Excise Tax Limitation. Notwithstanding any provision of this Agreement to the contrary, any payment due under this Agreement shall be reduced in a manner and to the extent so that no payments made under this Agreement, when aggregated with any other payments to be made to the Participant, shall be an “excess parachute payment” in accordance with Section 280G of the Code and be subject to the excise tax provided for under Section 4999 of the Code.”
Appears in 4 contracts
Samples: Supplemental Executive Retirement Plan (Community Financial Corp /Md/), Supplemental Executive Retirement Plan (Community Financial Corp /Md/), Supplemental Executive Retirement Plan (Tri County Financial Corp /Md/)
Excise Tax Limitation. Notwithstanding any provision of this Agreement to the contrary, any payment due under this Agreement shall be reduced in a manner and to the extent so that no payments made under this Agreement, when aggregated with any other payments to be made to the Participant, shall be an “"excess parachute payment” " in accordance with Section 280G of the Code and be subject to the excise tax provided for under Section 4999 of the Code.”"
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan (Community Financial Corp /Md/)
