Payments to Beneficiaries. For the purposes of this Agreement, Beneficiaries shall mean the person or persons designated by the Employee in writing on forms furnished by the Bank. Such Employee may then from time to time change the designated Beneficiaries by written notice to the Bank, and upon such change the rights of all previously designated Beneficiaries to receive any benefits under this Agreement shall cease. If, at the date of death of the Employee, no properly designated Beneficiary exists, then for the purposes of this Agreement, the legally recognized Spouse of the Employee living at his death, shall be the Beneficiary; if none, then the Children, natural and adopted, then living of the Employee; if none, then the Employee's Estate.
Payments to Beneficiaries. (a) Within 60 days after the end of each calendar year beginning with 1998, the Company shall deliver to the Trustee a schedule (the "Payment Schedule") which reflects the benefits payable with respect to each Beneficiary, a formula or other instructions acceptable to the Trustee for determining the benefits so payable, the form in which such benefits are to be paid (as provided for or available under the Arrangements), and the date of commencement for payment of such benefits. Except as otherwise provided herein, the Trustee shall make payments to Beneficiaries in accordance with such Payment Schedule. The Trustee shall make provisions for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Arrangements and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld, and paid by the Company.
(b) Notwithstanding the foregoing, after a Change in Control, the Trustee shall promptly make payments from the Trust to each and every Beneficiary who provides the Trustee with a notarized statement specifying the amount payable and affirming that such amount has both become unconditionally payable pursuant to one or more of the Arrangements and has not been, and is not being, paid directly by the Company or its successors; provided that the Trustee shall provide the Company with notice of such payments promptly, but only after, the Trustee makes them.
(c) The entitlement of a Beneficiary to benefits under the Arrangements shall be determined by the Company or such party as may be designated under the Arrangements, and any claim for such benefits shall be considered and reviewed under the procedures set forth in the Arrangements.
(d) The Company may make payment of benefits directly to Beneficiaries as such benefits become due under the terms of the Arrangements. The Company shall notify the Trustee of its decision to make such payment of benefits prior to the time benefits are payable to Beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Arrangements, the Company shall make the balance of each such payment as due. The Trustee shall notify the Company when existing principal and earnings are insufficient under the Payment Schedule.
Payments to Beneficiaries. Any payments due under this Agreement as a result of Executive's death shall be made to Executive's surviving spouse. If Executive is not survived by a spouse, payment shall be made to the persons or entities named by Executive as his beneficiary for payment in a written document provided to the Corporation prior to his death. In the absence of a surviving spouse or any such named beneficiary, payment shall be made to Executive's estate.
Payments to Beneficiaries. (1) The Trustee shall pay the net income of any trust hereunder to the beneficiary to whom such income is directed to be paid, at such times as shall be convenient to such beneficiary and agreed to by the Trustee;
(2) Any income and/or principal of any trust hereunder to which any beneficiary may be entitled may, without regard to any order or assignment purporting to transfer the same to any other person, be paid or distributed by the Trustee, in the Trustee’s sole discretion, into the hands of such beneficiary, or to the guardian of the person of such beneficiary, or be mailed to such beneficiary's last known address, or deposited to the account of such beneficiary in a bank or trust company of good standing, or be applied for the benefit of such beneficiary and his or her dependents directly by the Trustee; and the receipt for any payment or distribution or evidence of the application of any income or principal made in conformity with the foregoing shall discharge the Trustee from any further liability therefore; and,
(3) Unless the Trustee shall have received actual written notice of the occurrence of an event affecting the beneficial interests of this Trust Agreement, the Trustee shall not be liable to any beneficiary of this Trust Agreement for distribution made as though the event had not occurred.
Payments to Beneficiaries. The Trustees shall have power to make any payment to any Beneficiary in such manner as they shall determine including payment into such Beneficiary’s bank account and the Trustees shall be discharged from obtaining a receipt or seeing to the application of such payment.
Payments to Beneficiaries. Notwithstanding any provision herein, to the extent that any payments pursuant to this Agreement become payable to the Executive upon or following the Executive’s death, such payments shall be paid to the Executive’s Beneficiary.
Payments to Beneficiaries. The Trustee shall promptly pay each Beneficiary as the dates and/or other events specified for payment in Schedule 1, provided the Beneficiary has met all conditions precedent to eligibility as specified in Schedule 1 and determined in accordance with Section 8.
Payments to Beneficiaries. The Executive’s death prior to payment of the Executive’s incentive award for the 2024 Fiscal Year shall not adversely affect any of the Executive’s rights under this Agreement, subject to the remaining terms of this Agreement. Any payment to be made to the Executive after the Executive’s death shall be paid to the Executive’s Beneficiary. For purposes of this Agreement, "Beneficiary" means the person or trust the Executive has most recently designated in writing or electronically to the Company as the Executive’s Beneficiary under this Agreement. If the Executive has failed to make a designation or if no designated person is alive or the Executive has not established the designated trust, and no successor Beneficiary has been designated and is alive or in existence, the term "Beneficiary" means (a) the spouse of the deceased Executive, if any, or (b) if the Executive’s spouse is not alive or there is no spouse, the surviving children of the deceased Executive per stirpes, or (c) if no children are alive or there are no children, the legal representative of the deceased Executive's estate.
Payments to Beneficiaries. (a) Within 60 days after the end of each fiscal year during which the Trust Agreement is in effect, the Company shall deliver to the Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to the Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan, and including transfers of Common Stock from the Trust to Participants), and the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to Participants and their beneficiaries in accordance with such Payment Schedule.
(b) The entitlement of a Participant or his or her beneficiaries to benefits under the Plan shall be determined by the Company or such party as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan.
(c) The Company may make payment of benefits directly to Participants or their beneficiaries as they become due under the terms of the Plan. The Company shall notify the Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, the Company shall make the balance of each such payment as it falls due. The Trustee shall notify the Company where principal and earnings are not sufficient.
Payments to Beneficiaries. If a Participant dies before distribution of the entire vested portion of the Participant’s Account has been made to him or her, any remaining vested amounts (including any remaining installments that otherwise would have been payable to the Participant under Section 6.2(b), and the value of any unpaid In-Service Accounts), shall be distributed to the Participant’s Beneficiary or Beneficiaries in a lump sum payment as soon as practicable after the Participant’s death.
