Calculation of Benefits Subject to Excise Tax. the amount of the Total Benefits that shall be treated as subject to the Excise Tax shall be equal to the lesser of (a) the total amount of the Total Benefits reduced by the amount of such Total Benefits that in the opinion of the Accounting Firm are not parachute payments, or (b) the amount of excess parachute payments within the meaning of section 280G(b)(1) (after applying clause (1), above), and
Appears in 22 contracts
Sources: Salary Continuation Agreement (Bank of Wilmington CORP), Employment Agreement (Southern Community Financial Corp), Salary Continuation Agreement (Crescent Financial Corp)
Calculation of Benefits Subject to Excise Tax. the The amount of the Total Benefits that shall be treated as subject to the Excise Tax shall be equal to the lesser of (a1) the total amount of the Total Benefits reduced by the amount of such Total Benefits that in the opinion of the Accounting Firm are not parachute payments, or (b2) the amount of excess parachute payments within the meaning of section Code Section 280G(b)(1) (after applying clause (1A), above), and.
Appears in 9 contracts
Sources: Employment Agreement (First Financial Corp /In/), Employment Agreement (First Financial Corp /In/), Employment Agreement (First Financial Corp /In/)
Calculation of Benefits Subject to Excise Tax. the amount of the Total Benefits that shall be treated as subject to the Excise Tax shall be equal to the lesser of (a) the total amount of the Total Benefits reduced by the amount of such Total Benefits that in the opinion of the Accounting Firm are not parachute payments, or (b) the amount of excess parachute payments within the meaning of section 280G(b)(1) (after applying clause (1i), above), and
Appears in 3 contracts
Sources: Executive Severance Agreement (Intermountain Community Bancorp), Executive Employment Agreement (Intermountain Community Bancorp), Executive Employment Agreement (Intermountain Community Bancorp)
Calculation of Benefits Subject to Excise Tax. the amount of the Total Benefits that shall be treated as subject to the Excise Tax shall be equal to the lesser of (ax) the total amount of the Total Benefits reduced by the amount of such Total Benefits that in the opinion of the Accounting Firm are not parachute payments, or (by) the amount of excess parachute payments within the meaning of section 280G(b)(1) (after applying clause (1), above), and
Appears in 3 contracts
Sources: Salary Continuation Agreement (Greenville First Bancshares Inc), Salary Continuation Agreement (Southern First Bancshares Inc), Employment Agreement (Cape Fear Bank CORP)
Calculation of Benefits Subject to Excise Tax. the amount of the Total Benefits that shall be treated as subject to the Excise Tax shall be equal to the lesser of (ax) the total amount of the Total Benefits reduced by the amount of such Total Benefits that in the opinion of the Accounting Firm are not parachute payments, or (by) the amount of excess parachute payments within the meaning of section 280G(b)(1) (after applying clause (1), above), and
Appears in 3 contracts
Sources: Employment Agreement (Intermountain Community Bancorp), Employment Agreement (Intermountain Community Bancorp), Employment Agreement (Eagle Bancorp Montana, Inc.)
Calculation of Benefits Subject to Excise Tax. the The amount of the Total Benefits that shall be treated as subject to the Excise Tax shall be equal to the lesser of (a) the total amount of the Total Benefits reduced by the amount of such Total Benefits that in the opinion of the Accounting Firm are not parachute payments, or (b) the amount of excess parachute payments within the meaning of section Section 280G(b)(1) of the Code (after applying clause (1i), above), and.
Appears in 1 contract