Common use of Consultation Payments Clause in Contracts

Consultation Payments. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two and 08/100 Dollars ($1,302.08) per month, beginning not later than two (2) months after Employee's Retirement Date, for a period of ten (10) years following Employee's Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's Consultation Services, as provided herein; such sum to be payable to Employee whether or not Employee's Consultation Services have been utilized by Employer. Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's business and particularly those phases in which Employee has particular expertise and knowledge. Employee's services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's Retirement Date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his rights and privileges and his obligations are as provided in this Agreement as to matters covered herein. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Appears in 2 contracts

Samples: Employee Death Benefit (First Citizens Bancorporation of South Carolina Inc), Employee Death Benefit (First Citizens Bancorporation of South Carolina Inc)

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Consultation Payments. In Following Employee’s “Retirement” (as defined below) from Employee’s employment with Employer on the event Retirement Date (as defined below), Employer shall pay to Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two EIGHT THOUSAND THREE HUNDRED THIRTY-FOUR and 08/100 46/100 Dollars ($1,302.088,334.46) per month, beginning not later than two (2) six months and one week after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until Employee’s death, whichever first occursoccurs (“Consultation Payments”). Such monthly payments shall be paid for and in consideration of Employee's ’s support, sponsorship, advisory and other services provided to Employer (“Consultation Services, as provided herein”); such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been are utilized in said month by Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledge. Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Datedate, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his Employee’s rights and privileges and his obligations are only as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under applicable tax law, the said payments shall be subject to the required withholdings. If Employee should die during said ten (10) the ten-year period, payments period during which Consultation Payments are being made under this Paragraph 1 or under Paragraph 3 below, then those payments shall terminate. Future terminate and future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of Paragraph 5 4 of this Agreement.

Appears in 2 contracts

Samples: Non Competition and Death Benefit Agreement (First Citizens Bancshares Inc /De/), Competition and Death Benefit Agreement (First Citizens Bancshares Inc /De/)

Consultation Payments. In the event Employee retires from employment on Employee's ’s Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three One Hundred Two Ninety-Four and 08/100 58/100 Dollars ($1,302.081,194.58) per month, beginning not later than two (2) months after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's ’s Consultation Services, as provided herein; such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been utilized by Employer. Consultation Payments payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments Payment to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledge. Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his rights and privileges and his obligations are as provided in this Agreement as to matters covered herein. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's ’s designated beneficiary or Employee's ’s Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Appears in 2 contracts

Samples: Employee Death Benefit And (First Citizens Bancshares Inc /De/), Employee Death Benefit And (First Citizens Bancshares Inc /De/)

Consultation Payments. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Five Hundred Seventy-Two and 08/100 92/100 Dollars ($1,302.08572.92) per month, beginning not later than two (2) months after Employee's Retirement Date, for a period of ten (10) years following Employee's Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's Consultation Services, as provided herein; such sum to be payable to Employee whether or not Employee's Consultation Services have been utilized by Employer. Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's business and particularly those phases in which Employee has particular expertise and knowledge. Employee's services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's Retirement Date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his rights and privileges and his obligations are as provided in this Agreement as to matters covered herein. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Appears in 1 contract

Samples: Employee Death Benefit (First Citizens Bancorporation of South Carolina Inc)

Consultation Payments. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three One Hundred Two Ninety-Four and 08/100 76/100 Dollars ($1,302.081,194.76) per month, beginning not later than two (2) months after Employee's Retirement Date, for a period of ten (10) years following Employee's Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's Consultation Services, as provided herein; such sum to be payable to Employee whether or not Employee's Consultation Services have been utilized by Employer. Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's business and particularly those phases in which Employee has particular expertise and knowledge. Employee's services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's Retirement Date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his rights and privileges and his obligations are as provided in this Agreement as to matters covered herein. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Appears in 1 contract

Samples: And Consultation Agreement (First Citizens Bancshares Inc /De/)

