Common use of Return of Reduced Excise Tax Payment or Payment of Additional Excise Tax Clause in Contracts

Return of Reduced Excise Tax Payment or Payment of Additional Excise Tax. If the Excise Tax is later determined to be less than the amount taken into account hereunder, the Executive shall repay to the Company - when the amount of the reduction in Excise Tax is finally determined - the portion of the Gross-Up Payment Amount attributable to the reduction (plus that portion of the Gross-Up Payment Amount attributable to the Excise Tax, federal, state and local income taxes and FICA and Medicare withholding taxes imposed on the Gross-Up Payment Amount being repaid by the Executive to the extent that the repayment results in a reduction in Excise Tax, FICA and Medicare withholding taxes and/or a federal, state or local income tax deduction). If the Excise Tax is later determined to be more than the amount taken into account hereunder (due, for example, to a payment whose existence or amount cannot be determined at the time of the Gross-Up Payment Amount), the Company shall make an additional payment to the Executive for that excess (plus any interest, penalties or additions payable by the Executive for the excess) when the amount of the excess is finally determined.

Return of Reduced Excise Tax Payment or Payment of Additional Excise Tax. If the Excise Tax is later determined to be less than the amount taken into account hereunderinitially determined under this Agreement, the Executive shall repay to the Company Bank - when the amount of the reduction in Excise Tax is finally determined - the portion of the Gross-Up Payment Amount attributable to the reduction (plus that portion of the Gross-Up Payment Amount attributable to the Excise Tax, federal, state and local income taxes and FICA and Medicare withholding taxes imposed on the Gross-Up Payment Amount being repaid by the Executive to the extent that the repayment results in a reduction in Excise Tax, FICA FICA, and Medicare withholding taxes and/or a federal, state state, or local income tax deduction). If the Excise Tax is later determined to be more than the amount taken into account hereunder initially determined under this Agreement (due, for example, to a payment whose existence or amount cannot be determined at the time of the Gross-Up Payment Amount), the Company Bank shall make an additional payment Gross-Up Payment Amount to the Executive for that excess (plus any interest, penalties penalties, or additions payable by the Executive for the excess) when the amount of the excess is finally determined.

Return of Reduced Excise Tax Payment or Payment of Additional Excise Tax. If the Excise Tax is later determined to be less than the amount taken into account hereunderinitially determined under this Agreement, the Executive shall repay to the Company - Bank – when the amount of the reduction in Excise Tax is finally determined - – the portion of the Gross-Up Payment Amount attributable to the reduction (plus that portion of the Gross-Up Payment Amount attributable to the Excise Tax, federal, state and local income taxes and FICA and Medicare withholding taxes imposed on the Gross-Up Payment Amount being repaid by the Executive to the extent that the repayment results in a reduction in Excise Tax, FICA FICA, and Medicare withholding taxes and/or a federal, state state, or local income tax deduction). If the Excise Tax is later determined to be more than the amount taken into account hereunder initially determined under this Agreement (due, for example, to a payment whose existence or amount cannot be determined at the time of the Gross-Up Payment Amount), the Company Bank shall make an additional payment Gross-Up Payment Amount to the Executive for that excess (plus any interest, penalties penalties, or additions payable by the Executive for the excess) when the amount of the excess is finally determined.