Common use of Payments by Company Clause in Contracts

Payments by Company. If the Company shall find that any person to whom any amount is or was payable hereunder is unable to care for Employee's affairs because of illness or accident, or is a minor, or has died, then the Company, if it so elects, may direct that any payment due him or Employee's estate (unless a prior claim therefor has been made by a duly appointed legal representative) or any part thereof be paid or applied for the benefit of such person or to or for the benefit of such person's spouse, children or other dependents, an institution maintaining or having custody of such person, any other person deemed by the Company to be a proper recipient on behalf of such person otherwise entitled to payment, or any of them in such manner and proportion as the Company may deem proper. Any such payment shall be in complete discharge of the liability of the Company therefor.

Appears in 3 contracts

Samples: Employment Agreement (First Bancorp /Nc/), Employment Agreement (First Bancorp /Nc/), Employment Agreement (First Bancorp /Nc/)

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Payments by Company. If the Company shall find that any person to whom any amount is or was payable hereunder is unable to care for the Employee's ’s affairs because of illness or accident, or is a minor, or has died, then the Company, if it so elects, may direct that any payment due him or the Employee's ’s estate (unless a prior claim therefor has been made by a duly appointed legal representative) or any part thereof be paid or applied for the benefit of such person or to or for the benefit of such person's ’s spouse, children or other dependents, an institution maintaining or having custody of such person, any other person deemed by the Company to be a proper recipient on behalf of such person otherwise entitled to payment, or any of them in such manner and proportion as the Company may deem proper. Any such payment shall be in complete discharge of the liability of the Company therefor.

Appears in 1 contract

Samples: Employment Agreement (First Bancorp /Nc/)

Payments by Company. If the Company shall find that any person to whom any amount is or was payable hereunder is unable to care for Employee's ’s affairs because of illness or accident, or is a minor, or has died, then the Company, if it so elects, may direct that any payment due him or Employee's ’s estate (unless a prior claim therefor has been made by a duly appointed legal representative) or any part thereof be paid or applied for the benefit of such person or to or for the benefit of such person's ’s spouse, children or other dependents, an institution maintaining or having custody of such person, any other person deemed by the Company to be a proper recipient on behalf of such person otherwise entitled to payment, or any of them in such manner and proportion as the Company may deem proper. Any such payment shall be in complete discharge of the liability of the Company therefor.

Appears in 1 contract

Samples: Employment Agreement (First Bancorp /Nc/)

Payments by Company. If the Company shall find that any person to whom ------------------- any amount is or was payable hereunder is unable to care for the Employee's affairs because of illness or accident, or is a minor, or has died, then the Company, if it so elects, may direct that any payment due him or the Employee's estate (unless a prior claim therefor has been made by a duly appointed legal representative) or any part thereof be paid or applied for the benefit of such person or to or for the benefit of such person's spouse, children or other dependents, an institution maintaining or having custody of such person, any other person deemed by the Company to be a proper recipient on behalf of such person otherwise entitled to payment, or any of them in such manner and proportion as the Company may deem proper. Any such payment shall be in complete discharge of the liability of the Company therefor.

Appears in 1 contract

Samples: Employment Agreement (First Bancorp /Nc/)

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Payments by Company. If the Company shall find that any person to whom any amount is or was payable hereunder is unable to care for the Employee's affairs because of illness or accident, or is a minor, or has died, then the Company, if it so elects, may direct that any payment due him or the Employee's estate (unless a prior claim therefor has been made by a duly appointed legal representative) or any part thereof be paid or applied for the benefit of such person or to or for the benefit of such person's spouse, children or other dependents, an institution maintaining or having custody of such person, any other person deemed by the Company to be a proper recipient on behalf of such person otherwise entitled to payment, or any of them in such manner and proportion as the Company may deem proper. Any such payment shall be in complete discharge of the liability of the Company therefor.

Appears in 1 contract

Samples: Employment Agreement (First Bancorp /Nc/)

Payments by Company. If the Company shall find that any person to whom ------------------- any amount is or was payable hereunder is unable to care for Employee's affairs because of illness or accident, or is a minor, or has died, then the Company, if it so elects, may direct that any payment due him or Employee's estate (unless a prior claim therefor has been made by a duly appointed legal representative) or any part thereof be paid or applied for the benefit of such person or to or for the benefit of such person's spouse, children or other dependents, an institution maintaining or having custody of such person, any other person deemed by the Company to be a proper recipient on behalf of such person otherwise entitled to payment, or any of them in such manner and proportion as the Company may deem proper. Any such payment shall be in complete discharge of the liability of the Company therefor.

Appears in 1 contract

Samples: Employment Agreement (First Bancorp /Nc/)

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