Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G of the Code.
Appears in 46 contracts
Samples: Salary Continuation Agreement (Madison County Financial, Inc.), Salary Continuation Agreement (Madison County Financial, Inc.), Director Deferred Fee Agreement (Madison County Financial, Inc.)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company Bank shall not pay any benefit under this Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G of the Code.
Appears in 28 contracts
Samples: Salary Continuation Agreement (Heritage Oaks Bancorp), Salary Continuation Agreement (Heritage Oaks Bancorp), Salary Continuation Agreement (Heritage Oaks Bancorp)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company Bank shall not pay any benefit under this Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G of the Codecode.
Appears in 16 contracts
Samples: Employment Agreement (Bank of Commerce Holdings), Employment Agreement (Bank of Commerce Holdings), Employment Agreement (Bank of Commerce Holdings)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the any benefit would create an excise tax under the excess parachute rules of Section 280G of the Code, the Company shall reduce the benefit paid under this Agreement to the maximum benefit that would not result in any such excise tax.
Appears in 14 contracts
Samples: Salary Continuation Agreement (United Bancshares Inc/Oh), Salary Continuation Agreement (United Bancshares Inc/Oh), Salary Continuation Agreement (Synovus Financial Corp)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay distribute any benefit under this Agreement in excess of the Deferrals to the extent the benefit would create be an excise tax under the excess parachute rules of payment under Section 280G of the Code.
Appears in 10 contracts
Samples: Executive Deferred Compensation Agreement (Ohio Valley Banc Corp), Director Deferred Fee Agreement (Ohio Valley Banc Corp), Director Deferred Fee Agreement (Ohio Valley Banc Corp)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay distribute any benefit under this Agreement to the extent the benefit would create be an excise tax under the excess parachute rules of payment under Section 280G of the Code.
Appears in 10 contracts
Samples: Director Retirement Agreement (Ohio Valley Banc Corp), Director Retirement Agreement (Ohio Valley Banc Corp), Director Retirement Agreement (Ohio Valley Banc Corp)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay will reduce any benefit under this Agreement by an amount necessary to the extent the benefit would create avoid an excise tax under the excess parachute rules of Section 280G of the Code.
Appears in 9 contracts
Samples: Salary Continuation Agreement (Tri County Financial Corp /Md/), Salary Continuation Agreement (Tri County Financial Corp /Md/), Salary Continuation Agreement (FNB Bancorp/Ca/)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the benefit would create be an excise tax under the excess parachute rules of payment under Section 280G of the Code.
Appears in 7 contracts
Samples: Director Retirement Agreement (Fc Banc Corp), Director Retirement Agreement (Fc Banc Corp), Director Retirement Agreement (Fc Banc Corp)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the any benefit would create an excise tax under the excess parachute rules of Section 280G of the Code, the Company shall reduce the benefit paid under this Agreement to the extent it would not result in any such excise tax.
Appears in 5 contracts
Samples: Salary Continuation Agreement (Heritage Oaks Bancorp), Salary Continuation Agreement (Heritage Oaks Bancorp), Salary Continuation Agreement (Heritage Oaks Bancorp)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit Change in Control Benefit under this Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section Sections 280G and 4999 of the Code.
Appears in 5 contracts
Samples: Salary Continuation Agreement (Consumers Bancorp Inc /Oh/), Salary Continuation Agreement (Consumers Bancorp Inc /Oh/), Salary Continuation Agreement (Consumers Bancorp Inc /Oh/)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G of the Code. To the extent possible, such benefit payment shall be reduced to allow payment within the fullest extent permissible under applicable law.
Appears in 4 contracts
Samples: Director Retirement Agreement (Oak Valley Bancorp), Salary Continuation Agreement (Oak Valley Bancorp), Director Retirement Agreement (Oak Valley Bancorp)
Excess Parachute Payment. Notwithstanding any provision of contained in this Change In Control Agreement to the contrary, the Company Bank shall not pay any benefit under this Agreement to the extent the such benefit would create an excise tax under the excess parachute rules of Section 280G 280(g) of the Internal Revenue Code.
Appears in 4 contracts
Samples: Change in Control Agreement (Bank of Commerce Holdings), Change in Control Agreement (Bank of Commerce Holdings), Change in Control Agreement (Bank of Commerce Holdings)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G 28OG of the Code.
Appears in 3 contracts
Samples: Salary Continuation Agreement (Wesbanco Inc), Executive Deferred Compensation Agreement (Iowa First Bancshares Corp), Executive Deferred Compensation Agreement (Iowa First Bancshares Corp)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company Employer shall not pay any benefit under this Agreement to the extent the payment of the benefit would create impose an excise tax under the excess parachute rules of Section 280G of the Code.
Appears in 3 contracts
Samples: Change of Control Agreement (Atlantic Bancgroup Inc), Change of Control Agreement (Atlantic Bancgroup Inc), Change of Control Agreement (Atlantic Bancgroup Inc)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company Employer shall not pay any benefit under this Agreement to the extent the benefit would create an excise tax be a nondeductible parachute payment under the excess parachute rules of Section 280G of the Internal Revenue Code.
Appears in 2 contracts
Samples: Employment Agreement (Lake Area Corn Processors LLC), Employment Agreement (Lake Area Corn Processors LLC)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company Employer shall not pay any benefit under this Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G of the Codecode.
Appears in 2 contracts
Samples: Employment Agreement (Bank of Commerce Holdings), Employment Agreement (Bank of Commerce Holdings)
Excess Parachute Payment. Notwithstanding any provision of this the Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G of the Code.
Appears in 1 contract
Samples: Director Deferred Fee Agreement (First Community Bancshares Inc /In)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the benefit would create be an excise tax under the excess parachute rules of payment under Section 280G of the Code. In complying with this provision, the Company hereby agrees to take all steps reasonably necessary to maximize the benefit available to the Executive.
Appears in 1 contract
Samples: Salary Continuation Agreement (Western Sierra Bancorp)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 280G of the Code.
Appears in 1 contract
Samples: Salary Continuation Agreement (West Pointe Bancorp Inc)
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the benefit would create an excise tax under the excess parachute rules of Section 28OG of the Code, but recognizing that only the excess of the Change in Control Benefit need be taken into account for purposes of Section 280G of the Code.
Appears in 1 contract
Excess Parachute Payment. Notwithstanding any provision of this Agreement to the contrary, the Company shall not pay any benefit under this Agreement to the extent the benefit would create be an excise tax under the excess parachute rules of payment under Section 280208G of the Code. In such event, the benefit shall be reduced to the maximum benefit allowed that would not create an excess parachute payment.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Efc Bancorp Inc)
