Common use of Unclaimed Benefit Clause in Contracts

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive's benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Beneficiary. If the location of the Executive's Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.

Appears in 6 contracts

Samples: Supplemental Retirement Income Agreement (Granite State Bankshares Inc), Retirement Income Agreement (Granite State Bankshares Inc), Supplemental Retirement Income Agreement (Raritan Bancorp Inc)

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Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive's ’s benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's ’s Beneficiary. If the location of the Executive's ’s Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's ’s Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's ’s Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.

Appears in 5 contracts

Samples: Supplemental Retirement Income Agreement (United Community Bancorp), Income Agreement (First Capital Bank Holding Corp), Supplemental Retirement Income Agreement (Chicopee Bancorp, Inc.)

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive's benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Beneficiary. If the location of the Executive's Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's =s Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.

Appears in 5 contracts

Samples: www.sec.gov, www.sec.gov, Retirement Income Agreement (Magyar Bancorp, Inc.)

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive's benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Beneficiary. If the location of the Executive's Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account any benefits provided for such Executive and/or Beneficiary under this Agreement.

Appears in 5 contracts

Samples: Supplemental Retirement Income Agreement (Marion Capital Holdings Inc), Supplemental Retirement Income Agreement (Marion Capital Holdings Inc), Income Agreement (Marion Capital Holdings Inc)

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account Supplemental Retirement Income Benefit(s) may first be made, the Bank shall delay payment of the Executive's ’s benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's ’s Beneficiary. If the location of the Executive's ’s Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's ’s Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account any and all Supplemental Retirement Income Benefit(s) provided for such Executive and/or Beneficiary under this Agreement.

Appears in 4 contracts

Samples: Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Supplemental Retirement Income Agreement (Oceanfirst Financial Corp), Supplemental Retirement Income Agreement (Oceanfirst Financial Corp)

Unclaimed Benefit. The Executive Participant shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive Participant is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the ExecutiveParticipant's benefit payment(s) until the location of the Executive Participant is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive Participant until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the ExecutiveParticipant's Beneficiary. If the location of the ExecutiveParticipant's Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the ExecutiveParticipant's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive Participant and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the ExecutiveParticipant's Accrued Benefit Account provided for such Executive Participant and/or Beneficiary under this Agreement.

Appears in 2 contracts

Samples: Supplemental Retirement Income Agreement (Pocahontas Bancorp Inc), Supplemental Retirement Income Agreement (Pocahontas Bancorp Inc)

Unclaimed Benefit. The Executive shall keep the Bank informed of his ----------------- current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive's benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Beneficiary. If the location of the Executive's Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.

Appears in 2 contracts

Samples: Supplemental Retirement Income Agreement (West Essex Bancorp Inc), Supplemental Retirement Income Agreement (West Essex Bancorp Inc)

Unclaimed Benefit. The Executive Director shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive Director is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the ExecutiveDirector's benefit payment(s) until the location of the Executive Director is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive Director until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the ExecutiveDirector's Beneficiary. If the location of the ExecutiveDirector's Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the ExecutiveDirector's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive Director and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account any benefits provided for such Executive Director and/or Beneficiary under this AgreementPlan.

Appears in 2 contracts

Samples: Directors Retirement Plan (Prestige Financial Corp), Directors Shareholder Benefit Plan Agreement (Marion Capital Holdings Inc)

Unclaimed Benefit. The Executive shall keep the Bank Association informed of his current address and the current address of his Beneficiaries. The Bank Association shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank Association as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank Association shall delay payment of the Executive's benefit payment(s) until the location of the Executive is made known to the BankAssociation; however, the Bank Association shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank Association may discharge its obligation by payment to the Executive's Beneficiary. If the location of the Executive's Beneficiary is not made known to the Bank Association by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank Association may discharge its obligation by payment to the Executive's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the BankAssociation, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.

Appears in 1 contract

Samples: Supplemental Retirement Income Agreement (Dsa Financial Corp)

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Deferred Compensation Benefit Account may first be made, the Bank shall delay payment of the Executive's ’s benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. During any period in which the Executive’s whereabouts are unknown to the Bank and said benefit payments are being held by the Bank, the interest rate for purposes of compounding monthly interest on the Executive’s Elective Contribution Account shall be an annual rate equal to zero percent (0%) . Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's ’s Beneficiary. If the location of the Executive's ’s Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's ’s Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account any and all benefits provided for such Executive and/or Beneficiary under this Agreement.

Appears in 1 contract

Samples: Deferred Compensation Master Agreement (Oceanfirst Financial Corp)

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive's benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Beneficiary. If the location of the Executive's Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.

