Distribution due to Death of the Customer Sample Clauses

Distribution due to Death of the Customer. If the Customer dies before the entire balance of his/her ▇▇▇ is distributed, the remaining balance of the Customer’s ▇▇▇ will be distributed to his/her beneficiaries within five (5) years of his/her death. However, if at the time of the Customer’s death the Customer had already elected to receive distributions over a certain term permitted by the 2011 Code, and such distributions had already commenced, the distributions will continue to the beneficiaries as scheduled. If the beneficiary of a Customer is the Customer’s surviving spouse, the same rule applies at the death of the surviving spouse with respect to his/her beneficiaries if distributions to the surviving spouse have commenced. The beneficiaries of a Customer or of his/her surviving spouse will be those persons who, under applicable law and rules of joint property, community property, estate and succession laws, have the right to the ▇▇▇ in the event of the death of the Customer or of his/her surviving spouse
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Related to Distribution due to Death of the Customer

  • Termination Due to Death If the Optionee’s employment terminates by reason of the Optionee’s death, any portion of this Stock Option outstanding on such date, to the extent exercisable on the date of death, may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from the date of death or until the Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of death shall terminate immediately and be of no further force or effect.

  • Termination Due to Death or Disability The expiration of one (1) year from the date of the death of the Optionee or cessation of an Optionee’s employment or contractual relationship by reason of disability (as defined in Section 5.1(g) of the Plan). If an Optionee’s employment or contractual relationship is terminated by death, any Option held by the Optionee shall be exercisable only by the person or persons to whom such Optionee’s rights under such Option shall pass by the Optionee’s will or by the laws of descent and distribution.

  • Termination Due to Death, Disability or Retirement In the event the Optionee’s employment with the Company and all Subsidiaries is terminated by reason of death, Disability or Retirement, this Option will remain exercisable, to the extent exercisable as of the date of such termination, for a period of one year after such termination (but in no event after the Time of Termination).

  • Distribution at Death If the Executive dies prior to the payment of his or her Distributable Balance, the Executive’s Distributable Balance immediately shall become payable in full to the Executive’s Designated Beneficiary (as determined under paragraph 4) (irrespective of the payment date elected by the Executive in paragraph 3(b)). Payment shall be made at the time determined by the Company within sixty (60) days following the Executive’s death.

  • Termination Due to Disability If the Optionee’s employment terminates by reason of the Optionee’s disability (as determined by the Administrator), any portion of this Stock Option outstanding on such date shall become fully exercisable and may thereafter be exercised by the Optionee for a period of 12 months from the date of termination or until the Expiration Date, if earlier.