Amount of Payment Benefits Sample Clauses

Amount of Payment Benefits. If there is a Change in Control within the term of this Amendment, then the Key Executive shall be entitled to the following benefits: (a) The Company shall pay to the Key Executive an amount equal to the present value of the total amounts of money that would have been paid to the Key Executive during the period beginning on the date of the Change in Control and ending on a date two (2) years subsequent to the date of the Change in Control. For purposes of this subparagraph (a), the total amounts of money that would have been paid to the Key Executive during such period shall be based on an annual rate calculated as follows: An amount equal to two (2) times the Key Executive's average annual Compensation for the two (2) fiscal years of the Company preceding the fiscal year in which the Change in Control occurs. The present value of the foregoing total amounts shall be determined by using a discount rate equal to one hundred percent (100%) of the applicable federal rate (as defined in Section 1274(d) of the Internal Revenue Code) as of the Termination Date, and shall be based on the assumption that the Compensation for the period in question would be received by the Key Executive on a monthly basis. In addition to the aforesaid payment, the Key Executive shall receive the sum of One Hundred Thousand and 00/100 Dollars ($100,000.00) for each One and 00/100 Dollar ($1.00) the stock of the Company sells for in excess of Twelve and 50/100 Dollars ($12.50) per share (on the date the Change in Control occurs). The additional payment on any increase in the value of the stock shall be calculated on the fractional increase, e.g., if on the date the Change in Control occurs the average price per share of Company Stock trades for Fourteen and 00/100 Dollars ($14.00) per share, the additional payment to the Key Executive shall be One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00). Any payments made under this subparagraph (a) and under the Letter Agreement shall be subject to the limitation set forth in paragraph 3.3 below and shall be payable in a lump sum within thirty (30) days of the date on which a Change in Control occurs. (b) The Key Executive shall not be required to mitigate the amount of any payment provided for in this Amendment by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to the Key Executive in any subsequent employment. These Payment Benefits are no...
Sample 1
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Amount of Payment Benefits. (a) If there is a Change in Control within the term of this Agreement, then the Key Executive shall be entitled to payment under this Agreement and any other agreement, arrangement, plan or entitlement with the Company or any of its subsidiaries, of an amount no greater than two and ninety-nine one-hundredths (2.99) times the aggregate of (i) his annual salary as Chairman of the Board and as Chairman of the Executive Committee, plus (ii) his annual bonus prorated to the portion of the year completed prior to the next annual meeting, plus (iii) his annual restricted stock grant; provided that the Key Executive shall not be entitled to receive more than the sum of Five Hundred Thousand and 00/100 Dollars ($500,000.00) gross from the Company under this Agreement. Any payments made under this paragraph shall be subject to the limitation set forth in paragraph 3.3 below and shall be payable in a lump sum within thirty (30) days after the date on which a Change in Control occurs.
Sample 1

Related to Amount of Payment Benefits

  • Amount of Payments For purposes of this Agreement, a “Tax Benefit Payment” with respect to any Member means an amount, not less than zero, equal to the sum of: (i) the Net Tax Benefit that is Attributable to such Member and (ii) the Actual Interest Amount.

  • Amount of Payment The “Early Termination Payment” payable to a Member pursuant to Section 4.3(a) shall equal the present value, discounted at the Early Termination Rate as determined as of the Early Termination Reference Date, of all Tax Benefit Payments that would be required to be paid by the Corporation to such Member, whether payable with respect to Units that were Exchanged prior to the Early Termination Effective Date or on or after the Early Termination Effective Date, beginning from the Early Termination Effective Date and using the Valuation Assumptions. For the avoidance of doubt, an Early Termination Payment shall be made to each Member, regardless of whether such Member has Exchanged all of its Units as of the Early Termination Effective Date.

  • Amount of Benefits The vested amount credited to a Participant’s Account as determined under Articles 6, 7 and 8 shall determine and constitute the basis for the value of benefits payable to the Participant under the Plan.

  • Amount of Severance Benefit If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall:

  • TIME OF PAYMENT OF ACCRUED BENEFIT Unless, pursuant to Section 6.03, the Participant or the Beneficiary elects in writing to a different time or method of payment, the Advisory Committee will direct the Trustee to commence distribution of a Participant's Nonforfeitable Accrued Benefit in accordance with this Section 6.01. A Participant must consent, in writing, to any distribution required under this Section 6.01 if the present value of the Participant's Nonforfeitable Accrued Benefit, at the time of the distribution to the Participant, exceeds $3,500 and the Participant has not attained the later of Normal Retirement Age or age 62. Furthermore, the Participant's spouse also must consent, in writing, to any distribution, for which Section 6.04 requires the spouse's consent. For all purposes of this Article VI, the term "annuity starting date" means the first day of the first period for which the Plan pays an amount as an annuity or in any other form. A distribution date under this Article VI, unless otherwise specified within the Plan, is the date or dates the Employer specifies in the Adoption Agreement, or as soon as administratively practicable following that distribution date. For purposes of the consent requirements under this Article VI, if the present value of the Participant's Nonforfeitable Accrued Benefit, at the time of any distribution, exceeds $3,500, the Advisory Committee must treat that present value as exceeding $3,500 for purposes of all subsequent Plan distributions to the Participant.

  • METHOD OF PAYMENT OF ACCRUED BENEFIT The Advisory Committee will apply Section 6.02 of the Plan with the following modifications: (Choose (a) or at least one of (b), (c), (d) and (e))

  • Retirement Benefits Upon the occurrence of the Qualifying --------- ------------------- Date (except as otherwise specifically provided herein), the Bank will pay to the Director $671 per month for a continuous period of 120 months. Such continuous monthly installment payments shall commence on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Qualifying Date shall occur. In the event that the Director should die after becoming entitled to receive such installment payments but before all such payments have been made, the Bank will pay all remaining installment payments to such beneficiary or beneficiaries as the Director has designated in writing to the Bank (the "Beneficiaries"). In the event of the death of the last living Beneficiary before all remaining installment payments have been made, the balance of any payments which remain unpaid at such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • Amount of Benefit The annual benefit under this Section 3.1 is the Normal Retirement Benefit amount described in Section 2.1.1.

  • Termination Benefits (a) If Executive’s employment is voluntarily (in accordance with Section 2(a) of this Agreement) or involuntarily terminated within two (2) years of a Change in Control, Executive shall receive:

  • Amount of Compensation The Adviser shall pay the Subadviser, as compensation for services rendered hereunder, from its own assets, an annual fee, payable monthly, equal to 40% of the investment advisory fee collected by the Adviser from the Fund, based on the total net assets of the Fund existing as of the date hereof (the "base amount"), plus 30% of the advisory fee collected by the Adviser, based on the total net assets of the Fund that exceed the base amount (the "marginal amount"), in each case calculated after any waivers, voluntary or otherwise.

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