Frequency of Payments. All payments to the Executive shall be made in accordance with the Bank’s usual payroll practices on the date hereof. If the Company breaches its duty to pay the Executive hereunder beyond any cure period, or breaches such duty more than three times during the term of the Restricted Period, and Executive does not waive such breach(es) in writing, then the Company shall be required to pay the entire unpaid balance of such payments to the Executive in one lump sum. The Company agrees that prejudgment interest is appropriate to the Executive for any such breach(es) if the Company becomes obligated to make a lump-sum payment. If the Company fails to make any payment when due, then the Bank shall make such payments immediately upon demand.
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.)
