Companythree (3) times Executive’s “base amount”, as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by Section 5 shall be determined by Executive.
Appears in 2 contracts
Samples: First Federal Bank Employment Agreement (Northeast Pennsylvania Financial Corp), First Federal Bank Employment Agreement (Northeast Pennsylvania Financial Corp)
Change in Control Related Provisions. Notwithstanding the provisions of Section Paragraph 5, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said sections paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Company, as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by Section Paragraph 5 shall be determined by Executive.
Appears in 2 contracts
Samples: Employment Agreement (Fox Chase Bancorp Inc), Employment Agreement (Fox Chase Bancorp Inc)
Change in Control Related Provisions. Notwithstanding the provisions of Section 55 of this Agreement, in no event shall the aggregate payments or benefits to be made or afforded to Executive under said sections paragraphs (the “Termination Benefits”) constitute an “excess parachute payment” under Section 280G of the Internal Revenue Code of 1986 or any successor thereto, and in order to avoid such a result, Termination Benefits will be reduced, if necessary, to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than an amount equal to the maximum amount allowable as a deduction by the Bank or Company, as determined in accordance with said Section 280G. The allocation of the reduction required hereby among the Termination Benefits provided by Section 5 shall be determined by Executive.
Appears in 1 contract