Incapacity of Holder or Beneficiary. If any person entitled to a distribution under this Agreement is deemed by the Board to be incapable of making an election hereunder or of personally receiving and giving a valid receipt for such distribution hereunder, then, unless and until an election or claim therefore shall have been made by a duly appointed guardian or other legal representative of such person, the Board may provide for such election or distribution or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such distribution shall be a distribution for the account of such person and a complete discharge of any liability of the Board, the Corporation and the Plan therefore.
Appears in 7 contracts
Samples: Non Qualified Stock Option Agreement (AEye, Inc.), Non Qualified Stock Option Agreement, Non Qualified Stock Option Agreement (Unitrend Inc)
Incapacity of Holder or Beneficiary. If any person entitled to a distribution under this Agreement is deemed by the Board to be incapable of making an election hereunder or of personally receiving and giving a valid receipt for such distribution hereunder, then, unless and until an election or claim therefore shall have been made by a duly appointed guardian or other legal representative of such person, the Board may provide for such election or distribution or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such distribution shall be a distribution for the account of such person and a complete discharge of any liability of the Board, the Corporation Company and the Plan therefore.
Appears in 3 contracts
Samples: Nonqualified Stock Option Agreement (Pacific Health Care Organization Inc), Nonqualified Stock Option Agreement (Pacific Health Care Organization Inc), Retention and Nonsolicitation Agreement (Veritex Holdings, Inc.)
Incapacity of Holder or Beneficiary. If any person entitled to a distribution under this Agreement is deemed by the Board of Directors to be incapable of making an election hereunder or of personally receiving and giving a valid receipt for such distribution hereunder, then, unless and until an election or claim therefore therefor shall have been made by a duly appointed guardian or other legal representative of such person, the Board of Directors may provide for such election or distribution or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such distribution shall be a distribution for the account of such person and a complete discharge of any liability of the BoardBoard of Directors, the Corporation Company and the Plan thereforetherefor.
Appears in 2 contracts
Samples: Supplemental Stock Option Agreement (Nexity Financial Corp), Supplemental Stock Option Agreement (Nexity Financial Corp)
Incapacity of Holder or Beneficiary. If any person entitled to a distribution under this Agreement is deemed by the Board board of directors to be incapable of making an election hereunder or of personally receiving and giving a valid receipt for such distribution hereunder, then, unless and until an election or claim therefore shall have been made by a duly appointed guardian or other legal representative of such person, the Board board of directors may provide for such election or distribution or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such distribution shall be a distribution for the account of such person and a complete discharge of any liability of the Boardboard of directors, the Corporation Company and the Plan therefore.
Appears in 1 contract
Samples: Non Qualified Stock Option Agreement (Profire Energy Inc)
