Potential Excise Tax. Should any payments hereunder or contemplated hereby be subject to excise tax pursuant to Section 4999 of the Internal Revenue Code of 1986, as may be amended, or any successor or similar provision thereto, or comparable state or local tax laws, CFB shall pay to Executive such additional compensation as is necessary (after taking into account all federal, state and local income taxes payable by Executive as a result of the receipt of such compensation) to place Executive in the same after-tax position he would have been in had no such excise tax (or any interest or penalties thereon) been paid or incurred. CFB shall pay such additional compensation upon the earlier of
Appears in 4 contracts
Samples: Control Severance Agreement (Community First Bankshares Inc), Control Severance Agreement (Community First Bankshares Inc), Control Severance Agreement (Community First Bankshares Inc)
