Common use of Trust Agreements Clause in Contracts

Trust Agreements. To ensure that the provisions of this Agreement can be enforced by the Executive, two agreements (“Trust Agreement” and “Trust Agreement No. 2”) dated as of February 10, 1989, have been established between National City Bank, a national banking association (“Trustee”) and the Company. The Trust Agreement sets forth the terms and conditions relating to payment from the Trust Agreement of the Severance Payment and other Employee Benefits pursuant to Section 5(a) hereof owed by the Company, and Trust Agreement No. 2 sets forth the terms and conditions relating to payment from Trust Agreement No. 2 of attorneys’ and related fees and expenses pursuant to Section 7(a) hereof owed by the Company. Executive shall make demand on the Company for any payments due Executive pursuant to Section 7(a) hereof prior to making demand therefor on the Trustee under Trust Agreement No. 2. Payments by such Trustee shall discharge the Company’s liability under Section 7(a) hereof only to the extent that trust assets are used to satisfy such liability.

Appears in 3 contracts

Samples: Employment Agreement (Diebold Inc), Employment Agreement (Diebold Inc), Employment Agreement (Diebold Inc)

AutoNDA by SimpleDocs

Trust Agreements. To ensure that the provisions of this Agreement can be enforced by the ExecutiveEmployee, two agreements (the “Trust Agreement” and the “Trust Agreement No. 2”) dated ), as of February 10, 1989they may be amended, have been established between National City Bank, with a national banking association Trustee selected by the members of the Compensation Committee of the Board or any officer (the “Trustee”) and the Company. The Trust Agreement sets forth the terms and conditions relating to payment from pursuant to the Trust Agreement of the CIC Severance Payment Amount and other Employee Benefits pursuant to Section 5(a) hereof Primary Supplemental Pension Benefit owed by the Company, and Trust Agreement No. 2 sets forth the terms and conditions relating to payment from pursuant to Trust Agreement No. 2 of attorneys’ and related fees and expenses pursuant to Section 7(a) hereof 18.1 owed by the Company. Executive Employee shall make demand on the Company for any payments due Executive Employee pursuant to Section 7(a) hereof 18.1 prior to making demand therefor on the Trustee under Trust Agreement No. 2. Payments by such Trustee shall discharge the Company’s liability under Section 7(a) hereof 18.1 only to the extent that trust assets are used to satisfy such liability.

Appears in 2 contracts

Samples: Form Severance Agreement (TimkenSteel Corp), Form Severance Agreement (TimkenSteel Corp)

Trust Agreements. To ensure that the provisions of this Agreement can be enforced by the Executive, two agreements ("Trust Agreement" and "Trust Agreement No. 2") dated as of February 10, 1989, have been established between National City Bank, a national banking association ("Trustee") and the Company. The Trust Agreement sets forth the terms and conditions relating to payment from the Trust Agreement of the Severance Payment and other Employee Benefits pursuant to Section 5(a) hereof owed by the Company, and Trust Agreement No. 2 sets forth the terms and conditions relating to payment from Trust Agreement No. 2 of attorneys' and related fees and expenses pursuant to Section 7(a) hereof owed by the Company. Executive shall make demand on the Company for any payments due Executive pursuant to Section 7(a) hereof prior to making demand therefor on the Trustee under Trust Agreement No. 2. Payments by such Trustee shall discharge the Company’s 's liability under Section 7(a) hereof only to the extent that trust assets are used to satisfy such liability.

Appears in 1 contract

Samples: Employment Agreement (Diebold Inc)

Trust Agreements. To ensure that the provisions of Sections 14(a) and 14(c) of this Agreement can be enforced by the Executive, two agreements (“Trust Agreement” and “Trust Agreement No. 2”) dated as of February 10, 1989, have been established between National City Bank, a national banking association (“Trustee”) and the Company. The Trust Agreement sets forth the terms and conditions relating to payment from the Trust Agreement of the Severance Payment payments and other Employee Benefits benefits pursuant to Section 5(aSections 14(a)(i)(A-D) hereof owed by the Company, and Trust Agreement No. 2 sets forth the terms and conditions relating to payment from Trust Agreement No. 2 of attorneys’ and related fees and expenses pursuant to Section 7(a14(c) hereof owed by the Company. Executive shall make demand on the Company for any payments due Executive pursuant to Section 7(a14(c) hereof prior to making demand therefor on the Trustee under the Trust Agreement No. 2. Payments by such Trustee shall discharge the Company’s liability under Section 7(a14(c) hereof only to the extent that trust assets are used to satisfy such liability.

Appears in 1 contract

Samples: Executive Employment Agreement (Diebold Inc)

AutoNDA by SimpleDocs

Trust Agreements. To ensure that the provisions of Sections 6 and 9 of this Agreement can be enforced by the ExecutiveEmployee, two agreements (“Trust Agreement” and “Trust Agreement No. 2”) dated as of February 10, 1989, have been established between National City Bank, a national banking association (“Trustee”) and the Company. The Trust Agreement sets forth the terms and conditions relating to payment from the Trust Agreement of the Severance Payment and other Employee Benefits pursuant to Section 5(a6(a)(1)(A) and (B) hereof owed by the Company, and Trust Agreement No. 2 sets forth the terms and conditions relating to payment from Trust Agreement No. 2 of attorneys’ and related fees and expenses pursuant to Section 7(a) 9 hereof owed by the Company. Executive Employee shall make demand on the Company for any payments due Executive Employee pursuant to Section 7(a) 9 hereof prior to making demand therefor on the Trustee under the Trust Agreement No. 2. Payments by such Trustee shall discharge the Company’s liability under Section 7(a) 9 hereof only to the extent that trust assets are used to satisfy such liability.

Appears in 1 contract

Samples: Employee Agreement (Diebold Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.