Consultation Payments. In Following Employee’s “Retirement” (as defined below) from Employee’s employment with Employer on the event Retirement Date (as defined below), Employer shall pay to Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two THREE THOUSAND SIX HUNDRED TWENTY-FOUR and 08/100 46/100 Dollars ($1,302.083,624.46) per month, beginning not later than two (2) six months and one week after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until Employee’s death, whichever first occursoccurs (“Consultation Payments”). Such monthly payments shall be paid for and in consideration of Employee's ’s support, sponsorship, advisory and other services provided to Employer (“Consultation Services, as provided herein”); such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been are utilized in said month by Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledge. Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Datedate, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his Employee’s rights and privileges and his obligations are only as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under applicable tax law, the said payments shall be subject to the required withholdings. If Employee should die during said ten (10) the ten-year period, payments period during which Consultation Payments are being made under this Paragraph 1, then those payments shall terminate. Future terminate and future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Appears in 1 contract

Samples: And Death Benefit Agreement (First Citizens Bancshares Inc /De/)

Consultation Payments. In Following Employee’s “Retirement” (as defined below) from Employee’s employment with Employer on the event Retirement Date (as defined below), Employer shall pay to Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two SIX THOUSAND SEVEN HUNDRED NINETEEN and 08/100 25/100 Dollars ($1,302.086,719.25) per month, beginning not later than two (2) six months and one week after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until Employee’s death, whichever first occursoccurs (“Consultation Payments”). Such monthly payments shall be paid for and in consideration of Employee's ’s support, sponsorship, advisory and other services provided to Employer (“Consultation Services, as provided herein”); such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been are utilized in said month by Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledge. Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Datedate, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his Employee’s rights and privileges and his obligations are only as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under applicable tax law, the said payments shall be subject to the required withholdings. If Employee should die during said ten (10) the ten-year period, payments period during which Consultation Payments are being made under this Paragraph 1, then those payments shall terminate. Future terminate and future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Appears in 1 contract

Samples: Death Benefit Agreement (First Citizens Bancshares Inc /De/)

Consultation Payments. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Seven Hundred Seventy-Three Hundred Two and 08/100 39/100 Dollars ($1,302.08773.39) per month, beginning not later than two (2) months after Employee's Retirement Date, for a period of ten (10) years following Employee's Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's Consultation Services, as provided herein; such sum to be payable to Employee whether or not Employee's Consultation Services have been utilized by Employer. Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's business and particularly those phases in which Employee has particular expertise and knowledge. Employee's services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's Retirement Date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his rights and privileges and his obligations are as provided in this Agreement as to matters covered herein. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Appears in 1 contract

Samples: Employee Death Benefit (First Citizens Bancorporation of South Carolina Inc)

Consultation Payments. In the event Employee retires from employment on Employee's ’s Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two Five Hundred, Twenty and 08/100 83/100 Dollars ($1,302.08520.83) per month, beginning not later than two (2) months after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's ’s Consultation Services, as provided herein; such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been utilized by Employer. Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledge. Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his rights and privileges and his obligations are as provided in this Agreement as to matters covered herein. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's ’s designated beneficiary or Employee's ’s Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Appears in 1 contract

Samples: Employee Death Benefit And (First Citizens Bancorporation of South Carolina Inc)

Consultation Payments. In Following Employee’s “Retirement” (as defined below) from Employee’s employment with Employer on the event Retirement Date (as defined below), Employer shall pay to Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two TWO THOUSAND EIGHT HUNDRED SEVENTY-FIVE and 08/100 00/100 Dollars ($1,302.082,875.00) per month, beginning not later than two (2) six months and one week after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until Employee’s death, whichever first occursoccurs (“Consultation Payments”). Such monthly payments shall be paid for and in consideration of Employee's ’s support, sponsorship, advisory and other services provided to Employer (“Consultation Services, as provided herein”); such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been are utilized in said month by Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledge. Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Datedate, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his Employee’s rights and privileges and his obligations are only as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under applicable tax law, the said payments shall be subject to the required withholdings. If Employee should die during said ten (10) the ten-year period, payments period during which Consultation Payments are being made under this Paragraph 1, then those payments shall terminate. Future terminate and future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Appears in 1 contract

