Death of Xxxxx Sample Clauses

Death of Xxxxx. Termination for good and just cause. For purposes of the Agreement, "good and just cause" means the following:
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Death of Xxxxx. Upon the death of Xxxxx, all obligations under this Agreement shall inure to the successors and assigns of Xxxxx, and Biodiesel shall continue to tender the royalty payments in accordance with this Agreement to those designated by Xxxxx in his estate planning documents or pursuant to operation of law.
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Death of Xxxxx. If Xxxxx dies and, after the stockholders purchase his -------------- stock using the proceeds from the life insurance, Xxxxx'x estate or heirs (the "Estate") still own over $10 million worth of stock, the Estate will have the right to sell GSI to the highest bidder after 18 months after Xxxxx'x death. The surviving stockholders will be allowed to purchase the remaining stock during this 18 month period for no less than 80% cash at closing with the balance payable pursuant to a promissory note payable in equal monthly installments over a five year period at an interest rate of the prime rate of LaSalle National Bank at the date of Xxxxx'x death. The remaining stock will be pledged to the Estate pending the payment in full of this note. The Estate will be allowed to sell the remaining stock during this 18 month period but GSI and the remaining stockholders will be allowed to match the terms of the sale but shall not be required to pay more than 80% of the purchase price in cash with the balance financed as described above. If the Estate obtains identical offers from bona fide purchasers, GSI shall be allowed to elect the purchaser of stock.
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Death of Xxxxx. In the event Xxxxx should predecease the term of this Agreement, this Agreement shall terminate.
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Death of Xxxxx. In the event Xxxxx dies during the term of this Option Agreement, the Option may be exercised during the term hereof by Xxxxx'x estate or by a person who acquired the right to exercise the Option by bequest or inheritance.
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Death of Xxxxx. In the event of the death of Xxxxx during the term hereof, the Company shall pay to Xxxxx'x spouse, commencing on the first day of the month following his death and continuing for a period of twelve (12) months thereafter, benefits equal to the monthly installments of Salary which was then being paid to Xxxxx pursuant to Section 4 herein. Immediately following such one-year period, the Company shall commence the payment of monthly benefits to Xxxxx'x spouse equal in amount to one-fourth (1/4) of the monthly installments of Salary which was being paid to Xxxxx at the time of his death under Section 4 herein, which monthly benefits shall be paid for a period of twenty (20) years or until the death of Xxxxx'x spouse, whichever occurs first. In addition, the Company shall continue at all times to offer and provide health insurance coverage to Xxxxx'x spouse, in accordance with the plans, programs, practices and policies provided by the Company under the terms of this Agreement at the time of Xxxxx'x death, until the death of Xxxxx'x spouse, except to the extent such coverage is or otherwise becomes available to Xxxxx'x spouse under the Medicare program of benefits.
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Death of Xxxxx 
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Related to Death of Xxxxx

  • Death of Annuitant If the natural Owner and Annuitant are different, and the Annuitant dies before the Annuity Date, the Owner becomes the Annuitant until the Owner elects a new Annuitant. If there are Joint Annuitants, upon the death of any Annuitant prior to the Annuity Date, the Owner may elect a new Joint Annuitant. However, if the Owner is a non-natural person, We will treat the death of any Annuitant as the death of the "Primary Annuitant" and as the death of the Owner, see DEATH PROVISIONS.

  • DEATH OF BENEFICIARY Unless otherwise provided in the Beneficiary designation, if any Beneficiary dies before the Owner, that Beneficiary's interest will go to any other primary Beneficiaries named, according to their respective interests. If there are no primary Beneficiaries, the Beneficiaries' interest will pass to a contingent Beneficiary, if any. Prior to the Annuity Commencement Date, if no Beneficiary or contingent Beneficiary survives the Owner, the Death Benefits will be paid to the Owner's estate. Unless otherwise provided in the Beneficiary designation, once a Beneficiary is receiving Death Benefits or annuity payments under an Annuity Payment Option, the Beneficiary may name his or her own Beneficiary to receive any remaining benefits due under the Contract, should the original Beneficiary die prior to receipt of all benefits. If no Beneficiary is named or the named Beneficiary predeceases the original Beneficiary, any remaining benefits will continue to the original Beneficiary's estate. A Beneficiary designation must be made by Notice to LNY.

