Payments to Plan Participants and Their Beneficiaries. (a) Company shall deliver to Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to 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 the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make provision 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 Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Company.
(b) The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by 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) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify 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, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient.
Payments to Plan Participants and Their Beneficiaries. (a) The Plan Participant shall deliver to the Bank a deferral and election form, in accordance with the terms of the Benefit Plan, that directs the deferrals, investments and payments of the Participant's Deferred Compensation Account. The Bank shall make Contributions to the Trust in accordance with said deferral and election form, and the Trustee shall make investments and payments accordingly. A true and correct copy of said Peoples Bank Directors' Deferral Plan Deferral and Payment Election Form is attached hereto, marked Exhibit "A-1", and fully incorporated herein by reference. Notwithstanding anything herein to the contrary, the Bank shall have the sole discretion to direct the investments of the Rabbi Trust and shall direct the Trustee accordingly.
(b) In accordance with said deferral and election form, the Bank shall deliver to Trustee a schedule (the, "Payment Schedule") that indicates the amounts payable in respect of each Benefit Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Benefit Plan), and the time of commencement for payment of such amounts. The Trustee shall make payments in accordance with said Payment Schedule.
(c) The Trustee shall, in accordance with the written instructions of the Bank, withhold and report any federal, state or local taxes that may be required to be withheld and reported with respect to the payment of benefits pursuant to the terms of the Benefit Plan and shall pay amounts withheld to the appropriate taxing authorities. In addition, the Trustee shall be authorized to pay any federal, state or local taxes to any government body that presents a tax deficiency notice to the Trustee with respect to income or assets of the Trust. The Bank shall deliver to the Trustee each year a schedule which specifies the amount of taxes to be withheld, if any, with respect to benefit payments to be made hereunder. Trustee shall be entitled to rely conclusively on the written instructions of Bank as to all tax reporting and withholding requirements.
(d) The entitlement of a Benefit Plan participant or his or her beneficiaries to benefits under the Benefit Plan shall be determined by the Bank or such party (other than the Trustee) as it shall designate under the Benefit Plan, and any claim for such benefits shall be considered and reviewed under ...
Payments to Plan Participants and Their Beneficiaries. (a) The Company shall maintain a separate written record that reflects for each Participant, the Participant’s benefits under the Plans and the portion of the Trust allocated on a pro rata basis to such Participant (a “Participant Record”). Prior to a Change of Control, the Trustee shall provide to the Company the results of each Valuation pursuant to Section 9(a). Following receipt of a Valuation, each Participant Record shall be equitably adjusted by the Company to reflect its share of the income, expense, appreciation and depreciation since the preceding Valuation date. Immediately prior to a Change of Control, the Company shall provide the Trustee with a copy of the current Participant Records. Such Participant Records shall be maintained solely for record keeping purposes without any legal entitlement of a Participant to amounts allocated to his or her Participant Record.
(b) After a Change of Control, the Trustee shall have the responsibility to maintain and update the Participant Records, provided that, for any contributions to the Trust after a Change of Control, the Company shall designate the amount of the contribution to be allocated to each Participant Record. The Trustee shall be entitled to rely on the most recent certified listing delivered by the Company to the Trustee prior to a Change of Control in the maintenance and updating of such Participant Records following a Change of Control. No new Participants may be added following a Change of Control. Following a Change of Control, the sole source of Trust assets from which the Trustee may pay a Participant’s benefits, to the extent the Trustee, rather than the Company, pays the benefits, shall be that portion of the assets of the Trust allocated to the Participant Record of such Participant.
(c) It is the intent of the Company and the Trustee that the Company shall be responsible for determining and effecting all federal, state and local tax aspects of the Plan and the Trust, including without limitation income taxes payable on the Trust’s income, if any, any required withholding of income or other payroll taxes in connection with the payment of benefits from the Trust pursuant to the Plan, and all reporting required in connection with any such taxes. To the extent that the Company is required by applicable law to pay or withhold such taxes or to file such reports, such obligation shall be a responsibility allocated to the Company, as the case may be, hereunder. To the extent the Company bel...
Payments to Plan Participants and Their Beneficiaries. (a) Within 60 days following the execution of this Agreement, the Company shall deliver to the Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Participant or 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 the time of commencement for payment of such amounts. The Payment Schedule will be updated periodically as necessary, but not less than annually, by the Company.
(b) If the Company does not make payment or deliver stock or securities sufficient to satisfy any distribution obligation under the Plan to a Participant when due, the Participant will be entitled to deliver to the Trustee a written notice (the "Participant's Notice") setting forth instructions for the distribution obligation the Participant believes is due under the Plan. The Trustee will deliver a copy of the Participant's Notice to the Company within ten (10) business days of receipt thereof. If the Company does not, within ten (10) business days after receiving a copy of the Participant's Notice, deliver written notice to the Trustee objecting to the payment instructions contained in the Participant's Notice on the grounds that such distribution is not due under the Plan, the Trustee shall make the distribution referred to in the Participant's Notice. Such distribution shall be such amount of Company stock or other securities or trust assets as the Trustee deems reasonably appropriate to satisfy the instructions in the Participant's Notice. The Trustee will use its best efforts to deliver Company stock or successor securities in satisfaction of the Plan's obligations. If it is necessary to liquidate or sell any securities in Trust for this purpose, the Trustee may undertake such liquidation or sale as soon as possible in order to obtain the necessary assets for the distribution.
