Salary Continuation Agreements. The Employer shall continue the Salary Continuation Agreement entered into between the Bank and the Executive on July 14, 2004 and as amended on June 26, 2006.
Salary Continuation Agreements. Community Bank has entered into Salary Continuation Agreements (“SERP”) with five persons, providing for salary continuation upon termination of employment and the attainment of normal retirement age. CHC agrees that, following the Effective Date, the SERPs by and between Community Bank and Nxxxxx X. Xxxxxx, III, R. Jxxxx Xxxxx and Bxxxx X. Xxxxxx shall be payable by CHC or City National in accordance with their terms, except that Section 2.4 of all SERPs shall be amended to provide in Section 2.4 that the Accrual Balance (as defined in the SERPs) provides only for the payment of the Accrual Balance in the aggregate over 15 years, and that the SERP between Community Bank and Nxxxxx X. Xxxxxx, III, shall be amended to freeze any amounts payable to Smiley at their current level based upon his current base salary with no future increase of benefits due under the SERP. The parties agree that Mx. Xxxxxx’x SERP provides for a benefit of $50,000 per year for 15 years, beginning at the later of his attaining the age of 65 or termination of employment with City National. The SERP for P. Dxxxxxx Xxxxxxx, a retired employee of Community Bank, is currently being paid by Community Bank and shall continue to be paid following the Effective Date by CHC or City National in accordance with its terms. The SERP for Cxxxx Xxxxxxxxxx, a former employee of Community Bank, shall be paid following the Effective Date by CHC or City National in accordance with its terms, as modified by Paragraph 2.e. of the Separation Agreement and Release by and between Cxxxx Xxxxxxxxxx and Community Financial dated May 19, 2009.
Salary Continuation Agreements. Xxxxx X. Xxxx, III and Xxxx Xxxx shall have entered into salary continuation agreements with Coastal in substantially the form set forth in Exhibit E to this Agreement, and the salary continuation agreements between First National and each of Xxx Xxxxx and Xxx Xxxx shall be assumed by Coastal and remain in effect.
Salary Continuation Agreements. The Employer shall continue the Salary Continuation Agreements entered into between the Alabama Bank and the Executive and the Florida Bank and the Executive on July 14, 2004 and as amended on June 26, 2006.
Salary Continuation Agreements. Prior to the Effective Time of the Stock Purchase, Western ------------------------------ shall use its best efforts to amend the Salary Continuation Agreements (the "Salary Continuation Agreements") between Western and each of Xxxxxx Xxxxxxx, Xxxxxx X. Xxxxxx, Xxxx Xxxx, Xxxxxx Xxxxxx (collectively, the "Current Executives") and Xxxxxxx X. Xxxxxxx (Xxxxxxx, with the Current Executives, the "Named Executives"), a list of which is set forth on Schedule 6.16 hereto, to provide that upon consummation of the transactions -------------- contemplated hereby, each of the Named Executives (or their spouses or estates, in the event of death of the Named Executive) shall be entitled to receive the following respective amounts payable on the last day of every month for a period of one hundred eighty (180) months following the Effective Time of the Stock Purchase: Messrs. Xxxx, $10,000; Xxxxxx, $14,000; Xxxxxx, $11,500; Demieri, $10,000 and Xxxxxxx, $6,666.67 in lieu of all other payments and benefits otherwise contemplated by the Salary Continuation Agreements; provided, however, that the ------------------ amendment to the Salary Continuation Agreement for Xx. Xxxxxx shall provide that the payments Xx. Xxxxxx is entitled to pursuant to this Section shall not commence until the later of the date (i) Xx. Xxxxxx reaches the age of 55 or (ii) Xx. Xxxxxx'x employment with the Surviving Bank shall cease. The amendments shall be in such form as are acceptable to CBB, in its sole discretion.
Salary Continuation Agreements. As of the Effective Time, Bancorp shall assume and honor, and shall cause WCB to assume and honor, in accordance with their terms all agreements listed in Section 7.14 of the Mid-Valley Disclosure Schedule. The provisions in this Section 7.14 are intended to be for the benefit of, and shall be enforceable by, each officer who is a party to such an agreement.
Salary Continuation Agreements. Bank shall:
Salary Continuation Agreements. Except for the Company's Salary Continuation Agreements with (i) Xxxxxx X. Xxxxxx, Xx., (ii) Xxxxxxx X. Xxxxxxxx, (iii) Xxxxxxx X. Xxxx, and (iv) Xxxxxx X. Xxxx, prior to Closing, the Company shall fully terminate each of its existing salary continuation agreements by any means agreeable to each respective employee covered by such an agreement, including payment of a lump sum amount to such an employee in release of and in full satisfaction of such agreement. With respect to any such agreement that is not so fully terminated, the Company shall purchase a commercial annuity contract to cover the future payments and liability therefor to the employee under each such agreement. At or prior to Closing the Company shall deliver evidence satisfactory to the Parent of the full termination of the other salary continuation agreements. The Company shall indemnify and hold harmless the Parent for any liability or losses incurred or suffered by the Parent, after Closing, with respect to any salary continuation agreement.
Salary Continuation Agreements. 50 Schedule 14D-9..........................................................10
Salary Continuation Agreements
