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: (i) 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, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). 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, 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) hereof, the Bank Association shall: (i) pay the employee 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, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). 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 Association, provided that the Employee may elect at any time on or the Companybefore becoming entitled to collect benefits hereunder, to have such benefits be paid in substantially equal installments over a period of up to 10 years. In the event that the Employee, the Bank, Employee and the Company Association 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 BankAssociation, on terms and --------- 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: (i) pay the employee 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, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). Said sum The amount payable under Section 12(b)(i) 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 Association or the Company. In the event that the Employee, the BankAssociation, and the Company jointly agree that the Employee has collected an amount exceeding the Code (S)280Section 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 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) 2 hereof, the Company shall, if not paid by the Bank shall: (i) pursuant to the severance agreement between the Employee and the Bank, pay the employee 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, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). 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, 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 10 years. In the event that the Employee, the Bank, Employee 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 which the Employee shall repay to the BankCompany, 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(a13(a) hereof, the Bank shallshall pay the Employee: (i) 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, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). 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, 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) hereof, the Bank shall: (i) pay the employee Employee a severance benefit equal to the difference between the Code (S)280Sec. 280G Maximum and the sum of any other "parachute payments" as defined under Code (S)280G(b)(2Sec. 280G(b)(2) that the Employee receives on account of the Change in Control, and (ii) pay for long-term disability and provide such medical benefits as are available to the Employee under the provisions of COBRA, for eighteen (18) months (or such longer period, up to 24 months, if COBRA is amended). 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 Bank, provided that the Employee may elect at any time on or the Companybefore becoming entitled to collect benefits hereunder, to have such benefits be paid in substantially equal installments over a period of up to 10 years. In the event that the Employee, the Bank, Employee and the Company Bank jointly agree that the Employee has collected an amount exceeding the Code (S)280Sec. 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.