(c) If the Company delivers timely written notice to the Trustee objecting to the distribution to the Participant on the grounds that such distribution is not due under the Plan, the Trustee shall deliver a copy of such notice to the Participant within five (5) business days of the Trustee's receipt thereof. The Trustee shall then make the distribution to cover the obligation set forth in the Participant's Notice (unless the Company objects on the grounds that the distribution has already been made or has alread...
Payments to Plan Participants and Their Beneficiaries. (a) The Company shall provide to the Trustee from time to time and the Trustee shall maintain a schedule (the "Payment Schedule") which indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), which provides a formula or other instructions for determining the amounts so payable, the form in which such amount is to be paid (as provided for in the Plan), and the time of commencement for payment of such amounts. Except as may be otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make provision 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 Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by the Company. Any and all expenses incurred by the Trustee in determining proper tax withholding and filing tax returns shall be deemed a proper expense and payable in accordance with Section 8(c) and (d) below.
(b) The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by the Trustee in accordance with the Payment Schedule and other documents provided to the Trustee by the Company.
Payments to Plan Participants and Their Beneficiaries. (a) With respect to each Plan participant, Company shall deliver to Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of the participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to 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(s)), and the time of commencement for payment of such amounts. The Payment Schedule shall be delivered to Trustee not more than 30 business days nor fewer than 15 business days prior to the first date on which a payment is to be made to the Plan Participant. Any change to a payment Schedule shall be delivered to Trustee not more than 30 days nor fewer than 15 days prior to the date on which the first payment is to be made in accordance with the changed Payment Schedule. Except as otherwise provided herein, Trustee shall make payments to Plan participants and their 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
(1) This trust is intended to comply with the model grantor trust requirement of Revenue Procedure 92-64. While Xxxxxxx Xxxxx believes that this Trust Agreement complies with the Revenue Procedure, it provides no assurance that modifications to the additional terms contained herein would not be required by the Internal Revenue Service during the review process in the event the Company were to apply for a ruling as to the tax consequences of its plan and this trust. If the Company desires to obtain such a ruling from the Internal Revenue Service, a copy of this Trust Agreement with all substituted or additional language underlined as required by the Revenue Procedure is available through your Xxxxxxx Xxxxx Financial Consultant. continued may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan(s) and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Company, it being understood among the parties hereto that (1) Company shall on a timely basis provide Trustee specific information as to the amount of taxes to be withheld and (2) Company shall be obligated to receive such withheld taxes from Trustee and properly pay and report such amounts to the appropriate taxing authorities.
(b) The entitlement of a Plan...
Payments to Plan Participants and Their Beneficiaries. 2.1 The Company shall deliver to the Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Plan 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 the time of commencement for payment of such amounts. Except as otherwise provided herein, the Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Company shall have the sole responsibility for all tax withholding filings and reports. The Trustee shall withhold such amounts from distributions as the Company directs and shall follow the instructions of the Company with respect to remission of such withheld amounts to appropriate governmental authorities.
2.2 The entitlement of a Plan 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 benefit shall be considered and reviewed under the procedures set out in the Plan.
2.3 The Company may make payment of benefits directly to Plan 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 Plan Participants and Their Beneficiaries. (a) The Company shall deliver to 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 Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plans), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make provision 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 Plans 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) The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plans shall be determined by the Company or such party as they shall designate under the Plans, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plans.
(c) The Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plans. The Company shall notify Trustee of the Company's decision to make payments of benefits directly prior to the time such amounts are payable to the Plan 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 Plans, the Company shall make the balance of each such payment as it falls due. Trustee shall notify the Company when principal and earnings are not sufficient.
Payments to Plan Participants and Their Beneficiaries. Company shall provide instructions (the “Payment Instructions”) acceptable to Trustee for determining: the amounts payable to Plan participants and beneficiaries, the form in which such amounts are to be paid (as provided for or available under the Plans), and the time of commencement for payment of such amounts. The Payment Instructions shall include state and federal tax withholding guidelines. Except as otherwise provided herein, the Trustee shall, at the direction of Company: (1) make payments to the Plan’s participants and beneficiaries as they become due (in accordance with the Plan and applicable law); or (2) reimburse the Company for payments of Plan benefits made by Company directly to Plan participants or beneficiaries upon receipt by the Trustee of satisfactory evidence that the Company has made the direct payments. If Company directs that the Trustee pay benefits directly to Plan participants and/or beneficiaries, the Trustee shall make such payments in accordance with the applicable Payment Instructions. If the Trustee is making a benefit payment, the Trustee shall make provision for the reporting and withholding of any federal, state, or local taxes that may be required to be withheld with respect to the payment pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld, and paid by Company.
Payments to Plan Participants and Their Beneficiaries. The Company shall be solely responsible for keeping accurate books and records with respect to the Plan participants and beneficiaries, their compensation and rights and interests in the Trust pursuant to the Plan. As soon as practicable after the establishment of this Trust or the amendment of the Plan, the Company shall provide the Trustee with copies of the Plan and any amendments. The Trustee shall not be required to maintain any separate records or accounts with respect to any Plan participant or beneficiary, and any records or accounts required to be maintained pursuant to the terms of the Plan shall be the responsibility of the Company.
