Potential Increase in Benefits. Notwithstanding any other provision of this Section 4, if (i) there is a reduction in the payments to a Participant as described in this Section 4, (ii) the IRS later determines that the Participant is Employee Award 3 Year Time-Based Vesting (with Retirement) 2024 Equity Incentive Plan liable for the Excise Tax, the payment of which would result in the maximization of the Participant's net after-tax proceeds (calculated as if the Participant's benefits had not previously been reduced), and (iii) the Participant pays the Excise Tax, then the Company shall pay to the Participant those payments which were reduced pursuant to this Section 4 as soon as administratively possible after the Participant pays the Excise Tax so that the Participant's net after-tax proceeds with respect to the payment of the Payments are maximized.
Potential Increase in Benefits. Notwithstanding any other provision of this Paragraph 10.15, if (i) there is a reduction in the payments to Executive as described in this Paragraph 10.15, (ii) the IRS later determines that Executive is liable for the Excise Tax, the payment of which would result in the maximization of Executive’s net after-tax proceeds (calculated as if Executive’s benefits had not previously been reduced), and (iii) Executive pays the Excise Tax, then the Bank shall pay to Executive those payments which were reduced pursuant to this Paragraph 10.15 as soon as administratively possible after Executive pays the Excise Tax so that Executive’s net after-tax proceeds with respect to the payment of the Payments are maximized.
Potential Increase in Benefits. Notwithstanding any other provision of this Section 8.16, if (i) there is a reduction in the payments to Xxxxxxx as described in this Section 8.16, (ii) the IRS later determines that Xxxxxxx is liable for the Excise Tax, the payment of which would result in the maximization of Xxxxxxx' net after-tax proceeds (calculated as if Xxxxxxx' benefits had not previously been reduced), and (iii) Xxxxxxx pays the Excise Tax, then the Company shall pay to Xxxxxxx those payments which were reduced pursuant to this Section 8.16, within 30 days after Xxxxxxx pays the Excise Tax so that Xxxxxxx' net after-tax proceeds with respect to the payment of the Payments are maximized.
Potential Increase in Benefits. Notwithstanding any other provision of this Section 8.16, if (i) there is a reduction in the payments to Xxxxxxx as described in this Section 8.16, (ii) the IRS later determines that Xxxxxxx is liable for the Excise Tax, the payment of which would result in the maximization of Xxxxxxx' net after-tax proceeds (calculated as if Xxxxxxx' benefits had not previously been reduced), and (iii) Xxxxxxx pays the Excise Tax, then the Company shall pay to Xxxxxxx those payments which were reduced pursuant to this Section 8.16, within 30 days after Xxxxxxx pays the Excise Tax so that Xxxxxxx' net after-tax proceeds with respect to the payment of the Payments are maximized. (e) As expressly permitted by Q/A #32 of the Code Section 280G regulations, with respect to performing any present value calculations that are required in connection with this Section 8.16, Xxxxxxx and the Company each affirmatively elect to utilize the Applicable Federal Rates (“AFR”) that are in effect as of the restatement date and the Accountants shall therefore use such AFRs in their determinations and calculations. The Company shall pay the fees and costs of the Accountants that are incurred in connection with this Section 8.16. 8.17
