Distribution Upon Death of Participant Sample Clauses

Distribution Upon Death of Participant. In the event the Participant dies before the complete distribution of the assets of the Account, and if allowed by the Plan Document, if any, the Participant’s Beneficiary shall be entitled to receive all undistributed amounts credited to the Account, which amounts shall be determined after the payment of any pre-retirement survivor annuity required under Article 5.5 of this Appendix. Distribution to the Beneficiary shall be made in the form of a single-sum payment, periodic installments, or annuity payments as elected by the Beneficiary, subject to the requirements of Article 5.3(e) of this Appendix. To the extent that the Beneficiary elects to defer distribution of the Account in accordance with the limitations of Article 5.3(e) of this Appendix, the Beneficiary shall be permitted to direct the investment of the Account in the same manner as the Participant was permitted under Article 4.1
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Distribution Upon Death of Participant. Upon the death of a Participant before distribution of the Participant's vested Account Value has been made or begun, the Plan Administrator shall direct the Trustee to distribute all assets allocated to and held in the Participant's Account in the manner specified under the provisions of Article X. Upon the death of a Participant following the time the distribution of the Participant's vested Account Value has been made or begun (a) under Section 8.6, death benefits shall be payable only as provided under the form of distribution being used, or (b) under Section 8.1(b), death benefits shall be payable in accordance with Section 8.1(b) or in the manner specified under Article X, but in no event in a manner that provides for payments less rapidly than payments were being made to the Participant.
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Distribution Upon Death of Participant. If a Participant dies before his or her entire interest in the Account is distributed to him or her, or if distribution has commenced to the Participant and his or her surviving spouse and such surviving spouse dies before the entire interest is distributed to such spouse, the entire interest or remaining undistributed balance of such interest shall be distributed in the form of a single sum cash payment, or other form of payment as permitted under current applicable code or regulations, to the Beneficiary or Beneficiaries, if any, designated by the Participant or his or her spouse as the case may be. In the event no such Beneficiary has been designated, the Participant's estate shall receive the balance of the Account.
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Distribution Upon Death of Participant. In the event the Participant dies before the complete distribution of the assets of the Account, the Participant’s Beneficiary(ies) shall be entitled to receive all undistributed amounts credited to the Account. Distribution to the Beneficiary shall be made in the form of a total distribution, partial distribution, periodic installments, or annuity payments as elected by the Beneficiary, subject to the requirements of § 5.4. Notwithstanding anything to the contrary in this paragraph (d), if the Plan is subject to Title I of ERISA and is not exempt from the requirements of § 205 of ERISA by reason of § 205(b)(1)(C), then the Employer is solely responsible for assuring that distributions comply with the requirements of § 205 of ERISA, and that the Participant receives the written explanation required under ERISA § 205(c)(3)(B) within the times provided therein.
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Distribution Upon Death of Participant. In the event the Participant dies before the complete distribution of the assets of the Account, and if allowed by the Plan Document, if any, the Participant’s Beneficiary shall be entitled to receive all undistributed amounts credited to the Account, which amounts shall be determined after the payment of any pre-retirement survivor annuity required under Article 5.5 of this Appendix. Distribution to the Beneficiary shall be made in the form of a single-sum payment, periodic installments, or annuity payments as elected by the Beneficiary, subject to the requirements of Article 5.3(e) of this Appendix. To the extent that the
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Distribution Upon Death of Participant. (a) Distribution Made to Participant's Beneficiary The portion of any Participant's Account which remains undistributed at his death shall be distributed to the Participant's Beneficiary in accordance with the provisions of this Article 9.7.
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Distribution Upon Death of Participant. If the Participant dies before all of the assets in the Custodial Account have been distributed, the Participant’s Beneficiary shall be entitled to receive all undistributed amounts in the Custodial Account, subject to the applicable minimum distribution requirements of section 6.7.
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Distribution Upon Death of Participant. Absent the occurrence of a Distribution Event, the Trustee shall maintain each Policy and each other Plan Asset owned by the Sub-Trust of a Participant within the Sub-Trust until notified of a Participant’s death. If the Sub-Trust owns a Policy, the Trustee will then request that the Insurer repay all accumulated indebtedness of the Sub-Trust, including any outstanding principal and accrued but unpaid interest on any Loan(s) made to the Sub-Trust, out of the Death Benefits, and that the Insurer pay the balance of the Death Benefits to the Sub-Trust and the Trustee will then distribute the Net Death Benefits to the Participant’s Beneficiary. If the Participant’s Sub-Trust does not own a Policy, or the Death Benefits under the Policy on the Participant’s life are not sufficient to repay all indebtedness of the Participant’s Sub-Trust, then the Trustee shall sell any Plan Assets (other than the Policy or an annuity contract) and use the proceeds to repay any remaining indebtedness of the Sub-Trust, and distribute the balance of the assets in the Participant’s Sub-Trust (including any annuity contract) to the Participant’s Beneficiaries. Upon receiving notice that the Death Benefits have been paid and/or having distributed the assets of the Participant’s Sub-Trust in accordance herewith, the Sub-Trust of that Participant shall terminate.
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Related to Distribution Upon Death of Participant

  • Death of Participant Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant is then deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

  • Termination upon Death This entire Agreement will terminate immediately without further action of the parties upon the death of a natural person who is a party to this Agreement, or a general partner of a partnership that is a party to this Agreement.

