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 Three Thousand Ninety-One and 52/100 Dollars ($3,091.52) 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.”

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation Agreement (First Citizens Bancshares Inc /De/)

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Consultation Payments. In the event Employee retires from employment on Employee’s 's Retirement Date, Employee shall be paid by Employer the sum of Three One Thousand NinetyThirty-One Five and 52/100 72/100 Dollars ($3,091.521,035.72) 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."

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation Agreement (Fidbank Capital Trust I)

Consultation Payments. In the event Employee retires from employment on Employee’s Retirement Date, Employee shall be paid by Employer the sum of Three Five Thousand NinetyFive Hundred Thirty-One Eight and 52/100 67/100 Dollars ($3,091.525,538.67) 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.”

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation 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 Three One Thousand NinetySeven Hundred Twenty-One and 52/100 58/100 Dollars ($3,091.521,721.58) 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.”

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation 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 Three Six Thousand NinetyNine Hundred Seventy-One Six and 52/100 02/100 Dollars ($3,091.526,976.02) 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.”

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation 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 Three Thousand Ninety-One one thousand eight hundred seventy five and 52/100 06/100 Dollars ($3,091.521,875.06) 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.”

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation Agreement (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 Three Thousand Ninety-One eight hundred forty nine and 52/100 68/100 Dollars ($3,091.52849.68) 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.”

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation Agreement (First Citizens Bancorporation of South Carolina Inc)

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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 Three Thousand Ninety-One one thousand seventy eight and 52/100 22/100 Dollars ($3,091.521,078.22) 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.”

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation Agreement (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 Three Six Thousand Ninety-One Nine Hundred Seventy Six and 52/100 02/100 Dollars ($3,091.526,976.02) 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.”

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation 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 Three Thousand Ninety-One one thousand one hundred ninety seven and 52/100 91/100 Dollars ($3,091.521,197.91) 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.”

Appears in 1 contract

Samples: Employee Death Benefit and Post Retirement Noncompetition and Consultation Agreement (First Citizens Bancorporation of South Carolina Inc)

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