Samples: Death Benefit Agreement (First Citizens Bancshares Inc /De/)

Consultation Payments. In Following Employee’s “Retirement” (as defined below) from Employee’s employment with Employer on the event Retirement Date (as defined below), Employer shall pay to Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two ONE THOUSAND THREE HUNDRED TWENTY-EIGHT and 08/100 97/100 Dollars ($1,302.081,328.97) per month, beginning not later than two (2) six months and one week after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until Employee’s death, whichever first occursoccurs (“Consultation Payments”). Such monthly payments shall be paid for and in consideration of Employee's ’s support, sponsorship, advisory and other services provided to Employer (“Consultation Services, as provided herein”); such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been are utilized in said month by Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledge. Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Datedate, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his Employee’s rights and privileges and his obligations are only as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under applicable tax law, the said payments shall be subject to the required withholdings. If Employee should die during said ten (10) the ten-year period, payments period during which Consultation Payments are being made under this Paragraph 1, then those payments shall terminate. Future terminate and future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Appears in 1 contract

Samples: Benefit Agreement (First Citizens Bancshares Inc /De/)

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Consultation Payments. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Six Hundred Two Twenty and 08/100 72/100 Dollars ($1,302.08620.72) per month, beginning not later than two (2) months after Employee's Retirement Date, for a period of ten (10) years following Employee's Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's Consultation Services, as provided herein; such sum to be payable to Employee whether or not Employee's Consultation Services have been utilized by Employer. Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's business and particularly those phases in which Employee has particular expertise and knowledge. Employee's services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's Retirement Date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his rights and privileges and his obligations are as provided in this Agreement as to matters covered herein. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Appears in 1 contract

Samples: Employee Death Benefit (First Citizens Bancorporation of South Carolina Inc)

Consultation Payments. In Following Employee’s “Retirement” (as defined below) from Employee’s employment with Employer on the event Retirement Date (as defined below), Employer shall pay to Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two ONE THOUSAND NINE HUNDRED SEVENTY-FOUR and 08/100 43/100 Dollars ($1,302.081,974.43) per month, beginning not later than two (2) six months and one week after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until Employee’s death, whichever first occursoccurs (“Consultation Payments”). Such monthly payments shall be paid for and in consideration of Employee's ’s support, sponsorship, advisory and other services provided to Employer (“Consultation Services, as provided herein”); such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been are utilized in said month by Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledge. Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Datedate, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his Employee’s rights and privileges and his obligations are only as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under applicable tax law, the said payments shall be subject to the required withholdings. If Employee should die during said ten (10) the ten-year period, payments period during which Consultation Payments are being made under this Paragraph 1, then those payments shall terminate. Future terminate and future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Appears in 1 contract

Samples: Benefit Agreement (First Citizens Bancshares Inc /De/)

Consultation Payments. In the event Employee retires from employment on Following Employee's "Retirement" (as defined below) from Employee's employment with Employer on the Retirement DateDate (as defined below), Employer shall, subject to the terms and conditions of this Agreement, pay to Employee shall be paid by Employer the sum of One Thousand Three Hundred Two THREE THOUSAND TRHEE HUNDRED SIXTY-TWO and 08/100 62/100 Dollars ($1,302.083,362.62) per month, beginning not later than two (2) six months and one week after Employee's Retirement Date, for a period of ten (10) years following Employee's Retirement Date or until Employee's death, whichever first occursoccurs ("Consultation Payments"). Such monthly payments shall be paid for and in consideration of Employee's availability for and provision of support, sponsorship, advisory and other services provided to Employer ("Consultation Services, as provided herein"); such sum to be payable to Employee whether or not Employee's Consultation Services have been are utilized in said month by Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's business and particularly those phases in which Employee has particular expertise and knowledge. Employee's services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Employee shall bear all other costs associated with Employee’s provision of services under this Agreement. Effective as of Employee's Retirement Datedate, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his Employee's rights and privileges and his obligations are only as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under applicable tax law, the said payments shall be subject to the required withholdings. In no event shall Employee, following Employee's Retirement, be eligible for, participate in, or otherwise benefit under any employee benefit plan or program sponsored by Employer as an active employee of Employer and by executing this Agreement Employee hereby waives any such eligibility, participation, or additional benefit accrual as an active Employee after the date of Employee's Retirement notwithstanding any benefit plan provision otherwise. The foregoing sentence notwithstanding, Employee shall be entitled, as a retiree, to vested retirement benefits and retiree medical benefits (if any) determined as of the Employee's Retirement, subject to the applicable terms and conditions of such benefit plans. If Employee should die during said ten (10) the ten-year period, payments period during which Consultation Payments are being made under this Paragraph 1, then those payments shall terminate. Future terminate and future payments, if any, shall be made to Employee's designated beneficiary beneficiary(ies) or Employee's Estate shall be made estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Appears in 1 contract

