Common use of TAX INDEMNIFICATION PROVISIONS Clause in Contracts

TAX INDEMNIFICATION PROVISIONS. (a) For any taxable year in which Executive shall be liable for the payment of an excise tax under Section 4999 of the Code (or any successor provision thereto), with respect to any payment in the nature of the compensation made by the Holding Company or its subsidiaries, or Xxxxxx, Xxxxxx Bank or its successors, to (or for the benefit of) Executive pursuant to this Agreement, the Prior Employment Agreement or otherwise, the Holding Company (or any successor thereto) shall pay to Executive an amount determined under the following formula: An amount equal to: (E x P) + X WHERE:

TAX INDEMNIFICATION PROVISIONS. (a) For any taxable year in which Executive shall be liable for the payment of an excise tax under Section 4999 of the Code (or any successor provision thereto), with respect to any payment in the nature of the compensation made by the Holding Company or its subsidiaries, or Xxxxxx, Xxxxxx Bank or its successors, to (or for the benefit of) Executive pursuant to this Agreement, the Prior Employment Agreement Agreements or otherwise, the Holding Company (or any successor thereto) shall pay to Executive an amount determined under the following formula: An amount equal to: (E x P) + X WHERE:

TAX INDEMNIFICATION PROVISIONS. (a) For any taxable year in which Executive shall be liable for the payment of an excise tax under Section 4999 of the Code (or any successor provision thereto), with respect to any payment in the nature of the compensation made by the Holding Company or its subsidiaries, or Xxxxxx, Xxxxxx Bank or its successors, to (or for the benefit of) Executive pursuant to this Agreement, the Prior Xxxxxx Employment Agreement Agreements or otherwise, the Holding Company (or any successor thereto) shall pay to Executive an amount determined under the following formula: An amount equal to: (E x P) + X WHERE: