Death of Holder. If a Holder dies while still acting as a Director, --------------- Officer, Employee or Consultant, the Option may be exercised within such period of time as is specified in the Option Agreement, by the Holder's estate or by a person who acquires the right to exercise the Option by bequest or inheritance, but only to the extent that the Option is vested on the date of death. In the absence of a specified time in the Option Agreement, the Option shall remain exercisable for three (3) years following the Holder's death. If, at the time of death, the Holder is not vested as to his or her entire Option, the Class B Shares covered by the unvested portion of the Option shall immediately cease to be issuable under the Option and shall again become available for issuance under the Plan. The Option may be exercised by the executor or Board of the Holder's estate or, if none, by the person(s) entitled to exercise the Option under the Holder's will or the laws of descent or distribution. If the Option is not so exercised within the time specified herein, the Option shall terminate, and the Class B Shares covered by such Option shall again become available for issuance under the Plan.
Death of Holder. If a Holder dies and the Common Stock previously registered under the name of such Holder vests in or is transferable to any of the Holder’s heirs or legatees, then such heir or legatee (or its representative) shall within five (5) Business Days from such event notify the Company in writing thereof, and shall have the option of becoming a Holder under this Agreement by notifying the Company of its intention to retain all or a portion of such Common Stock and completing and executing an Adoption Agreement as referred to in Section 6.1, executing any required joinder and otherwise complying with the requirements set forth herein. In the event such written notice states that the heir or legatee does not intend to retain all of the Common Stock, or no such notice is delivered to the Company within the time required, all such heirs and legatees shall be deemed to have made an irrevocable “Offer” of such Common Stock to the Eligible Offerees for an amount per share equal to the Purchase Price, and the Company shall, within five (5) Business Days from receipt of such notice (or if no such notice is delivered to the Company, within five (5) Business Days from the Company’s receipt of evidence satisfactory to it, of any of the foregoing events) of such Offer deliver a written notice of the Offer to the Eligible Offerees stating that all such Common Stock are Securities Subject to the Offer pursuant to this Section 2.4. The date of such Offer shall be deemed to be the date on which such written notice is so delivered by the Company.
Death of Holder. Upon the Holder’s death, upon receipt of evidence satisfactory to the Trustee of such death and subject to the Tax Legislation, the Trustee shall dispose of the Assets in the Account, and after deducting any applicable tax, costs of such disposition, fees or any other amounts payable hereunder, the Trustee shall pay in a lump sum the net proceeds of such disposition to the Holder’s estate. Notwithstanding the foregoing, in cases permitted by the Tax Legislation, the Trustee may transfer the Assets in the Account to one or more persons entitled thereto. No such payment or transfer shall be made unless and until the Trustee receives releases and other documents as it may reasonably require.
Death of Holder. Upon receipt of satisfactory evidence of the Holder’s death and provided a Survivor is the successor holder of the Account, the Trustee will continue to hold the Property for such successor holder as Holder of the Account. When a person who was not the Holder’s Spouse at the time of the appointment is named as successor holder, the Trustee will be able to treat and rely on that election as a designation of beneficiary rather than of a successor holder. If there is no successor holder,
Death of Holder. If the Holder dies while employed by the Company, this Option may be exercised, to the extent otherwise exercisable on the date of his death, by the Holder’s estate, personal representative or beneficiary to whom this Option has been assigned pursuant to Section 10(a), at any time within 180 days after the date of death, but not later than the scheduled expiration date.
Death of Holder. If the Holder dies and the Common Stock previously registered under the name of such Holder vests in or is transferable to any of the Holder’s heir or legatee, then such heir or legatee (or its representative) shall promptly notify the Company thereof in writing and shall have the option of becoming a Holder under this Agreement by notifying the Company of its intent to retain such Common Stock and completing and executing an Adoption Agreement as referred to in Section 6.1. In the event such written notice states that the heir or legatee does not intent to retain all of the Common Stock, all such heirs and legatees shall be deemed to have made an irrevocable “Offer” of such Common Stock to the Eligible Offerees and the Company shall, within five (5) business days after learning of such Offer deliver a written notice of the Offer to the Eligible Offerees stating that all such Common Stock are Securities Subject to the Offer pursuant to this Section 2.4. The date of such Offer shall be deemed to be the date on which such written notice is so delivered by the Company.
Death of Holder. If the Holder shall die while he is employed by --------------- the Company or one or more of its subsidiaries, the Option may be exercised in full by the Holder's successor at any time within one (1) year after the Holder's death, but not beyond the original term of the Option. If the Holder shall die within three (3) months after the termination of his employment other than for cause, then (a) the Option may be exercised by the Holder's successor (to the extent the Holder shall have been entitled to do so at the time of his death), and (b) the portion of the Option that has not vested as of the date of the Holder's death shall automatically terminate.
Death of Holder. If Holder ceases to be a Service Provider as a result of the death of Xxxxxx, vested options may be exercised by Xxxxxx’s estate or by the person who acquires the right to exercise the Options by bequest or inheritance for the period set forth in Section 6.
Death of Holder. If Holder dies during the Exercise Period, the Options may be exercised prior to the Expiration Date by Xxxxxx’s estate or by the person who acquires the right to exercise the Options by bequest or inheritance.
Death of Holder. Subject to paragraph 9 of this Agreement: on death of the Holder, CIBC will pay in accordance with the latest dated Instrument it has notice of in its records upon receiving satisfactory evidence of the Holder’s death and any other documents which CIBC may require and CIBC will be discharged upon such payment. CIBC may delay payment for any period it may determine in its absolute discretion if it believes that a delay is required or advisable to determine the proper recipient of the Plan Proceeds or under any applicable law. CIBC will not be liable for any loss caused by a delay. If CIBC receives more than one Instrument or evidence of it, satisfactory to CIBC in its sole discretion, CIBC will pay in accordance with the Instrument with the most recent execution date. A designated successor holder or Beneficiary who disclaims or at law is treated as having disclaimed the interest in the Plan arising on death of the Holder will be deemed to have predeceased the Holder. If more than one Beneficiary was designated, the Plan Proceeds will be divided among those of the Beneficiaries who survive the Holder, in the percentage share specified by the Holder (if no percentage was specified, the Plan Proceeds will be divided equally); should any Beneficiary predecease the Holder, the percentage share of the deceased Beneficiary will be divided equally among the Beneficiaries who survive the Holder; if only one of the Beneficiaries survives the Holder, that Beneficiary will receive the entire Plan Proceeds. If no successor holder or Beneficiary is designated, or if the designated successor holder or all Beneficiaries die before the Holder, the Plan Proceeds will be paid to the Estate Representative. CIBC will only change the name of the Plan into the name of the designated successor holder or make payments from the Plan to the designated successor holder or pay the Plan Proceeds to the Beneficiary or Beneficiaries or the Estate Representative, as applicable, if it receives satisfactory evidence of death and any other documents it may require, including letters probate or similar documents, in order to establish that the Holder did not subsequently revoke or amend the designation of successor holder or Beneficiary in such documents. CIBC may also require proof satisfactory to it that the designated successor holder was the Spouse/Common-law Partner of the Holder at the time of the Holder’s death.
