Death of Designated Beneficiary Sample Clauses

Death of Designated Beneficiary. In the event of the death of the Designated Beneficiary, the Participant may exercise one or more of the following options. The Participant may request payment of the Account balance to a beneficiary of the Designated Beneficiary or the Designated Beneficiary’s estate in which case the earnings portion will be subject to federal income tax and possibly state and/or local income tax on the earnings portion of the withdrawal, without imposition of the 10% additional federal tax on earnings. Alternatively, the Participant can request the return of the Account balance, the earnings portion of which will be subject to federal and potentially state and/or local income tax and may be subject to a 10% additional federal tax. Another option would be to initiate a change of Designated Beneficiary, as described in “Change of Designated Beneficiary.” Special rules apply to Accounts established by UGMA/UTMA custodians.
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Death of Designated Beneficiary. In the event of the death or more of the following options. The Participant may request payment of the Account balance to a beneficiary of the Designated Beneficiary or the Designated Beneficiary’s estate in which case the earnings portion will be subject to federal income tax and possibly state and/or local income tax on the earnings portion of the withdrawal, without imposition of the 10% additional federal tax on earnings. Alternatively, the Participant can request the return of the Account balance, the earnings portion of which will be subject to federal and potentially state and/or local income tax and may be subject to a 10% additional federal tax. Another option would be to initiate a change of Designated Beneficiary, as described in “Change of Designated Beneficiary” or, if the Designated Beneficiary is eligible for such an account and subject to applicable contribution limits, may make a rollover to a Section 529A Qualified ABLE Program (“ABLE”) for the same Designated Beneficiary, as described in “Qualifying Rollovers.” Special rules apply to Accounts established by UGMA/UTMA custodians.
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Death of Designated Beneficiary. In the event of the death of the designated beneficiary, the Account Owner may authorize a change in the designated beneficiary for the Account, authorize a payment to the estate of the designated beneficiary, or request the refund of the Account balance. A withdrawal due to the death of the designated beneficiary, if paid to the estate of the designated beneficiary, will not be subject to the additional 10 percent federal tax penalty on earnings, but earnings will be subject to federal and any applicable state income tax. A withdrawal of amounts in the Account, if not paid to the designated beneficiary’s estate, may constitute a non-qualified withdrawal, subject to federal and applicable state income taxes at the distributee’s tax rate and the additional 10 percent federal tax penalty. If the Account Owner selects a new designated beneficiary who is a Member of the Family of the former designated beneficiary (See “Changing the Designated Beneficiary” on page 19), the Account Owner willnot be subject to federal income tax or a penalty. Special rules apply to UGMA/UTMA custodian accounts.
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Death of Designated Beneficiary. If a designated Beneficiary dies after the Optionee, but before the end of the applicable exercise period, the Beneficiary's estate shall be entitled to exercise the Option to the same extent as the Beneficiary.
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Death of Designated Beneficiary. In the event of the death of the designated beneficiary, the Account Owner may authorize a change in the designated beneficiary for the Account, authorize a payment to the estate of the designated beneficiary, or request the refund of the Account balance. A distribution due to the death of the designated beneficiary, if paid to the estate of the designated beneficiary, will not be subject to the additional 10 percent federal tax penalty on earnings, but earnings will be subject to federal and any applicable state income tax. A distribution of amounts in the Account, if not paid to the designated benefi- ciary’s estate, may constitute a non- qualified distribution, subject to federal and applicable state income taxes at the distributee’s tax rate and the addi- tional 10 percent federal tax penalty. If the Account Owner selects a new des- ignated beneficiary who is a Member of the Family of the former designated beneficiary (See “Changing the Desig- nated Beneficiary” on page 8), the Account Owner will not be subject to federal income tax or a penalty. Special rules apply to UGMA/UTMA custodian accounts.
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Death of Designated Beneficiary. In the event of the death of the desig- nated beneficiary, the Account Owner may authorize a change in the desig- nated beneficiary for the Account, au- thorize a payment to the estate of the designated beneficiary, or request the refund of the Account balance. A dis- tribution due to the death of the des- ignated beneficiary, if paid to the estate of the designated beneficiary, will not be subject to the additional 10 percent federal tax penalty on earn- ings, but earnings will be subject to federal and any applicable state in- come tax. A distribution of amounts in the Account, if not paid to the desig- nated beneficiary’s estate, may consti- tute a non-qualified distribution, subject to federal and applicable state income taxes at the distributee’s tax rate and the additional 10 percent fed- eral tax penalty. If the Account Owner selects a new designated beneficiary who is a Member of the Family of the former designated beneficiary (See “Changing the Designated Beneficiary” on page ), the Account Owner will not be subject to federal income tax or a penalty. Special rules apply to UGMA/UTMA custodian accounts.
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Death of Designated Beneficiary. Unless otherwise provided in the Beneficiary designation, if any Designated Beneficiary dies prior to the Participant, such Beneficiary’s interest will pass to any other Designated Beneficiary according to each surviving Designated Beneficiary’s respective interest.
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Death of Designated Beneficiary a. Upon the death of the Designated Beneficiary, after the payment of permissible administrative expenses such as (a) taxes due to the State(s) or Federal government because of the death of the Beneficiary and (b) reasonable fees for administration of the Trust Account such as an accounting of the Trust Account to a court, completion and filing of documents, or other required actions associated with termination and wrapping up of the Trust Account, the remaining balance of the Trust Account shall be credited to the Life’s WORC Surplus Income Trust “Remainder Trust Account” which amount may be used for the purpose of providing direct supplemental needs assistance to any individual who is disabled pursuant to Social Security Law Section 1614(a)(3) [42 USC 1382c(a)(3)], whether or not such individual is a current Designated Beneficiary of a Trust Account. Amounts in the Remainder Trust Account shall also be available to the Trustees for the purpose of providing indirect supplemental needs assistance to or on behalf of individuals with disabilities. Amounts in the Remainder Trust Account shall also be available to the Trustee to meet any administrative and/or operating expenses incurred by the Trust. To the extent that amounts remaining in a Designated Beneficiary's account upon the death of the Designated Beneficiary are not retained by the Trust and credited to the Remainder Trust Account, to be used in furtherance of the purpose stated above, the Trust shall pay to the States from such deceased Designated Beneficiary’s Trust Account any remaining amounts equal to the total amount of medical assistance paid on behalf of the Designated Beneficiary under the State plans pursuant to 42 USCS §§ 1396 et seq.
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Death of Designated Beneficiary. If both Executive and Executive's designated beneficiary should die before Company makes a total of twenty (20) quarterly payments otherwise payable to such designated beneficiary pursuant to this Agreement, the remaining quarterly payments shall be paid to the designated beneficiary's estate or as specified in the designated beneficiary's Last Will and Testament, as the case may be.
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Related to Death of Designated Beneficiary