  • Death of the Participant The Advisory Committee will direct the Trustee, in accordance with this Section 6.01(C), to distribute to the Participant's Beneficiary the Participant's Nonforfeitable Accrued Benefit remaining in the Trust at the time of the Participant's death. Subject to the requirements of Section 6.04, the Advisory Committee will determine the death benefit by reducing the Participant's Nonforfeitable Accrued Benefit by any security interest the Plan has against that Nonforfeitable Accrued Benefit by reason of an outstanding Participant loan. (1) DECEASED PARTICIPANT'S NONFORFEITABLE ACCRUED BENEFIT DOES NOT EXCEED $3,500. The Advisory Committee, subject to the requirements of Section 6.04, must direct the Trustee to distribute the deceased Participant's Nonforfeitable Accrued Benefit in a single sum, as soon as administratively practicable following the Participant's death or, if later, the date on which the Advisory Committee receives notification of or otherwise confirms the Participant's death. (2) DECEASED PARTICIPANT'S NONFORFEITABLE ACCRUED BENEFIT EXCEEDS $3,500. The Advisory Committee will direct the Trustee to distribute the deceased Participant's Nonforfeitable Accrued Benefit at the time and in the form elected by the Participant or, if applicable by the Beneficiary, as permitted under this Article VI. In the absence of an election, subject to the requirements of Section 6.04, the Advisory Committee will direct the Trustee to distribute the Participant's undistributed Nonforfeitable Accrued Benefit in a lump sum on the first distribution date following the close of the Plan Year in which the Participant's death occurs or, if later, the first distribution date following the date the Advisory Committee receives notification of or otherwise confirms the Participant's death. If the death benefit is payable in full to the Participant's surviving spouse, the surviving spouse, in addition to the distribution options provided in this Section 6.01(C), may elect distribution at any time or in any form (other than a joint and survivor annuity) this Article VI would permit for a Participant.

  • 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.

  • Death of Optionee If the Optionee shall die while in the employ of the Company, Optionee's personal representative or the person entitled to Optionee's rights hereunder may at any time within six (6) months after the date of Optionee's death, or during the remaining term of this Option, whichever is the lesser, exercise this Option and purchase Shares to the extent, but only to the extent, that Optionee could have exercised this Option as of the date of Optionee's death; provided, in any case, that this Option may be so exercised only to the extent that this Option has not previously been exercised by Optionee.

  • Death of the Annuitant If the Annuitant is not an Owner and dies prior to the Annuity Date, Owner 1 will become the new Annuitant unless you designate otherwise. If any Owner is not an individual, we will treat the death of the Annuitant as the death of an Owner.

  • Death of Executive In the event of the death of Executive during the Employment Period, the Company’s obligations hereunder shall automatically cease and terminate; provided, however, that within 15 days the Company shall pay to Executive’s heirs or personal representatives Executive’s Base Salary and accrued vacation accrued to the date of death.

  • Death of Member Upon the death of the Member, the Company shall be dissolved. By separate written documentation, the Member shall designate and appoint the individual who will wind down the Company’s business and transfer or distribute the Member's Interests and Capital Account as designated by the Member or as may otherwise be required by law.

  • 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.

  • Death of the Employee The TERM automatically terminates upon the death of the EMPLOYEE. In the event of such death, the EMPLOYEE's estate shall be entitled to receive the compensation due the EMPLOYEE through the last day of the calendar month in which the death occurred, except as otherwise specified herein.

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