CHANGE OF ANNUITY START DATE Clause Samples

The Change of Annuity Start Date clause allows the policyholder to modify the date on which annuity payments are scheduled to begin. In practice, this means the policyholder can request to either advance or postpone the commencement of their annuity income, typically by providing written notice to the insurer within specified timeframes and subject to certain conditions or limitations. This clause provides flexibility to adapt the annuity start date to the policyholder’s changing financial needs or retirement plans, ensuring the annuity remains aligned with their personal circumstances.
CHANGE OF ANNUITY START DATE. The Owner may change the Annuity Start Date. A request for the change must be made in writing. The written request must be received by FSBL at least 30 days prior to the new Annuity Start Date as well as 30 days prior to the previous Annuity Start Date. ANNUITY OPTIONS The Contract provides for Annuity Payments to be made under one of Annuity Options 1 through 6. Your Annuity Option is shown on page 3. Options 1 through 4 and 6 generally provide for payments to be made during the life of the Annuitant or Joint Annuitants. Under Option 5, Annuity Payments are made to the Annuitant and in the event of the Annuitant's death, to the Designated Beneficiary.
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CHANGE OF ANNUITY START DATE. The Owner may change the Annuity Start Date. A request for the change must be made in writing. The written request must be received by SBL at least 30 days prior to the new Annuity Start Date as well as 30 days prior to the previous Annuity Start Date. The Contract provides for Annuity Payments to be made under one of eight Annuity Options. Your Annuity Option is shown on page 3. Options 1 through 4 and 8 generally provide for payments to be made during the life of the Annuitant or Joint Annuitants. Under Options 5 through 7, Annuity Payments are made to the Annuitant and in the event of the Annuitant's death, to the Designated Beneficiary. Options 1 through 8 are available as either a Fixed or Variable Annuity or a combination Fixed and Variable Annuity. The Annuity Options are shown below. Prior to the Annuity Start Date, the Owner may change the Annuity Option selected. The Owner must request the change in writing. This request must be Received by SBL at least 30 days prior to the Annuity Start Date.
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Related to CHANGE OF ANNUITY START DATE

  • Termination After Change of Control In the event that, before the expiration of the TERM and in connection with or within one year of a CHANGE OF CONTROL (as defined hereinafter) of either one of the EMPLOYERS, (A) the employment of the EMPLOYEE is terminated for any reason other than JUST CAUSE before the expiration of the TERM, (B) the present capacity or circumstances in which the EMPLOYEE is employed is changed before the expiration of the TERM, or (C) the EMPLOYEE's responsibilities, authority, compensation or other benefits provided under this AGREEMENT are materially reduced, then the following shall occur: (I) The EMPLOYERS shall promptly pay to the EMPLOYEE or to his beneficiaries, dependents or estate an amount equal to the sum of (1) the amount of compensation to which the EMPLOYEE would be entitled for the remainder of the TERM under this AGREEMENT, plus (2) the difference between (x) the product of three, multiplied by the total compensation paid to the EMPLOYEE for the immediately preceding calendar year as set forth on the Form W-2 of the EMPLOYEE, less (xx) the amount paid to the EMPLOYEE pursuant to clause (1) of this subparagraph (I); (II) The EMPLOYEE, his dependents, beneficiaries and estate shall continue to be covered under all BENEFIT PLANS of the EMPLOYERS at the EMPLOYERS' expense as if the EMPLOYEE were still employed under this AGREEMENT until the earliest of the expiration of the TERM or the date on which the EMPLOYEE is included in another employer's benefit plans as a full-time employee; and (III) The EMPLOYEE shall not be required to mitigate the amount of any payment provided for in this AGREEMENT by seeking other employment or otherwise, nor shall any amounts received from other employment or otherwise by the EMPLOYEE offset in any manner the obligations of the EMPLOYERS thereunder, except as specifically stated in subparagraph (II). In the event that payments pursuant to this subsection (ii) would result in the imposition of a penalty tax pursuant to Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (hereinafter collectively referred to as "SECTION 280G"), such payments shall be reduced to the maximum amount which may be paid under SECTION 280G without exceeding such limits.

  • Termination for Change of Control This Agreement may be terminated immediately by SAP upon written notice to Provider if Provider comes under direct or indirect control of any entity competing with SAP. If before such change Provider has informed SAP of such potential change of control without undue delay, the Parties agree to discuss solutions on how to mitigate such termination impact on Customer, such as stepping into the Customer contract by SAP or by any other Affiliate of Provider or any other form of transition to a third party provider.

  • Payment on Change of Control In the event that a Change of Control of the Company occurs while this Note remains outstanding, upon the written consent of the Majority Holders, the Company shall pay to the Holder at the closing of such Change of Control a cash amount equal to three (3) times the outstanding principal amount of such Note, together with all interest accrued thereon. A “Change of Control” means: (i) a merger or consolidation of the Company (or of a subsidiary of the Company) in which outstanding shares of the Company (or of a subsidiary of the Company) are exchanged for securities or other consideration issued, or caused to be issued, by the acquiring corporation or its subsidiary and after which the Company’s stockholders own less than 50% of the voting stock of the surviving company (other than a bona fide equity financing or a mere reincorporation transaction), (ii) a sale or other disposition of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, (iii) a transfer of more than 50% of the Company’s voting securities to any person or group of persons or (iv) any Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, as amended from time to time. For the avoidance of doubt, if this Note is converted pursuant to Section 2(b), Holder shall not be entitled to any payment pursuant to this Section 3.

  • Termination After Change in Control Sections 9.2 and 9.3 set out provisions applicable to certain circumstances in which the Term may be terminated after Change in Control.

  • Covered Termination “Covered Termination” shall mean Executive’s Constructive Termination or the termination of Executive’s employment by the Company other than for Cause.