  • Death of Grantee If the Grantee shall die during the term of this Option, the Grantee's legal representative or representatives, or the person or persons entitled to do so under the Grantee's last will and testament or under applicable intestate laws, shall have the right to exercise this Option, but only for the number of shares as to which the Grantee was entitled to exercise this Option in accordance with Section 2 hereof on the date of his death, and such right shall expire and this Option shall terminate one (1) year after the date of the Grantee's death or on the expiration date of this Option, whichever date is sooner. In all other respects, this Option shall terminate upon such death.

  • Effect of Death or Disability 6.01 In the event of the death of the Executive during the Period of Employment, the legal representative of the Executive shall be entitled to the compensation provided for in paragraph 4.01 during the balance of the Period of Employment. The Period of Employment shall be deemed to have ended as of the close of business on the last day of the twelfth month following the month in which death shall have occurred but without prejudice to any other payments due in respect of the Executive's death hereunder or pursuant to any other agreements or arrangements with the Company.

  • Termination Because of Death or Disability If Participant is Terminated because of death or Disability of Participant, the Option, to the extent that it is exercisable by Participant on the date of Termination, may be exercised by Participant (or Participant's legal representative) no later than twelve (12) months after the date of Termination, but in any event no later than the Expiration Date.

  • Termination in the Event of Death or Disability This Agreement shall terminate in the event of death or disability of Executive.

  • Death or Disability The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

  • Termination on Account of Death or Disability During the Term, if the Executive’s employment terminates due to the Executive’s death, or is terminated by the Company and the Employer due to the Executive’s Disability as provided in Section 3(b), then the Company shall pay the Executive (or his beneficiary or representative) (i) his Accrued Benefit, (ii) to the extent that any annual incentive compensation payable under Section 2(b) with respect to any completed fiscal year has not been paid as of the Date of Termination, the actual incentive compensation payable with respect to such year, payable on the date such amounts would otherwise be paid, (iii) a portion of the annual incentive compensation payable under Section 2(b), based upon the number of days in the year of termination through the Date of Termination relative to 365, that the Executive would have received based on actual achievement of applicable performance metrics for the applicable performance period, with such amount payable on the date such bonus would otherwise have been paid, and (iv) full vesting of all Company, Employer or any of its or their affiliates’ equity awards that are subject to time-based vesting, effective as of the Date of Termination. Accelerated vesting of any such equity awards that are subject to performance-based vesting shall be subject to the terms and conditions of the plan governing particular equity awards, as in effect at the time such equity awards were granted, or an award agreement governing a particular equity award.

  • By Death or Disability Executive’s employment and this Agreement shall terminate upon Executive’s Disability or death. For purposes of this Agreement, “Disability” shall mean Executive's inability, due to physical or mental incapacity, to perform the essential functions of Executive's job, with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period; provided however, in the event that the Company temporarily replaces the Executive, or transfers the Executive's duties or responsibilities to another individual on account of the Executive's inability to perform such duties due to a mental or physical incapacity which is, or is reasonably expected to become, a Disability, then the Executive's employment shall not be deemed terminated by the Company. Any question as to the existence of the Executive's Disability as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for all purposes of this Agreement. The Company shall give Executive written notice of termination for Disability and the termination shall be effective as of the date specified in such notice.

  • Death or Disability of Executive Executive's employment -------------------------------- hereunder shall terminate immediately upon the death or Disability of Executive.

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