Common use of Continuation of Payments Clause in Contracts

Continuation of Payments. Following Employee’s death during the ten-year period of payments under Paragraphs 1 and 2 or under Paragraph 3 above, the sum of THIRTY-THREE THOUSAND THREE HUNDRED THIRTY-SEVEN and 84/100 Dollars ($33,337.84) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 12 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of the ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments. Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required withholdings.

Appears in 2 contracts

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

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Continuation of Payments. Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 or under Paragraph 3 above, the sum of THIRTY-THREE FOURTEEN THOUSAND THREE FOUR HUNDRED THIRTYNINETY-SEVEN and 84/100 Dollars ($33,337.8414,497.84) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 12 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of the said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments. Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required withholdings.

Appears in 1 contract

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

Continuation of Payments. Following Employee’s 's death during the original ten-year period of payments under Paragraphs 1 and 2 or under Paragraph 3 above, the sum of THIRTY-THREE NINE THOUSAND THREE TWO HUNDRED THIRTY-SEVEN FORTY and 84/100 00/100 Dollars ($33,337.849,240.00) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 12 11 below or, in the absence of such designation, to Employee’s 's estate, as applicable, beginning the first calendar month following the date of Employee’s 's death and continuing thereafter until the expiration of the said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments. Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required withholdings.

Appears in 1 contract

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

Continuation of Payments. Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 or under Paragraph 3 above, the sum of THIRTYTWENTY-THREE SIX THOUSAND THREE EIGHT HUNDRED THIRTYSEVENTY-SEVEN and 84/100 No/100 Dollars ($33,337.8426,877.00) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 12 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of the said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments. Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required withholdings.

Appears in 1 contract

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

Continuation of Payments. Following Employee’s 's death during the original ten-year period of payments under Paragraphs 1 and 2 or under Paragraph 3 above, the sum of THIRTY-THREE THIRTEEN THOUSAND THREE FOUR HUNDRED THIRTY-SEVEN FIFITY and 84/100 50/100 Dollars ($33,337.8413,450.50) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 12 11 below or, in the absence of such designation, to Employee’s 's estate, as applicable, beginning the first calendar month following the date of Employee’s 's death and continuing thereafter until the expiration of the said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments. Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required withholdings.

Appears in 1 contract

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

Continuation of Payments. Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 or under Paragraph 3 above, the sum of THIRTY-THREE ELEVEN THOUSAND THREE FIVE HUNDRED THIRTY-SEVEN and 84/100 00/100 Dollars ($33,337.8411,500.00) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 12 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of the said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments. Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required withholdings.

Appears in 1 contract

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

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Continuation of Payments. Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 or under Paragraph 3 above, the sum of THIRTY-THREE FIVE THOUSAND THREE HUNDRED THIRTY-SEVEN FIFTEEN and 84/100 88/100 Dollars ($33,337.845,315.88) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 12 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of the said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments. Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required withholdings.

Appears in 1 contract

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

Continuation of Payments. Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 or under Paragraph 3 above, the sum of THIRTY-THREE SIXTEEN THOUSAND THREE TWO HUNDRED THIRTYFIFTY-SEVEN and 84/100 15/100 Dollars ($33,337.8416,257.15) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 12 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of the said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments. Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required withholdings.

Appears in 1 contract

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

Continuation of Payments. Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 or under Paragraph 3 above, the sum of THIRTY-THREE SEVEN THOUSAND THREE EIGHT HUNDRED THIRTYNINETY-SEVEN and 84/100 73/100 Dollars ($33,337.847,897.73) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 12 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of the said original ten-year period. Once the Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments. Notwithstanding the foregoing, if Employer determines that the Consultation Payments and/or Non-competition Payments are compensation such that the payments are subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments, if any, under the applicable tax law, said payment shall be subject to the required withholdings.

Appears in 1 contract

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

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