Common use of Potential Further Reduction of Benefits Clause in Contracts

Potential Further Reduction of Benefits. If, notwithstanding any reduction described in Paragraph 8.15A, the IRS determines that Executive is liable for the Excise Tax as a result of the receipt of any payments made pursuant to this Plan, then Executive shall be obligated to pay back to the Bank, within thirty (30) days after a final IRS determination or in the event that Executive challenges the final IRS determination, a final judicial determination, a portion of the Payments equal to the “Repayment Amount.” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to the Bank so that Executive’s net after-tax proceeds with respect to the Payments (after taking into account the payment of the Excise Tax and all other applicable taxes imposed on such benefits) shall be maximized. The Repayment Amount shall be zero if a Repayment Amount of more than zero would not result in Executive’s net after-tax proceeds with respect to the Payments being maximized. If the Excise Tax is not eliminated pursuant to this Paragraph 8.15C, Executive shall pay the Excise Tax.

Potential Further Reduction of Benefits. If, notwithstanding any reduction described in Paragraph 8.15A, this Section 8.16 the IRS Internal Revenue Service (“IRS”) determines that Executive Xxxxxxx is liable for the Excise Tax as a result of the receipt of any payments made pursuant to this PlanPayments, then Executive Xxxxxxx shall be obligated to pay back to the BankCompany, within thirty (30) 30 days after a final IRS determination or in the event that Executive Xxxxxxx challenges the final IRS determination, a final judicial determination, a portion of the Payments equal to the “Repayment Amount.” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to the Bank Company so that Executive’s Xxxxxxx' net after-tax proceeds with respect to the Payments (after taking into account the payment of the Excise Tax and all other applicable taxes imposed on such benefits) shall be maximized. The Repayment Amount shall be zero if a Repayment Amount of more than zero would not result in Executive’s Xxxxxxx' net after-tax proceeds with respect to the Payments being maximized. If the Excise Tax is not eliminated pursuant to this Paragraph 8.15CSection 8.16, Executive Xxxxxxx shall pay the Excise Tax.

Potential Further Reduction of Benefits. If, notwithstanding any reduction described in Paragraph 8.15A10.15A, the IRS determines that Executive is liable for the Excise Tax as a result of the receipt of any payments made pursuant to this Plan, then Executive shall be obligated to pay back to the Bank, within thirty (30) days after a final IRS determination or in the event that Executive challenges the final IRS determination, a final judicial determination, a portion of the Payments equal to the “Repayment Amount.” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to the Bank so that Executive’s net after-tax proceeds with respect to the Payments (after taking into account the payment of the Excise Tax and all other applicable taxes imposed on such benefits) shall be maximized. The Repayment Amount shall be zero if a Repayment Amount of more than zero would not result in Executive’s net after-tax proceeds with respect to the Payments being maximized. If the Excise Tax is not eliminated pursuant to this Paragraph 8.15C10.15C, Executive shall pay the Excise Tax.

Potential Further Reduction of Benefits. If, notwithstanding any reduction described in Paragraph 8.15A, this Section 8.16 the IRS Internal Revenue Service (“IRS”) determines that Executive Xxxxxxx is liable for the Excise Tax as a result of the receipt of any payments made pursuant to this PlanPayments, then Executive Xxxxxxx shall be obligated to pay back to the BankCompany, within thirty (30) 30 days after a final IRS determination or in the event that Executive Xxxxxxx challenges the final IRS determination, a final judicial determination, a portion of the Payments equal to the “Repayment Amount.” The Repayment Amount shall be the smallest such amount, if any, as shall be required to be paid to the Bank Company so that Executive’s Xxxxxxx' net after-tax proceeds with respect to the Payments (after taking into account the payment of the Excise Tax and all other applicable taxes imposed on such benefits) shall be maximized. The Repayment Amount shall be zero if a Repayment Amount of more than zero would not result in Executive’s Xxxxxxx' net after-tax proceeds with respect to the Payments being maximized. If the Excise Tax is not eliminated pursuant to this Paragraph 8.15CSection 8.16, Executive Xxxxxxx shall pay the Excise Tax.. (d)