The "Death of a Member" clause stipulates the procedures and consequences if a member of the contract passes away, including how shares, responsibilities, or benefits are redistributed or managed. It aims to provide clear guidance on transition and mitigate uncertainties, ensuring continuity and protecting the interests of surviving members or stakeholders.
Section 3.8 Death of a Member. Upon a Member’s death, the Member’s Account shall be distributed to the Member’s Beneficiary in a lump sum payment as soon as practicable following the end of the quarter in which the Member died.
3.04 Upon the death of a Member who had not elected an optional form of payment under Section 3.03 of the Plan, a death benefit shall be paid to the Member's beneficiary in a lump sum equal to the excess, if any, of (i) over (ii), where: (i) is an amount equal to twelve (12) times the annual benefit, if any, payable under Section 3.02 of the Plan; and (ii) is the sum of the benefit payments, if any, which the Member had received under this Article 3.
2. Death in Family Expenses: Cost of round-trip coach class airfare from California to other states/countries and lodging pursuant to Company hotel guidelines for company travel outside of the U.S. for Shlomi Ben Haim and immediate family in the event of the death of a member of Shlomi Ben Haim’s immediate family or Shlomi Ben Haim’s spouse’s immediate family.
(j) To make elections to cause the basis of Company property to be adjusted for federal income tax purposes in the event of a transfer or assignment of a Member's interest by a Member, the death of a Member or the distribution of any property of the Company to a Member, all as provided in Section 7.10;
Upon the death of a Member, including a Member acting as a Member by virtue of being a trustee of a trust, or upon a Member being adjudicated incompetent to manage his or her person or his or her estate by entry of an order of a court of competent jurisdiction, the Member’s Representative or successor trustee shall be deemed to be an Eligible Member with respect to any Units held by the deceased or incompetent Member, and those Units shall be Eligible Units if the Member’s Representative or successor trustee is a Permitted Assignee, or if not a Permitted Assignee, at such time as the Member’s Representative or successor trustee becomes a substituted Member with respect to the Units. Until such time as the Member's Representative or successor trustee that is not a Permitted Assignee becomes a substituted Member with respect to Units held by the deceased or incompetent Member, the Units shall be deemed Ineligible Units and the party holding such Units shall have the status of a Transferee with respect to those Units. The death of a Member or a Member being adjudicated incompetent to manage his or her person or his or her estate shall not cause the Company to be dissolved. Upon the death of a Member, including a Member acting as a Member by virtue of being a trustee of a trust, Eligible Members shall have the rights and options set forth in Article VIII.
1.03"Beneficiary" means the beneficiary or beneficiaries designated in accordance with Article 5 of the Plan to receive the benefit, if any, payable upon the death of a Member (as that term is defined in this Article) of the Plan.
Upon the death of a Member, including a Member acting as a Member by virtue of being a trustee of a trust, or upon a Member being adjudicated incompetent to manage his or her person or his or her estate by entry of an order of a court of competent jurisdiction, the Member’s Representative or successor trustee shall be deemed to be an Eligible Member with respect to any Units held by the deceased or incompetent Member, and those Units shall be Eligible Units if the Member’s Representative or successor trustee is a Permitted Assignee, or if not a Permitted Assignee, at such time as the Member’s Representative or successor trustee becomes a substituted Member with respect to the Units. Until such time as the Member's Representative or successor trustee that is not a Permitted Assignee becomes a substituted Member with respect to Units held by the deceased or incompetent Member, the Units shall be deemed Ineligible Units and the party holding such Units shall have the status of a Transferee with respect to those Units. The death of a Member or a Member being adjudicated incompetent to manage his or her person or his or her estate shall not cause the Company to be dissolved. Upon the death of a Member, including a Member acting as a Member by virtue of being a trustee of a trust, Eligible Members shall have the rights and options set forth in Article VIII.
3.04Upon the death of a Member who had not elected the single lump sum payment or the optional form of payment under Section 3.03 of the Plan, a death benefit shall be paid to the Member's beneficiary in a lump sum equal to the excess, if any, of (i) over (ii), where: (i)is an amount equal to twelve (12) times the annual benefit, if any, payable under Section 3.02 of the Plan; and (ii)is the sum of the benefit payments, if any, which the Member had received under this Article 3.
Emergency Leave – In the event of the death of a member of your or your spouse’s immediate family, O-I will provide round-trip economy class airfare to the home country for you, your spouse and relocated eligible dependents. Immediate family is defined as mother, father, brother, sister and child. Reimbursement for emergency travel in the event of the death of a grandparent is limited to the grandchild. Time off with pay is limited to the bereavement entitlement in the Home Company.
(b)Death. Upon the death of a Member (who has not elected an optional form of payment under Section 3.03 below) before commencement of the payment of the Member’s Pension Benefit pursuant to Section 3.02(a), the Member's Pension Benefit shall be payable to the Beneficiary in a single lump sum within ninety (90) days of the Member's death.
5.2. Death of a Member. Upon the death of a Member, the Board may, but is not required to, provide the Member’s estate or beneficiary or beneficiaries, as the case may be, with written notice of the Company’s election to purchase the deceased Member’s Shares at the fair market value, adjusted for profits and losses to the date of death. Fair market value may be determined informally and in reasonable good faith by the Board. In the absence of an agreement as to fair market value, the Board shall hire an appraiser to determine fair market value. The cost of any appraisal shall be deducted from the fair market value to which the deceased Member’s estate or beneficiary or beneficiaries is or are entitled. Upon such election, the Company shall purchase the deceased Member’s Shares over a one-year (1 year) period, in four (4) equal installments, with the first installment being due sixty (60) days after the Member’s date of death. The Member’s estate or beneficiary or beneficiaries, shall have no right to become a Voting Member or to participate in the management of the business and affairs of the Company as a Voting Member or manager, and shall only have the rights of an assignee and be entitled only to receive the share of profits and the return of capital to which the deceased Member would otherwise have been entitled.
The term “Death of a Member” refers to a clause typically found in certain legal agreements and contracts, particularly in business partnerships and Limited Liability Company (LLC) operating agreements. This clause addresses the procedures and consequences that ensue when a member of the entity dies.
You should use a “Death of a Member” clause in any agreement involving multiple parties where the death of a participant could impact the functioning, ownership, or management of the entity. This is especially important in:
When drafting a “Death of a Member” clause, consider the following elements:
Death of a Member Clause
Upon the death of any Member, the Company shall have the option to purchase, and the estate of the deceased Member shall be obligated to sell, the deceased Member’s interest in the Company. The purchase price shall be determined by an independent appraisal and paid in equal installments over a period not to exceed five years.
“Death of a Member” clauses are commonly found in the following types of contracts:
This clause ensures that the business can continue to run smoothly while respecting the interests and rights of all parties involved.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The "Deemed Contribution and Distribution" clause outlines the scenario in which contributions and distributions between parties are considered to occur based on agreed-upon terms, even if actual physical transfer of assets or funds does not take place. This clause ensures that the financial and legal implications of contributions and distributions are recognized and enforceable as though they had occurred in reality.
A default interest rate clause stipulates the interest rate that will be applied to overdue payments in a contract. This rate serves as a financial penalty, incentivizing timely payments and compensating the party owed for any delay.
A deferral agreement is a contractual clause allowing parties to postpone certain obligations, such as payments or performance deadlines, to a later date. This type of agreement provides flexibility and temporary relief to parties facing unforeseen circumstances that hinder their ability to fulfill initial terms.
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