Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.
Appears in 96 contracts
Samples: Salary Continuation Agreement (Orrstown Financial Services Inc), Supplemental Executive Retirement Plan (MUNCY COLUMBIA FINANCIAL Corp), Deferred Compensation Agreement (Orrstown Financial Services Inc)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer Plan Sponsor and the Plan Administrator from further liability on account thereof.
Appears in 29 contracts
Samples: Supplemental Executive Retirement Plan (Southern National Bancorp of Virginia Inc), Supplemental Executive Retirement Plan (Southern National Bancorp of Virginia Inc), Supplemental Executive Retirement Plan (Southern National Bancorp of Virginia Inc)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer Bank and the Plan Administrator from further liability on account thereof.
Appears in 8 contracts
Samples: Supplemental Executive Retirement Plan Agreement (Mid Penn Bancorp Inc), Supplemental Executive Retirement Plan Agreement (Mid Penn Bancorp Inc), Supplemental Executive Retirement Plan Agreement (Mid Penn Bancorp Inc)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may Committee may, in its discretion, make such distribution: distribution (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; , or (ii) to the conservator or administrator committee or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer Committee, the Record Keeper, the Company and the Administrator Plan from further liability on account thereof.
Appears in 7 contracts
Samples: Adoption Agreement (AVITA Medical, Inc.), Deferred Compensation Plan (Beacon Roofing Supply Inc), Deferred Compensation Plan (Mission Produce, Inc.)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer Bank and the Administrator from further liability on account thereof.
Appears in 7 contracts
Samples: Director Retirement Plan (Eureka Homestead Bancorp, Inc.), Director Retirement Plan (Eureka Homestead Bancorp, Inc.), Director Retirement Plan (Eureka Homestead Bancorp, Inc.)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer Plan Sponsor and the Plan Administrator from further liability on account thereof.
Appears in 7 contracts
Samples: Salary Continuation Plan Agreement (Old Line Bancshares Inc), Salary Continuation Plan Agreement (Old Line Bancshares Inc), Salary Continuation Plan Agreement (Old Line Bancshares Inc)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such the distribution: (i) to the legal guardianguardian of the individual, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.
Appears in 2 contracts
Samples: Split Dollar Life Insurance Agreement (Eureka Homestead Bancorp, Inc.), Split Dollar Life Insurance Agreement (Eureka Homestead Bancorp, Inc.)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; , or (ii) to the conservator or administrator Administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer Plan Sponsor and the Plan Administrator from further liability on account thereof.
Appears in 2 contracts
Samples: Executive Deferred Compensation Master Agreement (Oceanfirst Financial Corp), Director Deferred Compensation Master Agreement (Oceanfirst Financial Corp)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator Employer may direct the Insurer to make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.
Appears in 2 contracts
Samples: Split Dollar Life Insurance Agreement (Middlefield Banc Corp), Split Dollar Life Insurance Agreement (Middlefield Banc Corp)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator Committee may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer Corporation and the Administrator Committee from further liability on account thereof.
Appears in 2 contracts
Samples: Producer Commission Deferral Plan (Regan Holding Corp), Key Employee Deferred Compensation Plan (Regan Holding Corp)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer Company and the Administrator from further liability on account thereof.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (MUNCY COLUMBIA FINANCIAL Corp)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan Administrator may make such distribution: (i) to
i. To the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (
ii) to . To the conservator or administrator or, if none, to the person having custody of an 9 incompetent payee. Any such distribution shall fully discharge the Employer Company and the Plan Administrator from further liability on account thereof..
Appears in 1 contract
Samples: Supplemental Executive Retirement Plan (Ministry Partners Investment Company, LLC)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the the, Administrator from further liability on account thereof.
Appears in 1 contract
Samples: Salary Continuation Agreement (Central Valley Community Bancorp)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.,
Appears in 1 contract
Samples: Executive Supplemental Retirement Plan (LINKBANCORP, Inc.)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan Administrator may may, in its discretion, make such distribution: distribution (i1) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; , or (ii2) to the conservator or administrator committee or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Plan Administrator, Employer and the Administrator Plan from further liability on account thereof.
Appears in 1 contract
Samples: Community National Bank Supplemental Employee Retirement Plan (Community Bancorp /Vt)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (iiH) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.
Appears in 1 contract
Samples: Supplemental Executive Retirement Agreement (Farmers & Merchants Bancshares, Inc.)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.
Appears in 1 contract
Samples: Deferred Compensation Agreement (Lakeland Bancorp Inc)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (ii) ] to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.
Appears in 1 contract
Samples: Supplemental Retirement Agreement (MidWestOne Financial Group, Inc.)
Facility of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Administrator may make such distribution: (ia) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence; or (iib) to the conservator or administrator or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Employer and the Administrator from further liability on account thereof.
Appears in 1 contract
Samples: Split Dollar Life Insurance Agreement (Investors Bancorp, Inc.)