Appears in 1 contract

Samples: Death Benefit Master Agreement (United National Bancorp)

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Unclaimed Benefit. The Executive Director shall keep the Bank informed of his current ----------------- address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive Director is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the ExecutiveDirector's benefit payment(s) until the location of the Executive Director is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive Director until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the ExecutiveDirector's Beneficiary. If the location of the ExecutiveDirector's Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the ExecutiveDirector's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive Director and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account any benefits provided for such Executive Director and/or Beneficiary under this AgreementPlan.

Appears in 1 contract

Samples: Directors' Retirement Plan (Dsa Financial Corp)

Unclaimed Benefit. The Executive shall keep the Bank Association informed of his current address and the current address of his Beneficiaries. The Bank Association shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank Association as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank Association shall delay payment of the Executive's ’s benefit payment(s) until the location of the Executive is made known to the BankAssociation; however, the Bank Association shall only be obligated to hold such benefit payment(spayments) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank Association may discharge its obligation by payment to the Executive's ’s Beneficiary. If the location of the Executive's ’s Beneficiary is not made known to the Bank Association by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank Association may discharge its obligation by payment to the Executive's ’s Estate. If there is no Estate in existence at such time or if such such, fact cannot be determined by the BankAssociation, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account any benefits provided for such Executive and/or Beneficiary under this AgreementPlan.

Appears in 1 contract

Samples: Supplemental Benefit Plan (Lake Shore Bancorp, Inc.)

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive's ’s benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's ’s Beneficiary. If the location of the Executive's ’s Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's ’s Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.

Appears in 1 contract

Samples: Income Agreement (Pathfinder Bancorp Inc)

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank shall delay payment of the Executive's benefit payment(s) until the location of the Executive is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Beneficiary. If the location of the Executive's Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's ’s Accrued Benefit Account provided for such Executive and/or Beneficiary under this Agreement.

Appears in 1 contract

Samples: Income Agreement (Coastal Banking Co Inc)

Unclaimed Benefit. The Executive Director shall keep the Bank informed of his current address and the current address of his Beneficiaries. The Bank shall not be obligated to search for the whereabouts of any person. If the location of the Executive Director is not made known to the Bank as of the date upon which any payment of any benefits from the Accrued Deferred Compensation Benefit Account may first be made, the Bank shall delay payment of the Executive's Director’s benefit payment(s) until the location of the Executive Director is made known to the Bank; however, the Bank shall only be obligated to hold such benefit payment(s) for the Executive Director until the expiration of thirty-six (36) months. During any period in which the Director’s whereabouts are unknown to the Bank and said benefit payments are being held by the Bank, the interest rate for purposes of compounding monthly interest on the Director’s Elective Contribution Account shall be an annual rate equal to zero percent (0 %). Upon expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Director’s Beneficiary. If the location of the Executive's Director’s Beneficiary is not made known to the Bank by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank may discharge its obligation by payment to the Executive's Director’s Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the Bank, the Executive Director and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account any and all benefits provided for such Executive Director and/or Beneficiary under this Agreement.

Appears in 1 contract

Samples: Deferred Compensation Master Agreement (Oceanfirst Financial Corp)

Unclaimed Benefit. The Executive Director shall keep the Bank Association informed of his current address and the current address of his Beneficiaries. The Bank Association shall not be obligated to search for the whereabouts of any person. If the location of the Executive Director is not made known to the Bank Association as of the date upon which any payment of any benefits from the Accrued Benefit Account may first be made, the Bank Association shall delay payment of the Executive's Director’s benefit payment(s) until the location of the Executive Director is made known to the BankAssocation; however, the Bank Association shall only be obligated to hold such benefit payment(s) for the Executive Director until the expiration of thirty-six (36) months. Upon expiration of the thirty-six (36) month period, the Bank Association may discharge its obligation by payment to the Executive's Director’s Beneficiary. If the location of the Executive's Director’s Beneficiary is not made known know to the Bank Association by the end of an additional two (2) month period following expiration of the thirty-six (36) month period, the Bank Association may discharge its obligation by payment to the Executive's Director’s Estate. If there is no Estate in existence at such time or if such fact cannot be determined by the BankAssociation, the Executive Director and his Beneficiary(ies) shall thereupon forfeit any rights to the balance, if any, of the Executive's Accrued Benefit Account any benefits provided for such Executive Director and/or Beneficiary under this AgreementPlan.

Appears in 1 contract

Samples: Supplemental Benefit Plan (Lake Shore Bancorp, Inc.)

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