Common use of Executive Selection of Reductions Clause in Contracts

Executive Selection of Reductions. If under paragraph (a) of this section the Certified Public Accountants determine that any payment would more likely than not be nondeductible by HUBCO because of Section 280G of the Code, HUBCO shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive may then elect, in his sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount), and shall advise HUBCO in writing of his election within 5 business days of his receipt of notice. If no such election is made by the Executive within such 5-day period, HUBCO may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph, present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon HUBCO and the Executive and shall be made as promptly as practical but in any event within 20 days of a termination of employment of the Executive. HUBCO may suspend for a period of up to 30 days after termination of employment the payment of the Lump Sum and any other benefits due to the Executive under this Agreement until the Certified Public Accountants finish the determination and the Executive (or HUBCO, as the case may be) elect how to reduce the Agreement Payments, if necessary. As promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement and shall promptly pay to or distribute for the benefit of the Executive in the future such amounts as they become due to the Executive under this Agreement.

Executive Selection of Reductions. If under paragraph (a) of this section the Certified Public Accountants determine that any payment would more likely than not be nondeductible by HUBCO the Company because of Section 280G of the Code, HUBCO the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive may then elect, in his sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount), and shall advise HUBCO the Company in writing of his election within 5 business days of his receipt of notice. If no such election is made by the Executive within such 5-day period, HUBCO the Company may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph, present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon HUBCO the Company and the Executive and shall be made as promptly as practical but in any event within 20 days of a termination of employment of the Executive. HUBCO The Company may suspend for a period of up to 30 days after termination of employment the payment of the Lump Sum and any other benefits due to the Executive under this Agreement until the Certified Public Accountants finish the determination and the Executive (or HUBCOthe Company, as the case may be) elect how to reduce the Agreement Payments, if necessary. As promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement and shall promptly pay to or distribute for the benefit of the Executive in the future such amounts as they become due to the Executive under this Agreement.

Executive Selection of Reductions. If under paragraph (a) of this section the Certified Public Accountants determine that any payment would more likely than not be nondeductible by HUBCO HUB because of Section 280G of the Code, HUBCO HUB shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive may then elect, in his sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount), and shall advise HUBCO HUB in writing of his election within 5 business days of his receipt of notice. If no such election is made by the Executive within such 5-day period, HUBCO HUB may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph, present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon HUBCO HUB and the Executive and shall be made as promptly as practical but in any event within 20 days of a termination of employment of the Executive. HUBCO HUB may suspend for a period of up to 30 days after termination of employment the payment of the Lump Sum and any other benefits due to the Executive under this Agreement until the Certified Public Accountants Accounts finish the determination and the Executive (or HUBCOHUB, as the case may be) elect how to reduce the Agreement Payments, if necessarynecessary provided that during such suspension, the Company continues to pay Executive’s salary. As promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement and shall promptly pay to or distribute for the benefit of the Executive in the future such amounts as they become due to the Executive under this Agreement.

Executive Selection of Reductions. If under paragraph (a) of this section the Certified Public Accountants determine that any payment would more likely than not be nondeductible by HUBCO the Company because of Section 280G of the Code, HUBCO the Company shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive may then elect, in his sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount), and shall advise HUBCO the Company in writing of his election within 5 business days of his receipt of notice. If no such election is made by the Executive within such 5-day period, HUBCO the Comapny may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph, present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon HUBCO the Company and the Executive and shall be made as promptly as practical but in any event within 20 days of a termination of employment of the Executive. HUBCO The Company may suspend for a period of up to 30 days after termination of employment the payment of the Lump Sum and any other benefits due to the Executive under this Agreement until the Certified Public Accountants finish the determination and the Executive (or HUBCOthe Company, as the case may be) elect how to reduce the Agreement Payments, if necessary. As promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement and shall promptly pay to or distribute for the benefit of the Executive in the future such amounts as they become due to the Executive under this Agreement.

Executive Selection of Reductions. If under paragraph (a) of this section the Certified Public Accountants determine that any payment would more likely than not be nondeductible by HUBCO Bancorp because of Section 280G of the Code, HUBCO Bancorp shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive may then elect, in his her sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount), and shall advise HUBCO Bancorp in writing of his her election within 5 business days of his her receipt of notice. If no such election is made by the Executive within such 5-day period, HUBCO Bancorp may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph, present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon HUBCO Bancorp and the Executive and shall be made as promptly as practical but in any event within 20 days of a termination of employment of the Executive. HUBCO Bancorp may suspend for a period of up to 30 days after termination of employment the payment of the Lump Sum and any other benefits due to the Executive under this Agreement until the Certified Public Accountants Accounts finish the determination and the Executive (or HUBCOBancorp, as the case may be) elect how to reduce the Agreement Payments, if necessary. As promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement and shall promptly pay to or distribute for the benefit of the Executive in the future such amounts as they become due to the Executive under this Agreement.

Executive Selection of Reductions. If under paragraph (a) of this section the Certified Public Accountants determine that any payment would more likely than not be nondeductible by HUBCO because of Section 280G of the Code, HUBCO shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive may then elect, in his her sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount), and shall advise HUBCO in writing of his her election within 5 business days of his her receipt of notice. If no such election is made by the Executive within such 5-day period, HUBCO may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph, present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon HUBCO and the Executive and shall be made as promptly as practical but in any event within 20 days of a termination of employment of the Executive. HUBCO may suspend for a period of up to 30 days after termination of employment the payment of the Lump Sum and any other benefits due to the Executive under this Agreement until the Certified Public Accountants Accounts finish the determination and the Executive (or HUBCO, as the case may be) elect how to reduce the Agreement Payments, if necessary. As promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement and shall promptly pay to or distribute for the benefit of the Executive in the future such amounts as they become due to the Executive under this Agreement.

Executive Selection of Reductions. If under paragraph (a) of this section the Certified Public Accountants determine that any payment would more likely than not be nondeductible by HUBCO because of Section 280G of the Code, HUBCO shall promptly give the Executive notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Executive may then elect, in his sole discretion, which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount), and shall advise HUBCO in writing of his election within 5 business days of his receipt of notice. If no such election is made by the Executive within such 5-day period, HUBCO may elect which and how much of the Agreement Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Agreement Payments equals the Reduced Amount) and shall notify the Executive promptly of such election. For purposes of this paragraph, present value shall be determined in accordance with Section 280G(d)(4) of the Code. All determinations made by the Certified Public Accountants shall be binding upon HUBCO and the Executive and shall be made as promptly as practical but in any event within 20 days of a termination of employment of the Executive. HUBCO may suspend for a period of up to 30 days after termination of employment the payment of the Lump Sum and any other benefits due to the Executive under this Agreement until the Certified Public Accountants Accounts finish the determination and the Executive (or HUBCO, as the case may be) elect how to reduce the Agreement Payments, if necessary. As promptly as practicable following such determination and the elections hereunder, the Company shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the Executive under this Agreement and shall promptly pay to or distribute for the benefit of the Executive in the future such amounts as they become due to the Executive under this Agreement.