Forfeiture of Benefits. This Agreement is subject to termination by Employer at any time and without stated cause. In the event Employer shall terminate this Agreement, Employee shall forfeit all rights to receive any payment provided for herein. Likewise, in the event Employee’s employment is terminated, either voluntarily or involuntarily, for reasons other than his death or Retirement, Employee shall forfeit all rights to receive any payment provided for herein. Employee acknowledges and agrees that any benefit provided for herein is merely a contractual benefit and that nothing contained herein shall be construed as conferring upon Employee any vested benefits or any vested rights to receive any payment provided for herein and that any and all payments provided for herein shall be subject to a substantial risk of forfeiture until such time as said payments are actually made by Employer.
Appears in 11 contracts
Samples: And Death Benefit Agreement (First Citizens Bancshares Inc /De/), Death Benefit Agreement (First Citizens Bancshares Inc /De/), Death Benefit Agreement (First Citizens Bancshares Inc /De/)
Forfeiture of Benefits. This Agreement is subject to termination by Employer at any time and without stated cause. In the event Employer shall terminate this Agreement, Employee shall forfeit all rights to receive any payment provided for herein. Likewise, in the event Employee’s employment is terminated, either voluntarily or involuntarily, for reasons other than retirement on his death Retirement Date or Retirementhis death, Employee shall forfeit all rights to receive any payment provided for herein. Employee acknowledges and agrees that any benefit provided for herein is merely a contractual benefit and that nothing contained herein shall be construed as conferring upon Employee any vested benefits or any vested rights to receive any payment provided for herein and that any and all payments provided for herein shall be subject to a substantial risk of forfeiture until such time as said payments are actually made by Employer.
Appears in 3 contracts
Samples: And Death Benefit Agreement (Fidelity Bancshares Nc Inc /De/), And Death Benefit Agreement (Fidelity Bancshares Nc Inc /De/), Benefit Agreement (Fidelity Bancshares Nc Inc /De/)
Forfeiture of Benefits. This Agreement is subject to termination by Employer at any time and without stated cause. In the event Employer shall terminate this Agreement, Employee shall forfeit all rights to receive any payment provided for herein. Likewise, in the event Employee’s 's employment is terminated, either voluntarily or involuntarily, for reasons other than his death or Retirement, Employee shall forfeit all rights to receive any payment provided for herein. Employee acknowledges and agrees that any benefit provided for herein is merely a contractual benefit and that nothing contained herein shall be construed as conferring upon Employee any vested benefits or any vested rights to receive any payment provided for herein and that any and all payments provided for herein shall be subject to a substantial risk of forfeiture until such time as said payments are actually made by Employer.
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/)