Common use of Continuation of Payments Clause in Contracts

Continuation of Payments. Upon Employee's death during said ten (10) year period of payments hereunder, the sum of Eight Thousand Seven Hundred Thirty-Seven and 50/100 Dollars ($8,737.50) per month shall be paid to Employee's designated beneficiary or Employee's Estate, as applicable, beginning the first calendar month following the date of Employee's death and continuing thereafter until the expiration of said ten (10) year period. Once the Consultation and/or Noncompetition Payments are begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement is ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for all income and other taxes and assessments applicable on said payments." 5. All of the remaining terms and conditions of the Agreement which are not expressly amended by this Second Amendment shall remain in full force and effect.

Appears in 1 contract

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

AutoNDA by SimpleDocs

Continuation of Payments. Upon Employee's death during said ten (10) year period of payments hereunder, the sum of Eight Four Thousand Seven One Hundred ThirtyForty-Seven Two and 50/100 87/100 Dollars ($8,737.504,142.87) per month shall be paid to Employee's designated beneficiary or Employee's Estate, as applicable, beginning the first calendar month following the date of Employee's death and continuing thereafter until the expiration of said ten (10) year period. Once the Consultation and/or Noncompetition Payments are begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement is ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for all income and other taxes and assessments applicable on said payments." 56. All of the remaining terms and conditions of the Agreement which are not expressly amended by this Second First Amendment shall remain in full force and effect.

Appears in 1 contract

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

Continuation of Payments. Upon Employee's death during said ten (10) year period of payments hereunder, the sum of Eight Seven Thousand Seven One Hundred ThirtyTwenty-Seven Five and 50/100 No/100 Dollars ($8,737.507,125.00) per month shall be paid to Employee's designated beneficiary or Employee's Estate, as applicable, beginning the first calendar month following the date of Employee's death and continuing thereafter until the expiration of said ten (10) year period. Once the Consultation and/or Noncompetition Payments are begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement is ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for all income and other taxes and assessments applicable on said payments." 5. All of the remaining terms and conditions of the Agreement which are not expressly amended by this Second Amendment shall remain in full force and effect.

Appears in 1 contract

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

Continuation of Payments. Upon Employee's death during said ten (10) year period of payments hereunder, the sum of Eight Five Thousand Seven Three Hundred ThirtyFifty-Seven Four and 50/100 09/100 Dollars ($8,737.505,354.09) per month shall be paid to Employee's designated beneficiary or Employee's Estate, as applicable, beginning the first calendar month following the date of Employee's death and continuing thereafter until the expiration of said ten (10) year period. Once the Consultation and/or Noncompetition Payments are begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement is ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for all income and other taxes and assessments applicable on said payments." 5. All of the remaining terms and conditions of the Agreement which are not expressly amended by this Second First Amendment shall remain in full force and effect.

Appears in 1 contract

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

AutoNDA by SimpleDocs

Continuation of Payments. Upon Employee's death during said -------------------------- ten (10) year period of payments hereunder, the sum of Eight Four Thousand Seven Six Hundred ThirtyEighty-Seven and 50/100 Dollars ($8,737.504,687.50) per month shall be paid to Employee's designated beneficiary or Employee's Estate, as applicable, beginning the first calendar month following the date of Employee's death and continuing thereafter until the expiration of said ten (10) year period. Once the Consultation and/or Noncompetition Payments are begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement is ten (10) years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for all income and other taxes and assessments applicable on said payments." 5. All of the remaining terms and conditions of the Agreement which are not expressly amended by this Second First Amendment shall remain in full force and effect.

Appears in 1 contract

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

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!