Calculation of the Change of Control Payment. For the purposes of this Agreement, the "Change of Control Payment" shall be a lump sum payment in cash in the amount of $1.00 less than three times the Executive's base amount of compensation (Internal Revenue Code Section 280G(b)(2)(A)(ii)).
Appears in 2 contracts
Samples: Change of Control Agreement (Mid-America Bancshares, Inc.), Change of Control Agreement (Mid-America Bancshares, Inc.)
Calculation of the Change of Control Payment. For the purposes of this Agreement, the "Change of Control Payment" shall be a lump sum payment in cash in the amount of $1.00 less than three one multiplied times the Executive's base amount of compensation (Internal Revenue Code Section 280G(b)(2)(A)(ii)).Section
Appears in 1 contract
Samples: Change of Control Agreement (Mid-America Bancshares, Inc.)
Calculation of the Change of Control Payment. For the purposes of this Agreement, the "Change of Control Payment" shall be a lump sum payment in cash in the amount of $1.00 less than three times the Executive's base amount of compensation (Internal Revenue Code Section 280G(b)(2)(A)(ii)).. The term "base amount," referred to in this provision, is the Executive's annualized includible compensation for a base period, consisting of the most recent five tax years ending before the date on which the Change
Appears in 1 contract
Samples: Change of Control Agreement (Mid-America Bancshares, Inc.)
