The "Upon Death" clause typically outlines the procedures and actions to be taken if a party to the contract passes away during the term of the agreement. It may specify the rights and obligations of the surviving parties, how the deceased party's responsibilities or assets will be managed, and any conditions related to succession or termination of the contract.
The RSUs will be settled in shares of Class A Common Stock upon vesting, subject to earlier settlement upon death or disability or a change of control of the Issuer.
PAYMENT UPON DEATH. If the Contract is issued as a Joint Life Contract, the surviving Successor Owner will be deemed the Beneficiary, superseding any other inconsistent Beneficiary designation. If a Contract has a Non-Natural Owner and Joint Annuitants, the surviving Joint Annuitant will be deemed to be the Beneficiary superseding any other Beneficiary designation. Where a Contract is owned by a Non-Natural Owner, the death of the Annuitant will trigger payment of any applicable Death Benefit as described in the Section, “Payment Upon Death,” except as otherwise provided in this paragraph. Where a Contract is owned by a Non-Natural Owner which is a “Living Trust” as defined in the last paragraph of this section, at the time of the Annuitant’s death, the Guaranteed Lifetime Withdrawal Benefit Rider terminates and the Death Benefit is payable. Otherwise, if the named Annuitant’s surviving spouse is the sole beneficiary of the trust, the trust may request that the surviving spouse be substituted as Annuitant (who is deemed Beneficiary) as of the date of the original Annuitant’s death, and the Contract continues. The spouse may elect Spousal Continuation or the Beneficiary Continuation Option and continue the Contract, however, the Guaranteed Lifetime Withdrawal Benefit Rider terminates.
PAYMENT UPON DEATH. The “Payment Upon Death” provisions of this Contract are subject to the “Owner Death Distribution Rules Under Section 72(s) of the Code” described below in this Section.
Rules upon death of an Eligible Designated Beneficiary: (I) If an Eligible Designated Beneficiary dies before the portion of your interest to which this paragraph (a) applies is entirely distributed, the exception under paragraph (a)(2)(I) shall not apply to any beneficiary of such Eligible Designated Beneficiary and the remainder of such portion shall be distributed within ten years after the death of such Eligible Designated Beneficiary. (II) If the Eligible Designated Beneficiary is your surviving spouse and your surviving spouse dies before distributions to such spouse under paragraph (a)(2)(I) begin, this paragraph (a) shall be applied as if the surviving spouse were you.
PAYMENT UPON DEATH. Your death may terminate an optional benefit described in a Rider to your Contract as described below. (1) If you are married at your death, the person named as sole Beneficiary under the “Beneficiary” Section of this Contract is your surviving spouse, and your surviving spouse elects the “Spousal Continuation” option under your Contract, then no Death Benefit is payable until after your surviving spouse’s death. (2) If the “Beneficiary Continuation Option” described in Section 6.04 is in effect, the entire interest in this Contract will be paid out after your death under the Beneficiary Continuation Option in accordance with requirements described in Section 7.08, Part B (Required Minimum Distribution Rules-Payment After Your Death).
Vesting RSUs will be settled in shares of SWN common stock, cash, or a combination of shares of SWN common stock and cash. On February 26, 2020, the reporting person was granted restricted stock units, vesting in four equal installments beginning on the first anniversary of the grant date , or immediately upon death, disability, retirement at age 65 with required years of service, or a change in control.
Pre-Retirement Death Benefit. Upon death of the Employee while in service to the Bank, the Employee Death Benefit under this Agreement shall be the lesser of i) three (3) times base annual salary, not to exceed $400,000, less $50,000 or ii) the Net Amount at Risk, defined as the difference between the death benefit payable upon death of the insured pursuant to a life insurance policy and the accrued cash value of the life insurance policy at the time of death of the insured.
“Upon death” is a legal or contractual term used to indicate the actions, conditions, or distributions that take place upon the passing away of an individual. It is often found in legal documents like wills, insurance policies, and contracts to designate how assets, responsibilities, or benefits should be handled after someone dies.
You should use “upon death” in any legal or contractual situation where you need to specify the outcomes or procedures that should occur when a person dies. This is particularly relevant in:
Writing terms involving “upon death” requires clarity and legality. Here are some steps to consider:
Example
The insurance benefit shall be paid to the designated beneficiary upon death of the policyholder.
Contracts and documents that typically contain the term “upon death” include:
In each of these contexts, “upon death” is used to ensure that wishes and laws regarding posthumous affairs are adequately respected and enforced.
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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 "Use of Logo" clause specifies the conditions under which one party is permitted to use the logo or trademark of the other party. It outlines the permissible contexts for logo usage, any approval requirements, and restrictions to ensure the brand's integrity and consistency are maintained.
The "Use of Premises" clause delineates the acceptable purposes and activities for which a leased property can be utilized by the tenant. It ensures that the tenant's use aligns with local regulations and the landlord's policies, thereby preventing any unauthorized or potentially harmful activities on the premises.
The "Use of Proceeds" clause specifies how the funds obtained from a financial transaction or investment, such as a loan or securities offering, must be utilized by the recipient. This clause ensures that the proceeds align with the agreed-upon objectives and can include restrictions or requirements to prevent misuse of the funds.
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