Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 40 contracts
Samples: Salary Continuation Agreement (Westbury Bancorp, Inc.), Salary Continuation Agreement (Westbury Bancorp, Inc.), Salary Continuation Agreement (Peoples Federal Bancshares, Inc.)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s 's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s 's Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 15 contracts
Samples: Salary Continuation Agreement (Westbury Bancorp, Inc.), Salary Continuation Agreement (Synovus Financial Corp), Executive Deferred Incentive Agreement (Home Federal Bancorp Inc)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment distribution of a benefit shall be a payment distribution for the account of the Executive Insured and the Executive’s Beneficiarybeneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment distribution amount.
Appears in 13 contracts
Samples: Split Dollar Life Insurance Agreement (Prime Meridian Holding Co), Split Dollar Life Insurance Agreement (Century Bancorp Inc), Split Dollar Life Insurance Agreement (Century Bancorp Inc)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive Director and the ExecutiveDirector’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 11 contracts
Samples: Director Retirement Plan Agreement (Malvern Federal Bancorp Inc), Salary Continuation Agreement (Appalachian Bancshares Inc), Director Compensation Agreement (Redwood Empire Bancorp)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive Director and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 7 contracts
Samples: Director Deferred Fee Agreement (Penns Woods Bancorp Inc), Director Deferred Fee Agreement (Penns Woods Bancorp Inc), Director Deferred Fee Agreement (Penns Woods Bancorp Inc)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 6 contracts
Samples: Supplemental Life Insurance Agreement (MB Bancorp Inc), Supplemental Life Insurance Agreement (MB Bancorp Inc), Supplemental Life Insurance Agreement (MB Bancorp Inc)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative representative, or person having the care or custody of such minor, incompetent person person, or incapable person. The Plan Administrator may require proof of incompetence, minority minority, or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 4 contracts
Samples: Salary Continuation Agreement (United Bancshares Inc/Oh), Salary Continuation Agreement (United Bancshares Inc/Oh), Placement Agreement (United Bancshares Inc/Oh)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution payment of the benefit. Any payment distribution of a benefit shall be a payment distribution for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement Plan for such payment distribution amount.
Appears in 4 contracts
Samples: Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.), Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.), Executive Salary Continuation Agreement (Fifth District Bancorp, Inc.)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.. First Security Group, Inc. and FSGBANK, National Association Salary Continuation Agreement
Appears in 3 contracts
Samples: Salary Continuation Agreement (First Security Group Inc/Tn), Salary Continuation Agreement (First Security Group Inc/Tn), Salary Continuation Agreement (First Security Group Inc/Tn)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.. Appalachian Community Bank Salary Continuation Agreement
Appears in 3 contracts
Samples: Salary Continuation Agreement (Appalachian Bancshares Inc), Salary Continuation Agreement (Appalachian Bancshares Inc), Salary Continuation Agreement (Appalachian Bancshares Inc)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid distributed to a minor, to a person declared incompetent, incompetent or to a person incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the this Agreement for such payment amount.
Appears in 3 contracts
Samples: Salary Continuation Agreement (Home Federal Bancorp, Inc.), Salary Continuation Agreement (Home Federal Bancorp, Inc.), Salary Continuation Agreement (Home Federal Bancorp, Inc.)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person legally declared incompetent, or to a person legally deemed incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution payment of the benefit. Any payment distribution of a benefit shall be a payment distribution for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement Plan for such payment distribution amount.
Appears in 3 contracts
Samples: Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.), Supplemental Executive Retirement Plan (Blue Ridge Bankshares, Inc.)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s 's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive Director and the Executive’s Director's Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 2 contracts
Samples: Director Deferred Incentive Agreement (Home Federal Bancorp Inc), Salary Continuation Agreement (Appalachian Bancshares Inc)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person legally declared incompetent, or to a person legally deemed incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution payment of the benefit. Any payment distribution of a benefit shall be a payment distribution for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement Plan for such payment distribution amount.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Plan (Acnb Corp), Supplemental Executive Retirement Plan (Acnb Corp)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person legally declared incompetent, or to a person legally deemed incapable of handling the disposition of that person’s 's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution payment of the benefit. Any payment distribution of a benefit shall be a payment distribution for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement Plan for such payment distribution amount.
Appears in 2 contracts
Samples: Supplemental Executive Retirement Plan (DNB Financial Corp /Pa/), Supplemental Executive Retirement Plan (DNB Financial Corp /Pa/)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s 's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive Director and the Executive’s Director's Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.. 3NEXT PAGE Community Bank Director Retirement Agreement
Appears in 1 contract
Samples: Director Retirement Agreement (Community Financial Corp /Va/)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s 's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, ; incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s 's Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 1 contract
Samples: Salary Continuation Agreement (Heartland Bancshares Inc/Fl)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s 's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative representative, or person having the care or custody of such minor, incompetent person person, or incapable person. The Plan Administrator may require proof of incompetence, minority minority, or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s 's Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 1 contract
Samples: Executive Deferred Compensation Agreement (PSB Holdings Inc /Wi/)
Facility of Payment. If the Plan Administrator plan administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property, the Plan Administrator plan administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator plan administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive Director and the ExecutiveDirector’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.
Appears in 1 contract
Samples: Director Deferred Fee Agreement (Luxemburg Bancshares Inc)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person legally declared incompetent, or to a person legally deemed incapable of handling the disposition of that person’s property, the Plan Administrator may direct payment distribution of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment distribution of a benefit shall be a payment distribution for the account of the Executive Insured and the Executive’s Beneficiarybeneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment distribution amount.
Appears in 1 contract
Samples: Split Dollar Life Insurance Agreement (Access National Corp)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s 's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement Plan for such payment amount.
Appears in 1 contract
Samples: Deferred Compensation Plan (Cascade Financial Corp)
Facility of Payment. If the Plan Administrator determines in its discretion that a benefit is to be paid to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s 's property, the Plan Administrator may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Plan Administrator may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive and the Executive’s 's Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement for such payment amount.. 5NEXT PAGE Community Bank Salary Continuation Agreement
Appears in 1 contract
Samples: Salary Continuation Agreement (Community Financial Corp /Va/)
