Annual Benefit. The term “Annual Benefit” shall mean the annual sum of eighty-two thousand two hundred forty-six dollars ($82,246) multiplied by the Applicable Percentage (defined below), which amount shall be reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).
Appears in 2 contracts
Samples: Executive Supplemental Compensation Agreement, Executive Supplemental Compensation Agreement (Bank Holdings)
Annual Benefit. The term “Annual Benefit” shall mean the an annual sum of eightysixty-two thousand two hundred forty-six dollars ($82,24662,000) multiplied by the Applicable Percentage (defined below), which amount shall be ) less the annual benefit payable under the Grandfathered Agreement and then reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg.e.g., FICA, FUTA, SDI).. XXXXX XXXXXXXXXX & LONG PC
Appears in 2 contracts
Samples: Executive Salary Continuation Agreement (Plumas Bancorp), Executive Salary Continuation Agreement (Plumas Bancorp)
Annual Benefit. The term “Annual Benefit” shall mean the annual sum of eightyone hundred thirty-two one thousand two three hundred forty-six thirty nine dollars ($82,246131,399) multiplied by the Applicable Percentage (defined below), which amount shall be reduced to the extent required: (i) under the other provisions of this Agreement; (ii) by reason of the lawful order of any regulatory agency or body having jurisdiction over the Employer; and (iii) in order for the Employer to properly comply with any and all applicable state and federal laws, including, but not limited to, income, employment and disability income tax laws (eg., FICA, FUTA, SDI).
Appears in 1 contract
Samples: Executive Supplemental Compensation Agreement (Bank Holdings)
