Compensation Upon Death. If the Employment Term is terminated by the death of the Executive, the Company shall have no further liability under this Agreement except to pay Executive (i) the value of any accrued salary, or other compensation due to Executive as of the date of the Executive's death, and (ii) any benefit payable under all employee benefit plans, programs and arrangements of the Company in which Executive is a participant on the date of his death.
Compensation Upon Death. In the event the Executive’s employment shall terminate in the event of his death, his surviving spouse (or estate if there is no surviving spouse) shall be entitled to receive the Accrued Obligations, including a pro-rata bonus through the date of his death. His surviving spouse (or estate if there is no surviving spouse) shall also be entitled to any death benefit provided under the Bank’s life insurance plans.
Compensation Upon Death. In the event of termination of the Executive's employment upon Death, the Executive's heirs, successors or legal representatives shall be entitled to receive: (i) the Base Salary through the Date of Termination; (ii) any unpaid Annual Bonus and Performance Bonus for any prior fiscal year; (iii) pro rata Annual Bonus for the current fiscal year; (iv) an amount equal to 300% of the dollar amount of the Base Salary paid or payable to the Executive hereunder for the Company's most recent fiscal year immediately prior to the Executive's date of death; (v) reimbursement due to Executive pursuant to Section 4(b); (vi) the Executive's then current spouse and minor children, if any, shall receive the same level of health/medical insurance or coverage that was provided to Executive immediately prior to the Executive's death for a two year period, with the cost of such continued insurance or coverage being borne by the Company. All such payments shall be in addition to any payments the Executive's widow, beneficiaries or estate may be entitled to receive pursuant to any pension or employee benefit plan or life insurance policy maintained by the Company. In addition, all options granted to the Executive to purchase shares of common stock of the Company, whether granted pursuant to this Agreement or granted at any time prior hereto or hereafter, then held by the Executive shall immediately vest and become exercisable until the later of the fifth anniversary of the Date of Termination or January 12, 2009.
Compensation Upon Death. In the event this Agreement terminates by reason of the Executive's death following a change in control of the Company (as defined in Section VI hereof), the Company shall pay to the Executive's legal representatives or estate or as may be
(1) (b) and (c), the Contract Term shall be determined as of the date of the Executive's death, but without regard to such death).
Compensation Upon Death. If the Employment Term is terminated by Mr. XxXxxxxxx'x xxxth, the Company shall have no further liability under this Agreement except to pay Mr. XxXxxxxxx'x xxxuse, or if he leaves no spouse, to his estate or devisee, legatee or other designee, as applicable, (i) the value of any accrued salary or other compensation due to Mr. XxXxxxxxx xxxsuant to Section 2 herein (including any earned but unpaid bonus payment or prorata share of such earned bonus payment, but excluding deferred bonus payments based upon annual Fiscal Year performance), at the time of his death, (ii) an amount equal to the next six (6) bi-weekly salary payments payable to Mr. XxXxxxxxx xxxer Subsection (a) of Section 2 herein at the time of his death, payable on the dates when such payments would otherwise have been made had Mr. XxXxxxxxx'x xxxth not occurred, (iii) any death benefit payable under all employee benefit plans, programs and arrangements of U.S. Robotics in which Mr. XxXxxxxxx xx a participant on the date of his death, and (iv) any Plan coverage or benefit continuation for Mr. XxXxxxxxx'x xxxuse and dependents, as applicable, under Section 3 herein.
Compensation Upon Death. If Executive's employment is terminated because of the death of Executive, SFB shall pay Executive's executors or administrators: a) within 30 days of Executive's death, the unpaid balance of Executive's Base Compensation through the end of the month in which Executive's death occurred, at 100% of the rate in effect on the date of Executive's death; and b) as soon as such Executive's bonus is calculated, an amount equal to Executive's Bonus Compensation for the current year (if any is determined to be payable) prorated based on the number of elapsed days during such year prior to Executive's death, and SFB shall have no further obligations under this Agreement.
Compensation Upon Death. In the event this Agreement terminates by reason of the Executive's death following a change in control of the Company (as defined in Section VI hereof), the Company shall pay to the Executive's legal representatives or estate or as may be directed by the legal representatives of his estate, as the case may be, in a lump sum payable on or before the fifth (5th) day following the Executive's death, an amount in cash equal to the amounts determined under Sections IV.F.(1)(a), (b), (c) and (d) hereof (and for the purpose of determining such amounts payable under Sections IV.F.
