Calculation of benefits subject to the 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 (x) 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 (y) the amount of excess parachute payments within the meaning of section 280G(b)(1) (after applying clause (1), above), and
Appears in 6 contracts
Sources: Salary Continuation Agreement (BNC Bancorp), Employment Agreement (Oak Ridge Financial Services, Inc.), Employment Agreement (Oak Ridge Financial Services, Inc.)
Calculation of benefits subject to the 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 (x) 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 (y) the amount of excess parachute payments within the meaning of section Section 280G(b)(1) (after applying clause (1), above), and
Appears in 1 contract