Unfunded Plan. Employee and Employer do not intend that the amounts payable hereunder be held by Employer in trust or as a segregated fund for Employee or any other person entitled to payments hereunder. The benefits provided under this Agreement shall be payable solely from the general assets of Employer, and neither Employee nor any other person entitled to payments hereunder shall have any interest in any assets of Employer by virtue of this Agreement. Employer’s obligation under this Agreement shall be merely that of an unfunded and unsecured promise of Employer to pay money in the future. To the extent that this Agreement may be deemed to be a “pension plan,” Employee and Employer intend that it be unfunded for federal income tax purposes, as well as for Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Appears in 9 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/), Employee Death Benefit and Post Retirement Noncompetition and Consultation Agreement (First Citizens Bancorporation Inc)
Unfunded Plan. Employee and Employer do not intend that the amounts payable hereunder be held by Employer in trust or as a segregated fund for Employee or any other person entitled to payments hereunder. The benefits provided under this Agreement shall be payable solely from the general assets of Employer, and neither Employee nor any other person entitled to payments hereunder shall have any interest in any assets of Employer by virtue of this Agreement. Employer’s obligation under this Agreement shall be merely that of an unfunded and unsecured promise of Employer to pay money in the future. To the extent that this Agreement may should be deemed to be a “pension plan,” Employee and Employer intend that it be unfunded for federal income tax purposes, as well as for Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Appears in 7 contracts
Samples: Employee Deferred Compensation Agreement (Fidelity Bancshares Nc Inc /De/), Employee Deferred Compensation, Consultation, Post Retirement Non Competition and Death Benefit Agreement (First Citizens Bancshares Inc /De/), Employee Deferred Compensation, Consultation, Post Retirement Non Competition and Death Benefit Agreement (First Citizens Bancshares Inc /De/)
Unfunded Plan. Employee and Employer do not intend that the amounts payable hereunder be held by Employer in trust or as a segregated fund for Employee or any other person entitled to payments hereunder. The benefits provided under this Agreement shall be payable solely from the general assets of Employer, and neither Employee nor any other person entitled to payments hereunder shall have any interest in any assets of Employer by virtue of this Agreement. Employer’s obligation under this Agreement shall be merely that of an unfunded and unsecured promise of Employer to pay money in the future. To the extent that this Agreement may be deemed to be a “"pension plan,” " Employee and Employer intend that it be unfunded for federal income tax purposes, as well as for Title I of the Employee Retirement Income Security Act of 1974, as amended (“"ERISA”").
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/)
