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. If the location of the Executive is not made known to the Bank within three (3) years after the date on which any payment of the Excess Benefit may first be made, payment may be made as though the Executive had died at the end of the three (3) year period. If, within one (l) additional year after such three (3) year period has elapsed, or, within three (3) years after the actual death of the Executive, whichever comes first, the Bank is unable to locate any Beneficiary of the Executive, the Bank may fully discharge its obligation by payment to the Estate.

Appears in 1 contract

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

AutoNDA by SimpleDocs

Unclaimed Benefit. The Each Executive shall keep the Bank informed of his current address and the current address of his beneficiariesBeneficiaries. If the location of the an Executive is not made known to the Bank within three (3) years after the date on which any payment of the Excess Supplemental Retirement Income Benefit may first be made, payment may be made as though the Executive had died at the end of the three (3) year period. If, within one (l1) additional year after such three (3) year period has elapsed, or, within three (3) years after the actual death of the Executive, whichever comes first, the Bank is unable to locate any Beneficiary of the Executive, the Bank may fully discharge its obligation by payment to the Estate.

Appears in 1 contract

Samples: Executive Supplemental Retirement Income Master Agreement (HomeTrust Bancshares, Inc.)

Unclaimed Benefit. The Executive shall keep the Bank informed of his ------------------ current address and the current address of his beneficiariesBeneficiaries. If the location of the Executive is not made known to the Bank within three (3) years after the date on which any payment of the Excess Supplemental Retirement Income Benefit may first be made, payment may be made as though the Executive had died at the end of the three (3) year period. If, within one (l1) additional year after such three (3) year period has elapsed, or, within three (3) years after the actual death of the Executive, whichever comes first, the Bank is unable to locate any Beneficiary of the Executive, the Bank may fully discharge its obligation by payment to the Estate.

Appears in 1 contract

Samples: Second Executive Supplemental Retirement Income Master Agreement (First Bancorp of Indiana Inc)

Unclaimed Benefit. The Executive shall keep the Bank informed of his current address and the current address of his beneficiariesBeneficiaries. If the location of the Executive is not made known to the Bank within three (3) years after the date on which any payment of the Excess Deferred Compensation Benefit may first be made, payment may be made as though the Executive had died at the end of the three (3) year period. If, within one (l1) additional year after such three (3) year period has elapsed, or, within three (3) years after the actual death of the Executive, whichever comes occurs first, the Bank is unable to locate any Beneficiary of the Executive, the Bank may fully discharge its obligation by payment to the Estate.

Appears in 1 contract

Samples: Executive Deferred Compensation Agreement (MFS Financial Inc)

AutoNDA by SimpleDocs

Unclaimed Benefit. The Executive shall keep the Bank informed of his ----------------- current address and the current address of his beneficiariesBeneficiaries. If the location of the Executive is not made known to the Bank within three (3) years after the date on which any payment of the Excess Supplemental Retirement Income Benefit may first be made, payment may be made as though the Executive had died at the end of the three (3) year period. If, within one (l1) additional year after such three (3) year period has elapsed, or, within three (3) years after the actual death of the Executive, whichever comes first, the Bank is unable to locate any Beneficiary of the Executive, the Bank may fully discharge its obligation by payment to the Estate.

Appears in 1 contract

Samples: Executive Deferred Compensation Agreement (First Bancorp of Indiana Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!