Common use of Excise Tax Equalization Payment Clause in Contracts

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “Total Payments”), if all or any part 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 Company shall pay to the Executive in cash an additional amount (the “Gross-Up Payment”) such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical (but in any event no later than thirty (30) days after the date the Excise Tax is remitted).

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “"Total Payments”"), if all or any part 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 Company shall pay to the Executive in cash an additional amount (the “"Gross-Up Payment”") such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federalFederal, state, state and local income tax, penalties, interest, tax and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 7.3 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical (following the effective date of termination, but in any no event no later than beyond thirty (30) days after the date the Excise Tax is remitted)from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “"Total Payments”"), if all or any part 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 Company shall pay to the Executive in cash an additional amount (the “"Gross-Up Payment”") such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical (following the effective date of termination, but in any no event no later than beyond thirty (30) days after the date the Excise Tax is remitted)from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “Total Payments”), if all or any part 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 Company shall pay to the Executive in cash an additional amount (the “Gross-Up Payment”) such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical (following the Effective Date of Termination, but in any no event no later than beyond thirty (30) days after the date the Excise Tax is remitted)from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes you become entitled to a Severance Benefits Payment or any other payment or benefit under this Letter Agreement, or under any other agreement with or plan of the Company Bank (in the aggregate, the “"Total Payments”"), and if all or any part 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 Company Bank shall pay to the Executive you in cash an additional amount (the “"Gross-Up Payment”") such that the net amount retained by the Executive you after deduction of any Excise Tax upon the Total Payments and any federalFederal, state, state and local income tax, penalties, interest, tax and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 3.8 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company Bank to the Executive you as soon as practical (following the effective date of the Terminating Event, but in any no event no later than beyond thirty (30) days after the date the Excise Tax is remitted)from such date.

Excise Tax Equalization Payment. In the event that If the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “Total Payments”), if all or any part 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 Company shall pay to the Executive in cash an additional amount (the “Gross-Up Payment”) in such amount such that the net amount retained after payment by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA), shall be the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax upon the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical (following the Effective Date of Termination, but in any no event no later than beyond thirty (30) days after the date the Excise Tax is remitted)from such date.

Excise Tax Equalization Payment. In the event that the Executive becomes entitled to Severance Benefits or any other payment or benefit under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “"Total Payments”"), if all or any part 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 Company shall pay to the Executive in cash an additional amount (the “"Gross-Up Payment”") such that the net amount retained by the Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 5.1 (including FICA and FUTA), shall be equal to the Total Payments. Such payment shall be made by the Company to the Executive as soon as practical (following the Effective Date of Termination, but in any no event no later than beyond thirty (30) days after the date the Excise Tax is remitted)from such date.