Example ContractsClausesArticle 5
Article 5
Article 5 contract clause examples

Article 5. TERMINATION PAYMENT AND OTHER BENEFITS upon certain terminations of Employment AFTER Change in Control


Article 5: The Base Contract Price set forth in Article 4.1 of the Contract is hereby increased by the amount of [***] U.S. dollars (US$[***]), to a new Base Contract Price of no more than [***] U.S. dollars (US$[***]).


Article 5: The USD payment amount applicable to [***] set forth in the Payment Plan is hereby deleted and replaced in its entirety by the USD payment amount of [***] U.S. dollars (US$[***]).


Article 5. Shares Subject to the Plan and Maximum Awards

Article 5 - Medical Device and Regulatory Requirements

ARTICLE 5 DEATH BENEFITS 5.1Death Benefits. 5.1.1 Benefits When Participant Dies Before Commencement of Payments. If the Participant dies before payment of the Participant’s Account has commenced, the Participant’s Account balance shall be paid to the Participant’s Beneficiary in a lump sum payment within 90 days after the date of death. 5.1.2Benefits When Participant Dies After Commencement of Payments. If the Participant dies after installments commence and the Participant has an Account balance at death, the remaining Account balance shall be paid to the Participant’s Beneficiary in a lump sum payment within 90 days after the date of death. 5.1.3Medium of Payments. To the extent a Participant’s Account is deemed to be invested in RLI Stock, the payment of the Account shall be made in whole shares of RLI Stock, except for a cash payment in lieu of a partial share as may be necessary. To the extent a Participant’s Account is deemed to be invested in a Measurement Fund, the payment of the Account shall be made in cash. 5.1.4Acceleration of Small Amounts. Any contrary provision or election notwithstanding, if the amount payable to the Beneficiary is less than one hundred thousand dollars ($100,000) as of the date installments are to commence, the benefit shall be paid to the Beneficiary in a single lump-sum, as full settlement of all benefits due under the Plan, subject, however, to any limitation on such acceleration under Code § 409A or any regulations or other guidance issued by the Treasury Department thereunder. 5.2Designation of Beneficiary. 5.2.1Persons Eligible to Designate. Any Participant may designate a Beneficiary to receive any amount payable under the Plan as a result of the Participant’s death, provided that the Beneficiary survives the Participant. The Beneficiary may be one or more persons, natural or otherwise. By way of illustration, but not by way of limitation, the Beneficiary may be an individual, trustee, executor, or administrator. A Participant may also change or revoke a designation previously made, without the consent of any Beneficiary named therein. 5.2.2Form and Method of Designation. Any designation or a revocation of a prior designation of Beneficiary shall be in writing on a form acceptable to RLI and shall be filed with RLI. RLI and all other parties involved in making payment to a Beneficiary may rely on the latest Beneficiary designation on file with RLI at the time of payment or may make payment pursuant to Section 5.2.3 if an effective designation is not on file, shall be fully protected in doing so, and shall have no liability whatsoever to any person making claim for such payment under a subsequently filed designation of Beneficiary or for any other reason. 5.2.3No Effective Designation. If there is not on file with RLI an effective designation of Beneficiary by a deceased Participant, the Beneficiary shall be the person or persons surviving the Participant in the first of the following classes in which there is a survivor, share and share alike: (a) The Participant’s spouse. (A “spouse” is a person to whom the Participant is legally married, including a common-law spouse if the marriage was entered into in a state that recognizes common-law marriages and RLI has received acceptable proof and/or certification of common-law married status.) (b) The Participant’s then living descendants, per stirpes. (c) The individuals entitled to inherit the Participant’s property under the law of the state in which the Participant resides immediately before the Participant’s death, in the proportions determined under such law.

ARTICLE 5Grant Of Rights; Exclusivity

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