Common use of Excise Tax Equalization Payment Clause in Contracts

Excise Tax Equalization Payment. In the event that you become entitled to a Severance Payment or any other payment or benefit under this Letter Agreement, or under any other agreement with or plan of the Bank (in the aggregate, the "Total Payments"), if any of the Total Payments will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed), the Bank shall pay to you in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by you after deduction of any Excise Tax upon the Total Payments and any Federal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 3.8 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Bank to you as soon as practical following the effective date of the Terminating Event, but in no event beyond thirty (30) days from such date.

Excise Tax Equalization Payment. In the event that you become entitled to a Severance Payment or any other payment or benefit under this Letter Agreement, or under any other agreement with or plan of the Bank (in the aggregate, the "Total Payments"), and if any of the Total Payments will be subject to the tax (the "Excise Tax") imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed), then the Bank shall pay to you in cash an additional amount (the "Gross-Up Payment") such that the net amount retained by you after deduction of any Excise Tax upon the Total Payments and any Federal, state and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Section 3.8 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Bank to you as soon as practical following the effective date of the Terminating Event, but in no event beyond thirty (30) days from such date.