Samples: Non Competition and Death Benefit Agreement (First Citizens Bancshares Inc /De/)

Consultation Payments. In Following Employee’s “Retirement” (as defined below) from Employee’s employment with Employer on the event Retirement Date (as defined below), Employer shall pay to Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two FOUR THOUSAND SIXTY-FOUR and 08/100 29/100 Dollars ($1,302.084,064.29) per month, beginning not later than two (2) six months and one week after Employee's ’s Retirement Date, for a period of ten (10) years following Employee's ’s Retirement Date or until Employee’s death, whichever first occursoccurs (“Consultation Payments”). Such monthly payments shall be paid for and in consideration of Employee's ’s support, sponsorship, advisory and other services provided to Employer (“Consultation Services, as provided herein”); such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been are utilized in said month by Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledge. Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Datedate, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his Employee’s rights and privileges and his obligations are only as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under applicable tax law, the said payments shall be subject to the required withholdings. If Employee should die during said ten (10) the ten-year period, payments period during which Consultation Payments are being made under this Paragraph 1, then those payments shall terminate. Future terminate and future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Appears in 1 contract

Samples: Death Benefit Agreement (First Citizens Bancshares Inc /De/)

Consultation Payments. In the event Employee retires from employment on Employee's ’s Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Hundred Two ONE THOUSAND THREE HUNDRED FIFTY-FOUR and 08/100 17/100 Dollars ($1,302.081,354.17) per monthmonth (“Consultation Payments”), beginning not later than two (2) months after Employee's ’s Retirement DateDate (except as provided in Paragraph 6 of this Agreement), for a period of ten (10) years following Employee's ’s Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's ’s “Consultation Services, ,” as provided hereindefined below; such sum to be payable to Employee whether or not Employee's ’s Consultation Services have been utilized by Employer. Payments for Consultation Payments Services hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to EmployeePayments, Employee will provide support, sponsorship, and advisory and Consultation Services services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's ’s business and particularly those phases in which Employee has particular expertise and knowledgeknowledge (“Consultation Services”). Employee's ’s services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's ’s Retirement Date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his rights and privileges and his obligations are as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than Employee’s Consultation Services, and that such payments are subject to any applicable withholding, Social Security, employment, income or other taxes or assessments, if any, under the applicable tax law, then said payments shall be subject to such required withholdings or other taxes or assessments. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future terminate and future payments, if any, to Employee's ’s designated beneficiary or Employee's ’s Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Appears in 1 contract

Samples: Employee Death Benefit And (First Citizens Bancorporation Inc)

