Unclaimed Benefits. In the case of a benefit payable on behalf of such Participant, if the Committee is unable to locate the Participant or Beneficiary to whom such benefit is payable, such Plan benefit may be forfeited to the Corporation upon the Committee’s determination. Notwithstanding the foregoing, if, subsequent to any such forfeiture, the Participant or Beneficiary to whom such Plan benefit is payable makes a valid claim for such Plan benefit, such forfeited Plan benefit shall be paid by the Committee to the Participant or Beneficiary, without interest, from the date it would have otherwise been paid.
Appears in 2 contracts
Samples: Key Employee Deferred Compensation Plan (Regan Holding Corp), Producer Commission Deferral Plan (Regan Holding Corp)
Unclaimed Benefits. In the case of a benefit payable on behalf of such Participant, if the Compensation Committee is unable to locate the Participant or Beneficiary to whom such benefit is payable, such Plan benefit may be forfeited to the Corporation Company, upon the Compensation Committee’s determination. Notwithstanding the foregoing, if, if subsequent to any such forfeiture, forfeiture the Participant or Beneficiary to whom such Plan benefit is payable makes a valid claim for such Plan benefit, such forfeited Plan benefit shall be paid by the Committee Company or restored to the Participant or Beneficiary, without interest, from Plan by the date it would have otherwise been paidCompany.
Appears in 2 contracts
Samples: Directors’ Indexed Deferred Compensation Plan (CENTURY NEXT FINANCIAL Corp), Officers’ Deferred Compensation Plan (CENTURY NEXT FINANCIAL Corp)
Unclaimed Benefits. In the case of a benefit payable on behalf of such Participant, if the Administrative Committee is unable to locate the Participant or Beneficiary to whom such benefit is payable, such Plan benefit may be forfeited to the Corporation Company, upon the Administrative Committee’s determination. Notwithstanding the foregoing, if, if subsequent to any such forfeiture, forfeiture the Participant or Beneficiary to whom such Plan benefit is payable makes a valid claim for such Plan benefit, such forfeited Plan benefit shall be paid by the Committee Company or restored to the Participant or Beneficiary, without interest, from Plan by the date it would have otherwise been paidCompany.
Appears in 1 contract
Samples: Directors’ Deferral Income Plan (CENTURY NEXT FINANCIAL Corp)
