TERMS OF PAYMENT UPON DEATH Sample Clauses

TERMS OF PAYMENT UPON DEATH. Upon the death of a Shareholder, the surviving Shareholder(s) shall promptly make claim for the death proceeds of any life insurance policies insuring the life of a deceased Shareholder. Each Shareholder agrees that his/her legal representative shall sell all stock of the Corporation to which he/she has legal title at his/her death under the following terms:
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TERMS OF PAYMENT UPON DEATH. Upon the death of a Stockholder, the Trustee shall promptly make claim for the death proceeds of any life insurance policies insuring the life of a deceased Stockholder. Where it becomes necessary for Trustee to institute a cause of action to recover the proceeds, the surviving Stockholders agree to advance and guarantee the Trustee his reasonable expenses, including attorneys fees and costs. If the insurance proceeds are equal to or in excess of the then current purchase price, the Trustee shall pay over the full purchase price to the deceased Stockholder's estate, in cash. The excess proceeds, if any, shall then be distributed to the Corporation free of any obligations under this agreement. If the insurance proceeds are less than the then current purchase price determined pursuant to Article III, said proceeds, and an additional amount contributed by the surviving Stockholders equal to the difference between said proceeds and the purchase price, shall be paid by the Trustee to the deceased Stockholder's estate, provided, however, that the surviving Stockholder shall have the option to pay such 20 balance in cash, or by promissory notes, as provided in Section 7(a), (b) and (c) of the Stockholders' Agreement. The deceased Stockholder's personal representative shall thereupon deliver to the Trustee any assignments, bill of sale, or other necessary lexxx evidence of title as required to transfer to the surviving Stockholders all the deceased Stockholder's right, title and interest to the stock of the Corporation. The deceased Stockholder's personal representative shall have the right to rescind this agreement in the event the surviving Stockholders fail to perform under the purchase terms above, or to execute such promissory notes and provide the requested security for any portion of the purchase price not received in cash.
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Related to TERMS OF PAYMENT UPON DEATH

  • Payments Upon Death In the event payments are due and owing under this Agreement at the death of the Executive, payment shall be made to such beneficiary as the Executive may designate in writing, or failing such designation, to the executor of his estate, in full settlement and satisfaction of all claims and demands on behalf of the Executive.

  • Payment Upon Termination In the event that the City or Consultant terminates this Agreement pursuant to Section 8, the City shall compensate the Consultant for all outstanding costs and reimbursable expenses incurred for work satisfactorily completed as of the date of written notice of termination. Consultant shall maintain adequate logs and timesheets in order to verify costs incurred to that date. The City shall have no obligation to compensate Consultant for work not verified by logs or timesheets.

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

  • Non-Duplication of Payment or Benefits For purposes of clarity, in the event of a Qualifying Pre-CIC Termination, any severance payments and benefits to be provided to the Executive under Section 3(b) will be reduced by any amounts that already were provided to the Executive under Section 3(a). Notwithstanding any provision of this Agreement to the contrary, if the Executive is entitled to any cash severance, continued health coverage benefits, or vesting acceleration of any equity awards (other than under this Agreement) by operation of applicable law or under a plan, policy, contract, or arrangement sponsored by or to which any member of the Company Group is a party (“Other Benefits”), then the corresponding severance payments and benefits under this Agreement will be reduced by the amount of Other Benefits paid or provided to the Executive.

  • 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.

  • Termination of Payments Notwithstanding section 2.2, no payments shall be due to Purchaser afler Purchaser has received an aggregate amount under this Note, including payments made by the Company pursuant to section 2.3, equal to (i) the Principal Amount (as defined in the Investor Information Sheet above), multiplied by (ii) the Maximum Payment Multiple. We refer to the result of this multiplication as the “Maximum Payment Amount.”

  • Termination of Payment Fund Any portion of the Payment Fund (including any interest received with respect thereto) that remains undistributed to the holders of Common Shares for one year after the Effective Time shall be delivered to Parent (or its designee), and any holder of Common Shares who has not theretofore complied with this Article II shall thereafter look only to Parent (subject to abandoned property, escheat or other similar Laws) for payment of its claim for Merger Consideration without any interest thereon.

  • Payments Upon Termination 4.1 The Customer shall pay the Company liquidated damages (total monthly fee as specified in the Sales and Services Agreement x remaining months in the Term) upon the occurrence of any of the following events before the expiry of the Term:

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