Benefits Not Assignable. No portion of any benefit credited or paid under the Plan with respect to any Participant shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void, nor shall any portion of such benefit be in any manner payable to any assignee, receiver or any one trustee, or be liable for his debts, contracts, liabilities, engagements or torts. Notwithstanding the foregoing, in the event that all or any portion of the benefit of a Participant is transferred to the former Spouse of the Participant incident to a divorce, the Committee shall maintain such amount for the benefit of the former Spouse until distributed in the manner required by an order of any court having jurisdiction over the divorce, and the former Spouse shall be entitled to the same rights as the Participant with respect to such benefit.
Appears in 9 contracts
Samples: Adoption Agreement (Douglas Dynamics, Inc), Adoption Agreement (Santarus Inc), Adoption Agreement (Semtech Corp)
Benefits Not Assignable. No portion of any benefit credited or paid under the Plan with respect to any Participant shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void, nor shall any portion of such benefit be in any manner payable to any assignee, receiver or any one trustee, or be liable for his debts, contracts, liabilities, engagements or torts. Notwithstanding the foregoing, in the event that all or any portion of the benefit of a Participant is transferred to the former Spouse spouse of the Participant incident to a divorce, the Committee shall maintain such amount for the benefit of the former Spouse spouse until distributed in the manner required by an order of any court having jurisdiction over the divorce, and the former Spouse spouse shall be entitled to the same rights as the Participant with respect to such benefit.
Appears in 3 contracts
Samples: Executive Nonqualified Excess Plan (Proassurance Corp), Executive Nonqualified Excess Plan Document (Sandridge Energy Inc), Executive Nonqualified Excess Plan (Ufp Technologies Inc)
