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 3 hereof, the Bank shall pay the Employee a severance benefit equal to the difference between the Code ss.280G Maximum and the sum of any other "parachute payments" as defined under Code ss.280G(b)(2) that the Employee receives on account of the Change in Control. 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 and the Bank agree that the Employee has collected an amount exceeding the Code ss.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 Bank, 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 3 2 hereof, the Employee shall receive from the Bank shall pay the Employee a severance benefit an amount equal to two times the difference between base salary as of the Code ss.280G Maximum employee’s date of hire and subsequently as of the sum last date of any other "parachute payments" as defined under Code ss.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 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 Employee, the Bank, and the Bank Company jointly agree that the Employee has collected an amount exceeding the Code ss.280§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 Bank, 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 3 2 hereof, the Bank shall pay the Employee a severance benefit equal to the difference between the Code ss.280Section 280G Maximum and the sum of any other "parachute payments" as defined under Code ss.280G(b)(2Section 280G(b)(2) that the Employee receives on account of the Change in Control. 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 and the Bank agree that the Employee has collected an amount exceeding the Code ss.280Section 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 Bank, 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 3 2 hereof, the Bank shall pay the Employee a severance benefit equal to the difference between the Code ss.280Section 280G Maximum and the sum of any other "“parachute payments" ” as defined under Code ss.280G(b)(2Section 280G(b)(2) that the Employee receives on account of the Change in Control. 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 ’s last day of employment with the Bank or the Company. In the event that the Employee and the Bank agree that the Employee has collected an amount exceeding the Code ss.280Section 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 Bank, 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 3 2 hereof, the Employee shall receive from the Bank shall pay the Employee a severance benefit an amount equal to the difference between base salary as of the Code ss.280G Maximum employee’s date of hire and subsequently as of the sum last date of any other "parachute payments" as defined under Code ss.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 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 Employee, the Bank, and the Bank Company jointly agree that the Employee has collected an amount exceeding the Code ss.280§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 Bank, 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 3 2 hereof, the 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 ss.280Section 280G Maximum and the sum of any other "parachute payments" as defined under Code ss.280G(b)(2Section 280G(b)(2) that the Employee receives on account of the Change in Control. 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 and the Bank agree that the Employee has collected an amount exceeding the Code ss.280Section 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 Bank, 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 3 2 hereof, the 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 ss.280Section 280G Maximum and the sum of any other "parachute payments" as defined under Code ss.280G(b)(2Section 280G(b)(2) that the Employee receives on account of the Change in Control. 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 and the Bank agree that the Employee has collected an amount exceeding the Code ss.280Section 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 Bank, 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 3 2 hereof, the Employee shall receive from the Bank shall pay the Employee a severance benefit an amount equal to one times the difference between Employee's base salary in effect as of the Code ss.280G Maximum and last date of the sum of any other "parachute payments" as defined under Code ss.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 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 Employee, the Bank, and the Bank Company jointly agree that the Employee has collected an amount exceeding the Code ss.280§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 Bank, 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.