Withdrawal by Affected Beneficiaries Sample Clauses

Withdrawal by Affected Beneficiaries. If the Initial Trustee or the Trustees determine that any such Amendment materially adversely affects a particular Beneficiary or group of Beneficiaries (the “Affected Beneficiaries”), the Initial Trustee or the Trustees may, in his or their sole discretion, allow the Affected Beneficiaries to withdraw the shares of Stock represented by the Trust Certificates held by them (the “Affected Stock”), but only if the Affected Beneficiaries request such withdrawal in writing within thirty (30) days following the giving of notice of such amendment by the Initial Trustee or Trustees. If the Initial Trustee or the Trustees agree to allow the Affected Beneficiaries to withdraw the Affected Stock, the Initial Trustee or Trustees shall promptly forward such request to all Qualified Beneficiaries. Such request shall constitute an offer by each Affected Beneficiary to sell the portion of such Affected Beneficiary’s Trust Certificates representing his or her pro rate share of the Affected Stock to the Qualified Beneficiaries in the sequence and in the manner specified in Section 5.09 and at a purchase price equal to the Purchase Price determined in accordance with Section 5.10, which Purchase Price shall be payable on the terms provided under Section 5.11. Such request by the Affected Beneficiaries shall be accompanied by the Trust Certificates representing his or her pro rata share of the Affected Stock, together with transfer instruments executed in blank sufficient to effect the transfer of such Trust Certificates if purchased pursuant to such offer, which shall be held by the Initial Trustee or the Trustees for delivery for the account of the Affected Beneficiaries if a sale is effected. After the exercise and/or lapse of the options set forth in Section 5.09, the Initial Trustee or Trustees shall allow the Affected Beneficiaries to withdraw from the Trust any part or all of the Affected Stock not represented by the Trust Certificates purchased by the Qualified Beneficiaries hereunder; provided, however, that prior to and as a condition of such withdrawal the Initial Trustee or Trustees shall, if any of the shares of the Affected Stock are not shares of Class A Common Stock (as defined in Section 5.10(a)), convert such shares of Affected Stock into shares of Class A Common Stock in accordance with the Company’s Restated Articles of Incorporation, as amended from time to time.
Sample 1
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Related to Withdrawal by Affected Beneficiaries

  • Designated Beneficiary Upon the death of the Owner or Joint Owner, the Designated Beneficiary will be the first person on the following list who is alive on the date of death:

  • Intended Beneficiaries Nothing in this Agreement shall be construed to give any person or entity other than the parties hereto any legal or equitable claim, right or remedy. Rather, this Agreement is intended to be for the sole and exclusive benefit of the parties hereto.

  • No Designated Beneficiary If the Participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death.

  • Designation of Beneficiaries The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

  • Distribution Upon Withdrawal No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.

  • Termination on Account of Disability Notwithstanding anything in this Agreement to the contrary, if Executive’s employment terminates on account of Disability, Executive shall be entitled to receive disability benefits under any disability program maintained by the Company that covers Executive, and Executive shall not receive benefits pursuant to Sections 2 and 3 hereof, except that, subject to the provisions of Section 5 hereof, the Executive shall be entitled to the following benefits provided that Executive executes and does not revoke the Release:

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Protected Benefits The elections under this Article VI may not eliminate Code Section 411(d)(6) protected benefits. To the extent the elections would eliminate a Code Section 411(d)(6) protected benefit, see Section 13.02 of the Plan. Furthermore, if the elections liberalize the optional forms of benefit under the Plan, the more liberal options apply on the later of the adoption date or the Effective Date of this Adoption Agreement.

  • METHOD OF PAYMENT OF ACCRUED BENEFIT The Advisory Committee will apply Section 6.02 of the Plan with the following modifications: (Choose (a) or at least one of (b), (c), (d) and (e))

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