Delayed Payment for Specified Employees. Notwithstanding the foregoing provisions of this Article 2, if the Executive is a "Specified Employee" at the time benefit payments are scheduled to begin due to Executive's Termination of Employment, payments shall not begin until at least six months following the date of the Executive's Termination of Employment. If benefit payments to the Executive are delayed pursuant to this section, the first payment after the six month delay shall be equal to the sum of all payments that would have been made to the Executive from the date of the Executive's Termination of Employment to the first payment date. Subsequent payments shall be in the amounts specified above, as applicable.
Appears in 5 contracts
Samples: Salary Continuation Agreement (American River Bankshares), Salary Continuation Agreement (American River Bankshares), Salary Continuation Agreement (American River Bankshares)
Delayed Payment for Specified Employees. Notwithstanding the foregoing provisions of this Article 2, if the Executive is a "Specified Employee" Employee at the time benefit payments are scheduled to begin due to Executive's Termination of Employment, payments shall not begin until at least six months following the date of the Executive's Termination of Employment. If benefit payments to the Executive are delayed pursuant to this section, the first payment after the six month delay shall be equal to the sum of all payments that would have been made to the Executive from the date of the Executive's Termination of Employment to the first payment date. Subsequent payments shall be in the amounts specified above, as applicable.
Appears in 2 contracts
Samples: Salary Continuation Agreement (American River Bankshares), Director Retirement Agreement (American River Bankshares)
