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
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
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.
Sample 1Sample 2
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.
Sample 1Sample 2
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.
Sample 1
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.
Sample 1
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.
Sample 1
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.
Sample 1
AutoNDA by SimpleDocs
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
Sample 1

Related to Distribution Upon Death of Participant

  • Termination Upon Death of Executive Executive’s employment under this Agreement shall be terminated upon the death of Executive. In such case, the Employer shall be obligated to pay to the surviving spouse of Executive, or if there is none, to the Executive’s estate: (i) that portion of Executive’s Base Salary that would otherwise have been paid to him for the month in which his death occurred, and (ii) any amounts due him pursuant to the Northrim Bank Savings Incentive Plan (401-K) and the Northrim BanCorp, Inc. Profit Sharing Plan, any supplemental deferred compensation plan, and any other death, insurance, employee benefit plan or stock benefit plan provided to Executive by the Employer, according to the terms of the respective plans.

  • 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 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. 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 months within any 12 consecutive months, the Company may terminate 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)) and the Standard Termination Payments (as set forth 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. Subject to Section 19 below, the Disability Incentive Payment shall be payable in a lump sum on the 60th day after termination of the Executive’s employment.

  • Termination Upon Death or Disability If the Executive dies during the Term, the Term shall terminate as of the date of death. If there is a good faith determination by the Board that the Executive has become physically or mentally incapable of performing his duties under the Agreement and such disability has disabled the Executive for a cumulative period of 180 days within any 12-month period (a “Disability”), the Company shall have the right, to the extent permitted by law, to terminate the employment of the Executive upon notice in writing to the Executive. Upon Executive’s death or in the event that Executive’s employment is terminated due to his Disability, Executive or his estate or his beneficiaries, as the case may be, shall be entitled to: (i) all accrued but unpaid Annual Salary through the date of termination of Executive’s employment, (ii) any unpaid or unreimbursed expenses incurred in accordance with hereof, (iii) any benefits provided under the Company’s employee benefit plans upon a termination of employment, in accordance with the terms contained therein (the payments and benefits referred to in clauses (i) through (iii) above, collectively, the “Accrued Obligations”), (iv) any unpaid Annual Bonus in respect of any completed fiscal year that had ended prior to the date of such termination, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the fiscal year following the fiscal year in which such termination occurred; (v) an amount equal to the target Annual Bonus, prorated to reflect the partial year of employment, which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than March 15 of the fiscal year following the fiscal year in which such termination occurred (subject to Section 7.15 of this Agreement) and (vi) all outstanding equity (or equity-based) incentives and awards held by the Executive shall thereupon vest and become free of restrictions and all stock options shall be exercisable in accordance with their terms. Following the Executive’s death or a termination of the Executive’s employment by reason of a Disability, except as set forth in this Section 4, the Executive shall have no further rights to any compensation or any other benefits under this Agreement.

  • 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 “

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

  • Disability of Participant If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Option within 6 months of cessation, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement or Section 6(d), as applicable) to the extent the Option is vested on the date of cessation. Unless otherwise provided by the Administrator or set forth in the Award Agreement or other written agreement authorized by the Administrator between the Participant and the Company or any of its Subsidiaries or Parents, as applicable, if on the date of cessation the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan immediately. If after such cessation the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

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