  • Upon Death or Disability If the Executive dies, all provisions of Section 3 of this Agreement (other than rights or benefits arising as a result of such death) and the Employment Term shall be automatically terminated; provided, however, that an amount equal to the earned and unpaid Incentive Payments to the date of death and the Standard Termination Payments shall be paid, as described above, to the Executive’s surviving spouse or, if none, the Executive’s estate (as set forth above), and the death benefits under the Company’s employee benefit plans shall be paid to the Executive’s beneficiary or beneficiaries as properly designated in writing by the Executive, in accordance with the Company’s applicable employee benefit plans. If the Executive is unable to perform the essential functions of the Executive’s job under this Agreement, with or without reasonable accommodation, by reason of physical or mental disability or incapacity (“Disability”) and such disability or incapacity shall have continued for any period aggregating six (6) months within any twelve (12) consecutive months, the Company may terminate the Executive’s employment, this Agreement and the Employment Term at any time thereafter. In such event, the Executive shall be entitled to receive the Executive’s normal compensation hereunder during said time of disability or incapacity, and shall thereafter be entitled to receive the “Disability Incentive Payment” (as described in the penultimate sentence of this subsection (b)), payable no later than two and a half (2 1/2) months after the Company terminates the Executive’s employment, and the earned and unpaid Incentive Payments to the date of termination of the Executive’s employment and the Standard Termination Payments, payable as described above. The portion of the payment representing the Disability Incentive Payment shall be paid in a lump sum determined on a net present value basis, using a reasonable discount rate determined by the Board. The Disability Incentive Payment shall be equal to the target Incentive Payment that the Executive would have been eligible to receive for the year in which the Employment Term is terminated multiplied by a fraction, the numerator of which is the number of days in such year before and including the day of termination of the Employment Term and the denominator of which is the total number of days in such year.

  • Termination Upon Death or Disability If Executive dies during the Term, the obligations of the Company to or with respect to Executive shall terminate in their entirety except as otherwise provided under this Section 4.1. If Executive becomes eligible for disability benefits under the Company’s long-term disability plans and arrangements (or, if none, if Executive by virtue of ill health or other disability is unable to perform substantially and continuously the duties assigned to him for at least 120 consecutive or non-consecutive days out of any consecutive 12-month period), the Company shall have the right, to the extent permitted by law, to terminate the employment of Executive upon notice in writing to Executive; provided that the Company will have no right to terminate Executive’s employment if, in the reasonable opinion of a qualified physician acceptable to the Company, it is substantially certain that Executive will be able to resume Executive’s duties on a regular full-time basis within 30 days of the date Executive receives notice of such termination. Upon death or other termination of employment by virtue of disability in accordance with this Section 4.1, Executive (or Executive’s estate or beneficiaries in the case of the death of Executive) shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment other than (i) Annual Salary and other benefits earned and accrued under this Agreement prior to the date of termination (and reimbursement under this Agreement for expenses incurred prior to the date of termination); (ii) a cash payment equal to the prorated portion of the Annual Bonus at the “target” level for the Contract Year or partial Contract Year in which Executive’s employment hereunder terminates; (iii) elimination of any exclusively time-based vesting conditions on any restricted stock, stock option or other equity awards in the Company he had been granted which he then continues to hold, to the extent then unvested (it being expressly understood and agreed that any performance-based vesting conditions (whether or not in tandem with such time-based vesting conditions) will continue in effect in accordance with their terms, except as may otherwise be provided to the contrary in the applicable award agreements); (iv) in the event of Executive’s death, (A) a cash payment equal to two months of Executive’s Annual Salary payable no later than 10 days after such termination, and (B) continuation to Executive’s spouse and dependents of fully paid health insurance benefits under the Company’s health plans and programs applicable to senior executives of the Company generally (if and as in effect from time to time) during the one year following the date of termination; and (v) Executive (or, in the case of his death, his estate and beneficiaries) shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder.

  • Termination Upon Death or Permanent Disability This Agreement shall be automatically terminated on the death of Executive or on the permanent disability of Executive if Executive is no longer able to perform in all material respects the usual and customary duties of Executive’s employment hereunder. For purposes hereof, any condition which in reasonable likelihood is expected to impair Executive’s ability to materially perform Executive’s duties hereunder for a period of three months or more shall be considered to be permanent.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Release upon Death (1) If a Securityholder dies, the Securityholder’s escrow securities will be released from escrow. The Escrow Agent will deliver any share certificates or other evidence of the escrow securities in the possession of the Escrow Agent to the Securityholder’s legal representative.

  • Upon Death In the event of the Executive's death during the term hereof, the Executive's employment hereunder shall immediately and automatically terminate.

  • Vacation Credits Upon Death Earned but unused vacation entitlement shall be made payable, upon termination due to death, to the employee's dependent, or where there is no dependent, to the employee's estate.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

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