Cash Severance Payment. The Employee shall be paid a cash severance amount equal to the product of 2.99 times the Employee’s “base amount” as defined in Section 280G (b)(3) of the Code and regulations promulgated thereunder (the “Cash Severance Payment”). Subject to Section 16 hereof, the Cash Severance Payment shall be paid in a single lump sum payment within sixty (60) days following the date of Employee’s separation from service. The actual payment date during such 60-day period shall be determined in the sole discretion of the Company.
Appears in 4 contracts
Samples: Employment Agreement (Security Bank Corp), Employment Agreement (Security Bank Corp), Employment Agreement (Security Bank Corp)
