Common use of Amount of Severance Benefit Clause in Contracts

Amount of Severance Benefit. If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Association shall: (i) pay the Employee a severance benefit equal to 1.5 times her base salary then in effect, but in no event greater than 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, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). The amount payable under Section 12(b)(i) 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 Association or the Company. In the event that the Employee, the Association, 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 Association, 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 becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Association shall: (i) pay the Employee a severance benefit equal to 1.5 times her base salary then in effect, but in no event greater than 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, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). The amount payable under Section 12(b)(i) 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 Association or the Company. In the event that the Employee, the Association, 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 Association, 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. 13. Indemnification. The Association and the Company agree that their respective Bylaws shall continue to provide for indemnification of directors, officers, employees and agents of the Association and the Company, including the Employee during the full term of this Agreement, and to at all times provide adequate insurance for such purposes.

Amount of Severance Benefit. If the Employee becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Association shall: (i) pay the Employee a severance benefit equal to 1.5 times her base salary then in effect, but in no event greater than 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, and. (ii) pay for provide such long-term disability insurance and provide such medical insurance benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) 18 months (or such longer period, up to 24 months, if COBRA is amendedas may be required thereunder). The amount payable under Section 12(b)(i) Said sum 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 Association Bank or the Company, provided that the Employee may elect at any time on or before becoming entitled to collect benefits hereunder, to have such benefits paid in substantially equal installments over a period of up to 10 years. In the event that the Employee, the AssociationBank, 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, initio which the Employee shall repay to the AssociationCompany, 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 becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Association shall: (i) pay the Employee a severance benefit equal to 1.5 times her base salary then in effect, but in no event greater than 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, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). The amount payable under Section 12(b)(i) Said sum shall be paid in one 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 Association Association, provided that the Employee may elect at any time on or the Companybefore becoming entitled to collect benefits hereunder, to have such benefits be paid in substantially equal installments over a period of up to 10 years. In the event that the Employee, the Association, Employee and the Company Association 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, initio which the Employee shall repay to the Association, 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 becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Association Bank shall: (i) pay the Employee a severance benefit equal to 1.5 times her base salary then in effect, but in no event greater than the difference between the Code Section Sec. 280G Maximum and the sum of any other "parachute payments" as defined under Code Section Sec. 280G(b)(2) that the Employee receives on account of the Change in Control, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). The amount payable under Section 12(b)(i) Said sum shall be paid in one 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 Association Bank, provided that the Employee may elect at any time on or the Companybefore becoming entitled to collect benefits hereunder, to have such benefits be paid in substantially equal installments over a period of up to 10 years. In the event that the Employee, the Association, Employee and the Company Bank 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, initio which the Employee shall repay -- ------ to the AssociationBank, 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.