Common use of Compensation Upon Termination Death or During Disability Clause in Contracts

Compensation Upon Termination Death or During Disability. (a) If the Executive's employment shall be terminated by reason of his death, the Company shall pay to such person as the Executive shall designate in a notice filed with the Company, or, if no such person shall be designated, to the Executive's estate as a lump sum death benefit, an amount equal to the sum of (i) the annualized average of the Base Salary paid to Executive for the five calendar years immediately preceding Executive's death plus (ii) the annualized average of the Incentive Awards paid to the Executive for the five calendar years immediately preceding the Executive's death pursuant to subsection 5(b) hereof. Such amount shall be exclusive of and 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 or other compensation provided for herein or presently maintained by the Company.

Compensation Upon Termination Death or During Disability. (a) If the Executive's employment shall be terminated by reason of his her death, the Company shall pay to such person as the Executive shall designate in a notice filed with the Company, or, if no such person shall be designated, to the Executive's estate as a lump sum death benefit, an amount equal to the sum of (i) the annualized average of the Base Salary paid to Executive for the five calendar years immediately preceding Executive's death plus (ii) the annualized average of the Incentive Awards paid to the Executive for the five calendar years immediately preceding the Executive's death pursuant to subsection 5(b) hereof. Such amount shall be exclusive of and 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 or other compensation provided for herein or presently maintained by the Company.

Compensation Upon Termination Death or During Disability. (a) If the Executive's employment shall be terminated by reason of his death, the Company shall pay to such person as the Executive shall designate in a notice filed with the Company, or, if no such person shall be designated, to the Executive's estate as a lump sum death benefit, an amount equal to the sum of (i) the annualized average of the Base Salary paid to Executive for the five calendar years immediately preceding Executive's death plus (ii) the annualized average of the Incentive Awards paid to the Executive for the five calendar years immediately preceding the Executive's death pursuant to subsection 5(b) hereof. Such amount shall be exclusive of and 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 or other compensation provided for herein or presently maintained by the Companyany Life Insurance policy.