Excess Parachute Payment Gross-up. If any benefit payable under this Agreement would create an excise tax under the excess parachute rules of Section 280G of the Code, the Bank shall pay to the Executive an additional amount (the “Gross-up”) equal to: The Gross-up shall be paid in the same manner and same time as the benefit which creates the gross-up.
Appears in 4 contracts
Samples: Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc)
Excess Parachute Payment Gross-up. If any benefit payable under this Agreement would create an excise tax under the excess parachute rules of Section 280G of the Code, the Bank shall pay to the Executive an additional amount (the “Gross-up”) equal to: The Gross-up shall be paid in the same manner and same time as the benefit which creates the gross-up.:
Appears in 3 contracts
Samples: Salary Continuation Agreement (Old Line Bancshares Inc), Salary Continuation Agreement (Old Line Bancshares Inc), Salary Continuation Agreement (Old Line Bancshares Inc)
Excess Parachute Payment Gross-up. If any benefit payable under this Agreement would create an excise tax under the excess parachute rules of Section 280G of the Code, the Bank shall pay to the Executive an additional amount (the “Gross-up”) equal to: The Gross-up shall be paid in the same manner and at the same time as the benefit which creates the gross-up.
Appears in 3 contracts
Samples: Salary Continuation Agreement (Old Line Bancshares Inc), Salary Continuation Agreement (Old Line Bancshares Inc), Salary Continuation Agreement (Old Line Bancshares Inc)
Excess Parachute Payment Gross-up. If any benefit payable under this Agreement would create an excise tax under the excess parachute rules of Section 280G of the Code, the Bank Company shall pay to the Executive Director an additional amount (the “"Gross-up”") equal to: to the Director's excise penalty tax amount divided by the sum of (one minus the sum of the penalty tax rate plus the Director's marginal income tax rate). The Gross-up shall be paid in the same manner and same time as elected by the benefit which creates the gross-upDirector under Section 4.4.2.
Appears in 2 contracts
Samples: Director Deferred Fee Agreement (Southern Michigan Bancorp Inc), Director Deferred Fee Agreement (Southern Michigan Bancorp Inc)
Excess Parachute Payment Gross-up. If any benefit payable under this Agreement would create an excise tax under the excess parachute rules of Section 280G of the Code, the Bank shall pay to the Executive an additional amount (the “"Gross-up”") equal to: The Gross-up shall be paid in the same manner and same time as the benefit which creates the gross-up.:
Appears in 2 contracts
Samples: Salary Continuation Agreement (National Bankshares Inc), Salary Continuation Agreement (National Bankshares Inc)
Excess Parachute Payment Gross-up. If any benefit payable under this Agreement would create an excise tax under the excess parachute rules of Section 280G of the Code, the Bank shall pay to the Executive an additional amount (the “Gross-up”) equal to: The Gross-up shall be paid in equal annual payments for the same manner and same time as greater of fifteen (15) years or the benefit which creates the gross-upExecutive’s lifetime.
Appears in 1 contract
Samples: Salary Continuation Agreement (National Bankshares Inc)
