Payments to Minors and Others. If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his incapacity and satisfactory evidence that another person or institution is maintaining him and that no guardian or committee has been appointed for him, may cause any payment otherwise payable to him to be made to such person or institution so maintaining him. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof.
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Samples: Adoption Agreement (Douglas Dynamics, Inc), Adoption Agreement (Santarus Inc), Adoption Agreement (Semtech Corp)
Payments to Minors and Others. If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his such individual’s incapacity and satisfactory evidence that another person or institution is maintaining him the individual and that no guardian or committee has been appointed for himhim or her, may cause any payment otherwise payable to him such individual to be made to such person or institution so maintaining himthe individual. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof.
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Samples: Nonqualified Deferred Compensation Plan (Amc Entertainment Inc), Nonqualified Deferred Compensation Plan (Amc Entertainment Holdings, Inc.)
Payments to Minors and Others. If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his incapacity and satisfactory evidence that another person or institution is maintaining him custody of that person and that no guardian or committee has been appointed for himappointed, may cause any payment otherwise payable to him that person to be made to such person or institution so maintaining himcustody. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof.
Appears in 2 contracts
Samples: Nonqualified Deferred Compensation Plan Adoption Agreement (Mercantile Bank Corp), Deferred Compensation Plan (Everus Construction Group, Inc.)
Payments to Minors and Others. If any individual entitled to receive a payment under the Plan shall be physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the CommitteeEmployer, upon the receipt of satisfactory evidence of his incapacity and satisfactory evidence that another person or institution is maintaining him and that no guardian or committee has been appointed for him, may cause any payment otherwise payable to him to be made to such person or institution so maintaining him. Payment to such person or institution shall be in full satisfaction of all claims by or through the Participant to the extent of the amount thereof.
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