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 (S)280G Maximum and the sum of any other "parachute payments" as defined under Code (S)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 either (i) 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, or (ii) if prior to the date which is 90 days before the date on which a Change in Control occurs, the Employee filed a duly executed irrevocable written election in the form attached hereto as Exhibit "A", payment of such amount shall be made according to the elected schedule. Deferred amounts shall bear interest from the date on which they would otherwise be payable until the date paid at a rate equal to 120% of the applicable federal rate, compounded semiannually, as determined under Code Section 1274(d) and the regulations thereunder. In the event that the Employee, the Bank, and the Company jointly agree that the Employee has collected an amount exceeding the Code (S)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 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) 2 hereof, the Company shall, if not paid by the Bank shall pursuant to the severance agreement between the Employee and the Bank, pay the Employee a severance benefit equal to the difference between the Code (S)280Section 280G Maximum and the sum of any other "parachute payments" as defined under Code (S)280G(b)(2Section 280G(b)(2) that the Employee receives on account of the Change in Control. The amount payable under this Section 12(b) 3 shall be paid either (i) 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 CompanyCompany or successor thereto, or (ii) if prior to the date which is 90 days before the date on which a Change in Control occurs, the Employee filed a duly executed irrevocable written election in the form attached hereto as Exhibit "A", payment of such amount shall be made according to the elected schedule. Deferred amounts shall bear interest from the date on which they would otherwise be payable until the date paid at a rate equal to 120% of the applicable federal rate, compounded semiannually, as determined under Code Section 1274(d) and the regulations thereunder. In the event that the Employee, the Bank, and the Company jointly agree that the Employee has collected an amount exceeding the Code (S)280Section 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 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 Bank Association shall pay the Employee a severance benefit equal to the difference between the Code (S)280ss.280G Maximum and the sum of any other "parachute payments" as defined under Code (S)280G(b)(2ss.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 either (i) 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 Association or the Company, or (ii) if prior to the date which is 90 days before the date on which a Change in Control occurs, the Employee filed a duly executed irrevocable written election in the form attached hereto as Exhibit "A", payment of such amount shall be made according to the elected schedule. Deferred amounts shall bear interest from the date on which they would otherwise be payable until the date paid at a rate equal to 120% of the applicable federal rate, compounded semiannually, as determined under Code Section 1274(d) and the regulations thereunder. In the event that the Employee, the BankAssociation, and the Company jointly agree that the Employee has collected an amount exceeding the Code (S)280ss.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 BankAssociation, --------- 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 Bank shall pay the Employee a severance benefit equal to the difference between the Code (S)280ss.280G Maximum and the sum of any other "parachute payments" as defined under Code (S)280G(b)(2ss.280G(b)(2) that the Employee receives on account of the Change in Control. The Employee shall be entitled to determine which and how much of any other parachute payments shall be reduced, if necessary, to reach the Code ss.280G Maximum. The amount payable under this Section 12(b) shall be paid either (i) 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, or (ii) if prior to unless otherwise elected by the date Employee in a manner which is 90 days before the date on which a Change in Control occurs, the Employee filed a duly executed irrevocable written election in the form attached hereto as Exhibit "A", payment of such amount shall deemed to be made according to the elected scheduleeffective for federal income tax purposes. Deferred amounts shall bear interest from the date on which they would otherwise be payable until the date paid at a rate equal to 120150% of the applicable federal rate, compounded semiannually, as determined under Code Section 1274(d) and the regulations thereunder. In the event that the Employee, the Bank, and the Company jointly agree that the Employee has collected an amount exceeding the Code (S)280ss.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 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) 2 hereof, the Bank shall pay the Employee a severance benefit equal to 50% of the greater of (X) the Employee's base annual salary at the time of the Change in Control or (Y) the Employee's base annual salary at the time of termination of employment. However, in no event shall such amount be greater than the difference between the Code (S)280Section 280G Maximum and the sum of any other "parachute payments" as defined under Code (S)280G(b)(2Section 280G(b)(2) that the Employee receives on account of the Change in Control. The amount payable under this Section 12(b) 3 shall be paid either (i) 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 CompanyCompany or successor thereto, or (ii) if prior to the date which is 90 days before the date on which a Change in Control occurs, the Employee filed a duly executed irrevocable written election in the form attached hereto as Exhibit "A", payment of such amount shall be made according to the elected schedule. Deferred amounts shall bear interest from the date on which they would otherwise be payable until the date paid at a rate equal to 120% of the applicable federal rate, compounded semiannually, as determined under Code Section 1274(d) and the regulations thereunder. In the event that the Employee, the Bank, and the Company jointly agree that the Employee has collected an amount exceeding the Code (S)280Section 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 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 Bank Association shall pay the Employee a severance benefit equal to the difference between the Code (S)280ss.280G Maximum and the sum of any other "parachute payments" as defined under Code (S)280G(b)(2ss.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 either (i) 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 Association or the Company, or (ii) if prior to the date which is 90 days before the date on which a Change in Control occurs, the Employee filed a duly executed irrevocable written election in the form attached hereto as Exhibit "A", payment of such amount shall be made according to the elected schedule. Deferred amounts shall bear interest from the date on which they would otherwise be payable until the date paid at a rate equal to 120% of the applicable federal rate, compounded semiannually, as determined under Code Section 1274(d) and the regulations thereunder. In the event that the Employee, the BankAssociation, and the Company jointly agree that the Employee has collected an amount exceeding the Code (S)280ss.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 BankAssociation, 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.