Example ContractsClausesdeath of participantVariants
Death of Participant
Death of Participant contract clause examples

Death of a Participant. In the event that a Participant dies prior to the date that all shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award have been distributed (whether because payment has not yet begun or installments have not been completed), such shares shall be distributed to the Participant’s estate within 30 days of the date of their death.

Death of a Participant. In the event that a Participant dies prior to the date that all shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award have been distributed (whether because payment has not yet begun or installments have not been completed), such shares shall be distributed to the Participant’s equity account in accordance with beneficiary instructions within 30 days of the date of their death. A trust can be named as a beneficiary. If no beneficiary is named, then such shares will be distributed to the Participant’s estate.

Death of the Participant. If the Participant dies before the entire Award has been distributed, upon the Participant’s death, all Restricted Stock Units held pursuant to this Agreement will vest, and the Restriction Period on the Restricted Stock Units will lapse immediately notwithstanding any deferral election made by a Participant. Restricted Stock Units credited to the Participant’s memorandum account will be distributed as whole Restricted Stock Unit Shares to the Participant’s beneficiary within 30 days following the Participant’s death. Any remaining fraction of a single Restricted Stock Unit that remains in the memorandum account upon the distribution of any whole shares of Common Stock from the account will be distributed to the Participant’s beneficiary in cash. The beneficiary may not, directly or indirectly, designate the taxable year of the distribution.

If the Participant dies at any time, then any Restricted Stock Units credited to the Participant’s memorandum account will be distributed as whole Restricted Stock Unit Shares to the Participant’s beneficiary within thirty (30) days following the Participant’s death.. Any remaining fraction of a single Restricted Stock Unit that remains in the memorandum account upon the distribution of any whole shares of Common Stock from the account will be distributed to the Participant’s beneficiary in cash concurrent with the stock distribution. The beneficiary may not, directly or indirectly, designate the taxable year of the settlement.

Termination of Employment. In the event that a Participant elects on the Election Form to have their shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award distributed, or commence to be distributed, upon Termination of Employment, such shares shall be distributed, or commenced to be distributed, to the Participant within 30 days of their Termination of Employment. Notwithstanding the foregoing, in the event that the Participant is a Specified Employee (as such term is defined in the SERP), distribution, or commencement, of the shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award shall occur within 30 days following the date that is six months after the date of the Participant’s Termination of Employment.

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