Continuation of Payments. Unless the parties otherwise agree in writing, the Company shall continue to make payments as specified above in subparagraph 5(a) until the earlier of (i) the date of the Executive’s voluntary retirement on or after his sixty-fifth birthday, (ii) until May 31, 2010 or, if the Restricted Period is extended by the Company as provided in paragraph 7, then until May 31, 2011, (iii) until the date that is one hundred eighty days after the Company sends or delivers a written notice to the Executive that it is terminating this Agreement, or (iv) until the date that a Secondary Acquisition occurs. However, it is expressly agreed that the payments required by this Agreement shall continue until at least May 31, 2010, regardless of the Termination Date, except if the Terminating Event is a Secondary Acquisition (in which event, payments shall cease as of the first day of the calendar month following the date that the Secondary Acquisition is deemed to occur).
Appears in 4 contracts
Samples: Business Protection Agreement (Mid-America Bancshares, Inc.), Business Protection Agreement (Mid-America Bancshares, Inc.), Business Protection Agreement (Mid-America Bancshares, Inc.)
