Common use of Amount of Severance Benefit Clause in Contracts

Amount of Severance Benefit. If the Executive becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall pay the Executive 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 Executive receives on account of the Change in Control. Said sum shall be paid, at the election of the Executive, either (i) in one lump sum within ten days of the later of the date of the Change in Control and the Executive's last day of employment with the Bank, or (ii) periodic payments over a period of up to sixty months with interest accruing on unpaid amounts at the same rate that would be applied to determine Present Value. In the event that the Executive and the Bank jointly agree that the Executive has collected an amount exceeding the Code ss.280G Maximum, the parties may agree in writing that such excess shall be treated as a loan ab initio which the Executive 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 Executive becomes entitled to collect severance benefits pursuant to Section 12(a) hereof, the Bank shall pay the Executive a severance benefit equal to the difference between the Code ss.280ss. 280G Maximum and the sum of any other "parachute payments" as defined under Code ss.280G(b)(2ss. 280G(b)(2) that the Executive receives on account of the Change in Control. Said sum shall be paid, at the election of the Executive, either (i) in one lump sum within ten days of the later of the date of the Change in Control and the Executive's last day of employment with the Bank, or (ii) periodic payments over a period of up to sixty months with interest accruing on unpaid amounts at the same rate that would be applied to determine Present Value. In the event that the Executive and the Bank bank jointly agree that the Executive has collected an amount exceeding the Code ss.280ss. 280G Maximum, the parties may agree in writing that such excess shall be treated as a loan ab initio which the Executive 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.