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 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. If the Employee becomes entitled to collect severance benefits pursuant to Section 2 hereof, the Company 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. 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 ’s last day of employment with the Bank or 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 Bank 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 CompanyBank, 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 2 3 hereof, the Company Bank shall pay the Employee a severance benefit equal to the difference between the Code Section 280ss.280G Maximum and the sum of any other "parachute payments" as defined under Code Section 280G(b)(2ss.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 Bank or 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 Bank agree that the Employee has collected an amount exceeding the Code Section 280ss.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 CompanyBank, 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 2 hereof, the Company 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. 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 Bank or 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 Bank 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 CompanyBank, 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 2 hereof, the Company Employee shall pay receive from the Employee a severance benefit Bank an amount equal to two times the difference between base salary as of the Code Section 280G Maximum employee’s date of hire and subsequently as of the sum last date of any other "parachute payments" as defined under Code Section 280G(b)(2) that the Employee receives on account of prior calendar year preceding the Change in Control, but in no event more than Code §280G Maximum. 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 Bank or 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 Employee, the Bank, and the Company jointly 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 CompanyBank, 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 2 hereof, the Company Bank shall pay the Employee a severance benefit equal to one times the Employee's base annual salary in effect when the Protected Period begins. In no event, however, will this amount exceed 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 Bank 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 CompanyBank, 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 2 hereof, the Company Employee shall pay receive from the Employee a severance benefit Bank an amount equal to one times the difference between Employee's base salary in effect as of the Code Section 280G Maximum and last date of the sum of any other "parachute payments" as defined under Code Section 280G(b)(2) that the Employee receives on account of calendar year immediately preceding the Change in Control, but in no event more than the Code §280G Maximum. 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 Bank or 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 Employee, the Bank, and the Company jointly 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 CompanyBank, 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 2 hereof, the Company Association 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 CompanyAssociation, 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) 10 years. In the event that the Employee and the Company Association 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 CompanyAssociation, 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 2 hereof, the Company Bank shall pay the Employee a severance benefit equal to two times the Employee's base annual salary in effect when the Protected Period begins. In no event, however, will this amount exceed 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 Bank 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 CompanyBank, 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 2 hereof, the Company Employee shall pay receive from the Employee a severance benefit Bank an amount equal to the difference between base salary as of the Code Section 280G Maximum employee’s date of hire and subsequently as of the sum last date of any other "parachute payments" as defined under Code Section 280G(b)(2) that the Employee receives on account of prior calendar year preceding the Change in Control, but in no event more than Code §280G Maximum. 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 Bank or 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 Employee, the Bank, and the Company jointly 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 CompanyBank, 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 2 hereof, the Company shall pay the Employee a severance benefit equal to the difference between the Code Section 280Sec.280G Maximum and the sum of any other "parachute payments" as defined under Code Section 280G(b)(2Sec.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 280Sec.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.