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
Samples: Employment Agreement (Crescent Financial Corp), Salary Continuation Agreement (Midcarolina Financial Corp), Employment Agreement (Southern Community 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
Samples: 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 (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
Samples: Employment Agreement (Intermountain Community Bancorp), Employment Agreement (Intermountain Community Bancorp), Employment Agreement (Eagle Bancorp Montana, Inc.)
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
Samples: Salary Continuation Agreement (Greenville First Bancshares Inc), Salary Continuation Agreement (Southern First Bancshares Inc), Amended 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 (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
Samples: 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 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.
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