Excise Tax Cap. In the event that a Change in Control of PCFC shall occur and a determination is made by PCFC, pursuant to Sections 280G and 4999 of the Code (and corresponding state law provisions) that a golden parachute excise tax is due, the Executive's Severance Benefits under this Plan shall be grossed up for the amount equal to and only equal to the amount necessary to pay the excise tax.
Appears in 11 contracts
Samples: Change in Control Severance Agreement (Pacific Century Financial Corp), Change in Control Severance Agreement (Pacific Century Financial Corp), Change in Control Severance Agreement (Pacific Century Financial Corp)
