Common use of Excess Parachute Payment Gross-up Clause in Contracts

Excess Parachute Payment Gross-up. If any benefit distributable under this Agreement would create an excise tax under the excess parachute rules of Code Section 280G, the Bank shall distribute to the Executive an additional amount (the “Gross-up”) equal to: the Executive’s excise penalty tax and any Medicare or Social Security taxes under this Agreement amount divided by the difference between (one minus the sum of (the penalty tax rate plus the Executive’s marginal income tax rate)). The Gross-up shall be paid in the same matter as in Section 2.4.2.

Excess Parachute Payment Gross-up. If any benefit distributable payable under this Agreement would create an excise tax under the excess parachute rules of Code Section 280GG of the Code, the Bank shall distribute pay to the Executive an additional amount (the “Gross-"Gross- up”") equal to: the Executive’s 's excise penalty tax and any Medicare or Social Security taxes under this Agreement amount divided by the difference between sum of (one minus the sum of (the penalty tax rate plus the Executive’s 's marginal income tax rate)). ) The Gross-up shall be paid in equal annual payments for the same matter as in Section 2.4.2greater of fifteen (15) years or the Executive's lifetime.

Excess Parachute Payment Gross-up. If any benefit distributable under this Agreement would create an excise tax under the excess parachute rules of Code Section 280GG of the Code, the Bank shall distribute to the Executive an additional amount (the “Gross-up”) equal to: the Executive’s excise penalty tax and any Medicare or Social Security taxes under this Agreement amount divided by the difference between (one minus the sum of (the penalty excise tax rate plus the Executive’s marginal income tax rate)). rate for the year in which the Change in Control occurs) The Gross-up shall be paid distributed in a lump sum within ninety (90) days of the same matter as Change in Section 2.4.2Control.

Excess Parachute Payment Gross-up. If any benefit distributable payable under this Agreement would create an excise tax under the excess parachute rules of Code Section 280GG of the Code, the Bank Company shall distribute pay to the Executive an additional amount (the “"Gross-up”") equal to: to the Executive’s 's excise penalty tax and any Medicare or Social Security taxes under this Agreement amount divided by the difference between sum of (one minus the sum of (the penalty tax rate plus the Executive’s 's marginal income tax rate)). The Gross-up shall be paid in the same matter manner as in elected by the Executive under Section 2.4.24.4.2.

Excess Parachute Payment Gross-up. If any benefit distributable payable under this Agreement would create an excise tax under the excess parachute rules of Code Section 280GG of the Code, the Bank Corporation shall distribute pay to the Executive an additional amount (the “"Gross-up”") equal to: the Executive’s 's excise penalty tax and any Medicare or Social Security taxes under this Agreement amount divided by the difference between sum of (one minus the sum of (the penalty tax rate plus the Executive’s 's marginal income tax rate)). ) The Gross-up shall be paid in equal annual payments for the same matter as in Section 2.4.2greater of fifteen (15) years or the Executive's lifetime.

Excess Parachute Payment Gross-up. If any benefit distributable payable under this Agreement or any other agreement or plan would create an excise tax under the excess parachute rules of Code Section 280G, the Bank Company shall distribute pay to the Executive an additional amount (the “Gross-up”) equal to: the Executive’s excise penalty tax and any Medicare or Social Security taxes under this Agreement amount divided by the difference between sum of (one minus the sum of (the penalty tax rate plus the Executive’s marginal income tax rate)). The Gross-up shall be paid in a lump sum on the same matter as date of Change in Section 2.4.2Control.

Excess Parachute Payment Gross-up. If any benefit distributable under this Agreement would create an excise tax under the excess parachute rules of Code Section 280G, the Bank shall distribute to the Executive an additional amount (the “Gross-up”) equal to: the Executive’s excise penalty tax and any Medicare or Social Security taxes under this Agreement amount divided by the difference between (one minus the sum of (the penalty tax rate plus the Executive’s marginal income tax rate)). ) The Gross-up shall be paid in the same matter manner as the Change in Control benefit described in Section 2.4.2.