(1) (b) and (c), the Contract Term shall be determined as of the date of the Executive's death, but without regard to such death).
Compensation Upon Death. In the event Executive's employment is terminated pursuant to Section 10.2, Executive's beneficiary or a beneficiary designated by Executive in writing to the Company, or in the absence of such beneficiary, Executive's estate, shall be entitled to receive Executive's then current monthly Base Salary through the end of the twenty sixth (26) week in which his death occurs, plus the proceeds from a $3 million term life policy which will be kept in effect for the term of the Executive's employment. Such term life policy will be activated within ninety days of the execution of this agreement.
Compensation Upon Death. In the event of a termination of the Executive’s employment with the Company Group upon Death, the Executive’s heirs, successors or legal representatives shall be entitled to receive:
(i) the Base Salary through the Date of Termination, any unpaid Annual Bonus and Performance Bonus for any prior fiscal year, and any reimbursement due to Executive pursuant to Section 4(b) (the “Accrued Obligations”);
(ii) an amount equal to the Annual Bonus the Executive earned for the fiscal year immediately preceding the fiscal year in which the Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days worked during the fiscal year in which the Date of Termination occurs and the denominator of which is 365 (the “Pro Rata Annual Bonus”);
(iii) the Executive and his then current spouse and minor children, if any, shall receive the same level of health/medical insurance or coverage provided immediately prior to the Date of Termination on a non-taxable basis for two (2) years, with the cost of such continued insurance or coverage being borne by the Company;
(iv) all outstanding options to purchase Company Common Stock granted to the Executive at any time prior to January 1, 2007 (the “Prior Options”) shall, to the extent not already vested, immediately vest, and all vested Prior Options (including the Prior Options that vest in accordance with this Section 9(a)) will remain exercisable until the earlier of their original expiration date or the fifth (5th) anniversary of the Date of Termination;
(v) all outstanding options to purchase Company Common Stock granted to the Executive on June 15, 2007 (the “June Options”) shall, to the extent not already vested, immediately vest, and all vested June Options (including the June Options that vest in accordance with this Section 9(a)) will remain exercisable until the original expiration date of the June Options;
(vi) the Executive shall immediately vest in the number of additional New Options equal to the lesser of (A) forty (40%) percent of the New Options or (B) the remaining number of unvested New Options as of the Date of Termination, and all unvested New Options shall be cancelled immediately. Vested New Options (including the New Options that vest in accordance with this Section 9(a)) will remain exercisable until the original expiration date of the New Options; and
(vii) the Executive shall be entitled to settlement of all outstanding Performance Shares that were earned and vested prior...
Compensation Upon Death. In the event of a termination of the Executive’s employment with the Company Group upon Death, the Executive’s heirs, successors or legal representatives shall be entitled to receive:
(i) the Base Salary through the Date of Termination, any unpaid Annual Bonus for any prior fiscal year, and any reimbursement due to Executive pursuant to Section 4(b) (the “Accrued Obligations”);
(ii) an amount equal to the annual bonus the Executive earned for the fiscal year immediately preceding the fiscal year in which the Date of Termination occurs, multiplied by a fraction, the numerator of which is the number of days worked during the fiscal year in which the Date of Termination occurs and the denominator of which is 365 (the “Pro Rata Annual Bonus”);
(iii) the Executive and his then current spouse and minor children, if any, shall receive the same level of health/medical insurance or coverage provided immediately prior to the Date of Termination on a non-taxable basis for two (2) years, with the cost of such continued insurance or coverage being borne by the Company;
(iv) all outstanding options to purchase Company Common Stock granted to the Executive at any time prior to January 1, 2007 (the “Prior Options”) shall, to the extent not already vested, immediately vest, and all vested Prior Options (including the Prior Options that vest in accordance with this Section 7(a)) will remain exercisable until the earlier of their original expiration date or the fifth (5th) anniversary of the Date of Termination; and
(v) all outstanding options to purchase Company Common Stock granted to the Executive on June 15, 2007 (the “June Options”) shall, to the extent not already vested, immediately vest, and all vested June Options (including the June Options that vest in accordance with this Section 7(a)) will remain exercisable until the original expiration date of the June Options.
