Common use of Amount of Benefits Clause in Contracts

Amount of Benefits. The survivor income benefit shall be determined in accordance with the following formula: x = y+T%x wherein x = the survivor income benefit payable hereunder T% = the Company's projected marginal tax rate for federal income tax purposes for the year in which the Executive's death occurs and y = the lesser of (1) three times the Executive's base salary as established by the Company's Board of Directors for the calendar year in which the Executive's death occurs or (2) the life insurance policy proceeds the Company receives due to the Executive's death less the cash surrender value of such policy on the day before the Executive's death

Amount of Benefits. The survivor income benefit shall be determined in accordance with the following formula: . x = y+T%x y + T%x wherein x = the survivor income benefit payable hereunder T% = the Company's ’s projected marginal tax rate for federal income tax purposes for the year in which the Executive's ’s death occurs and y = the lesser of (1) three times the Executive's ’s base salary as established by the Company's ’s Board of Directors for the calendar year in which the Executive's ’s death occurs or (2) the life insurance policy proceeds the Company receives due to the Executive's ’s death less the cash surrender value of such policy on the day before the Executive's ’s death

Amount of Benefits. The survivor income benefit shall be determined in accordance with the following formula: x = y+T%x y/(1 - t%) wherein x = the survivor income benefit payable hereunder T% = the Company's projected marginal tax rate for federal income tax purposes for the year in which the Executive's death occurs and y = the lesser of (1) three times the Executive's base salary as established by the Company's Board of Directors for the calendar year in which the Executive's death occurs or (2) the life insurance policy proceeds the Company receives due to the Executive's death less the cash surrender value of such policy on the day before the Executive's death