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 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) 3 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) 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 Bank or the Company. In the event that the Employee, the Bank, Employee and the Company jointly 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, 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 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)(228OG(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 Bank shall pay the Employee a severance benefit equal to the difference between the Code Section ss 280G Maximum and the sum of any other "parachute payments" as defined under Code Section ss 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 ss 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 Bank Company shall pay (if not paid by the Bank pursuant to the employment agreement between the Employee and the Bank) the Employee a severance benefit equal to 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. The amount payable under this Section 12(b) 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 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 Bank, and the Company jointly agree that the Employee has collected an amount exceeding the Code Section Sec. 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 BankCompany, 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.