Consultation Payments. In the event Employee retires from employment on Following Employee's "Retirement" (as defined below) from Employee's employment with Employer on the Retirement DateDate (as defined below), Employer shall, subject to the terms and conditions of this Agreement, pay to Employee shall be paid by Employer the sum of One Thousand Three Hundred Two TWO THOUSAND THREE HUNDRED TEN and 08/100 00/100 Dollars ($1,302.082,310.00) per month, beginning not later than two (2) six months and one week after Employee's Retirement Date, for a period of ten (10) years following Employee's Retirement Date or until Employee's death, whichever first occursoccurs ("Consultation Payments"). Such monthly payments shall be paid for and in consideration of Employee's availability for and provision of support, sponsorship, advisory and other services provided to Employer ("Consultation Services, as provided herein"); such sum to be payable to Employee whether or not Employee's Consultation Services have been are utilized in said month by Employer. Except as set forth below, Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's business and particularly those phases in which Employee has particular expertise and knowledge. Employee's services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing, which willingness will not be unreasonably withheld. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Employee shall bear all other costs associated with Employee’s provision of services under this Agreement. Effective as of Employee's Retirement Datedate, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his Employee's rights and privileges and his obligations are only as provided in this Agreement as to matters covered herein. Notwithstanding the foregoing, if Employer determines that the Consultation Payments are compensation for other than payments for Consultation Services, and such payments shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under applicable tax law, the said payments shall be subject to the required withholdings. In no event shall Employee, following Employee's Retirement, be eligible for, participate in, or otherwise benefit under any employee benefit plan or program sponsored by Employer as an active employee of Employer and by executing this Agreement Employee hereby waives any such eligibility, participation, or additional benefit accrual as an active Employee after the date of Employee's Retirement notwithstanding any benefit plan provision otherwise. The foregoing sentence notwithstanding, Employee shall be entitled, as a retiree, to vested retirement benefits and retiree medical benefits (if any) determined as of the Employee's Retirement, subject to the applicable terms and conditions of such benefit plans. If Employee should die during said ten (10) the ten-year period, payments period during which Consultation Payments are being made under this Paragraph 1, then those payments shall terminate. Future terminate and future payments, if any, shall be made to Employee's designated beneficiary beneficiary(ies) or Employee's Estate shall be made estate in accordance with the provisions of Paragraph 5 3 of this Agreement.

Appears in 1 contract

Samples: Competition and Death Benefit Agreement (First Citizens Bancshares Inc /De/)

Consultation Payments. In the event Employee retires from employment on Employee's Retirement Date, Employee shall be paid by Employer the sum of One Thousand Three Nine Hundred Two Seventy-Four and 08/100 70/100 Dollars ($1,302.08974.70) per month, beginning not later than two (2) months after Employee's Retirement Date, for a period of ten (10) years following Employee's Retirement Date or until death, whichever first occurs. Such monthly payments shall be paid for and in consideration of Employee's Consultation Services, as provided herein; such sum to be payable to Employee whether or not Employee's Consultation Services have been utilized by Employer. Consultation Payments hereunder shall be payable each month without deductions and Employee agrees to be solely responsible for the payment of all income and other taxes out of said funds and all Social Security, self-employment and any other taxes or assessments, if any, applicable on said compensation. For and in consideration of said monthly Consultation Payments to Employee, Employee will provide support, sponsorship, advisory and Consultation Services as an independent contractor to Employer, as and when Employer may request, which services may be provided with respect to all phases of Employer's business and particularly those phases in which Employee has particular expertise and knowledge. Employee's services shall be limited to those of an independent consultant, shall not be on a day-to-day regularly scheduled operational basis and shall be provided only when Employee is reasonably available and willing. Employer shall make available to Employee such office space and equipment as are reasonably necessary for Employee to carry out the obligations under this Agreement and shall reimburse Employee for any extraordinary expenses incurred in carrying out the obligations hereunder. Effective as of Employee's Retirement Date, Employee and Employer agree that Employee shall be, under the terms of this Agreement, an independent contractor, and Employee agrees that his rights and privileges and his obligations are as provided in this Agreement as to matters covered herein. If Employee should die during said ten (10) year period, payments under this Paragraph shall terminate. Future payments, if any, to Employee's designated beneficiary or Employee's Estate shall be made in accordance with the provisions of Paragraph 5 of this Agreement.

Appears in 1 contract

Samples: Employee Death Benefit (First Citizens Bancorporation of South Carolina Inc)

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