Amount of Severance Benefit. If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall:
Amount of Severance Benefit. If the Employee becomes entitled to collect severance benefits pursuant to Section 2 hereof, the Company shall pay the Employee a severance benefit equal to the difference between the Code Section 280G Maximum and the sum of any other "parachute payments" as defined under Code Section 280G(b)(2) that the Employee receives on account of the Change in Control. Said sum shall be paid in one (1) lump sum within ten (10) days of the later of the date of the Change in Control and the Employee's last day of employment with the Company, provided that the Employee may elect at any time or before becoming entitled to collect benefits hereunder, to have such benefits be paid in substantially equal installments over a period of up to ten (10) years. In the event that the Employee and the Company agree that the Employee has collected an amount exceeding the Code Section 280G Maximum, the parties may jointly agree in writing that such excess shall be treated as a loan ab initio which the Employee shall repay to the Company, on terms and conditions mutually agreeable to the parties, together with interest at the applicable federal rate provided for in Section 7872(f)(2)(B) of the Code.
Amount of Severance Benefit. (a) If the Employee becomes entitled to collect severance benefits pursuant to Section 2 hereof, the Employee shall receive from the Employer a severance benefit equal to 100% of the Code §280G Maximum.
Amount of Severance Benefit. If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall pay the Employee a severance benefit equal to the difference between the Code Section 280G Maximum and the sum of any other "parachute payments" as defined under Code Section 280G(b)(2) that the Employee receives on account of the Change in Control. The amount payable under this Section 12(b) shall be paid in one lump sum within ten days of the later of the date of the Change in Control and the Employee's last day of employment with the Bank or the Company. In the event that the Employee, the Bank, and the Company jointly agree that the Employee has collected an amount exceeding the Code Section 280G Maximum, the parties may agree in writing that such excess shall be treated as a loan ab initio, which the Employee shall repay to the Bank, on terms and conditions mutually agreeable to the parties, together with interest at 120% of the applicable federal rate compounded semiannually provided for in Section 7872(f)(2)(B) of the Code.
Amount of Severance Benefit. If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Association shall:
Amount of Severance Benefit. If the Employee becomes entitled to collect severance benefits pursuant to paragraph (a) of this Section 10, then, in addition to all unpaid base salary, bonus amounts and benefits that have accrued through the date of termination, the Company shall pay the Employee an amount equal to the difference between the Code § 280G Maximum and the sum of any other payments in the nature of compensation to the Employee that are contingent on the Change in Control. The Employee shall be entitled to determine which and how much of any other payments shall be reduced, if necessary, to reach the Code § 280G Maximum.
Amount of Severance Benefit. If the Executive becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall pay the Executive a severance benefit equal to the difference between the Code ss.280G Maximum and the sum of any other "parachute payments" as defined under Code ss.280G(b)(2) that the Executive receives on account of the Change in Control. Said sum shall be paid, at the election of the Executive, either (i) in one lump sum within ten days of the later of the date of the Change in Control and the Executive's last day of employment with the Bank, or (ii) periodic payments over a period of up to sixty months with interest accruing on unpaid amounts at the same rate that would be applied to determine Present Value. In the event that the Executive and the Bank jointly agree that the Executive has collected an amount exceeding the Code ss.280G Maximum, the parties may agree in writing that such excess shall be treated as a loan ab initio which the Executive shall repay to the Bank, on terms and conditions mutually agreeable to the parties, together with interest at the applicable federal rate provided for in Section 7872(f)(2)(B) of the Code.
Amount of Severance Benefit. If the Employee's employment is terminated in circumstances entitling the Employee to a Severance Benefit as provided in Section 3.1, the Employee shall be entitled to the following benefits:
Amount of Severance Benefit. If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall pay the Employee a severance benefit equal to the difference between the Code (S)280G Maximum and the sum of any other "parachute payments" as defined under Code (S)280G(b)(2) that the Employee receives on account of the Change in Control. The amount payable under this Section 12(b) shall be paid either (i) in one lump sum within ten days of the later of the date of the Change in Control and the Employee's last day of employment with the Bank or the Company, or (ii) if prior to the date which is 90 days before the date on which a Change in Control occurs, the Employee filed a duly executed irrevocable written election in the form attached hereto as Exhibit "A", payment of such amount shall be made according to the elected schedule. Deferred amounts shall bear interest from the date on which they would otherwise be payable until the date paid at a rate equal to 120% of the applicable federal rate, compounded semiannually, as determined under Code Section 1274(d) and the regulations thereunder. In the event that the Employee, the Bank, and the Company jointly agree that the Employee has collected an amount exceeding the Code (S)280G Maximum, the parties may agree in writing that such excess shall be treated as a loan ab -- initio, which the Employee shall repay to the Bank, on terms and conditions ------ mutually agreeable to the parties, together with interest at the applicable federal rate provided for in Section 7872(f)(2)(B) of the Code.
Amount of Severance Benefit. The amount of the Severance Benefit shall equal nine (9) months of Employee's Base Salary in effect at the time, less applicable withholdings for taxes, plus nine (9) months of those employer-paid benefits customarily provided by UOL to its executive employees plus the amounts due under Exhibit A hereto and the bonus pursuant to the last sentence of Section 3 hereof.
