Common use of Absence of Beneficiary Clause in Contracts

Absence of Beneficiary. In the event of the death of Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of Participant's death, the Company shall deliver this Option and any Shares pursuant thereto to the executor or administrator of the estate of Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver this Option and any Shares pursuant thereto to the spouse or to any one or more dependents or relatives of Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.

Absence of Beneficiary. In the event of the death of Participant ---------------------- and in the absence of a beneficiary validly designated under the Plan who is living at the time of Participant's death, the Company shall deliver this Option and any Shares pursuant thereto to the executor or administrator of the estate of Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver this Option and any Shares pursuant thereto to the spouse or to any one or more dependents or relatives of Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate.