Application of Section 280G. In the event all or any portion of a ----------- -- ------- ---- payment made to Executive under Paragraph 7 or 8 would not be deductible by the Bank because it constitutes an excess "parachute" payment under Section 280G of the Internal Revenue Code of 1986, as amended from time to time, such payment shall be reduced, to the minimum extent possible, so that no portion of the payment is not deductible as a result of Section 280G of the Code.
Appears in 3 contracts
Sources: Executive Employment Agreement (Commercial Bancshares Inc /Wv/), Executive Employment Agreement (Commercial Bancshares Inc /Wv/), Executive Employment Agreement (Commercial Bancshares Inc /Wv/)