Common use of Compensation Upon Termination Upon Death Clause in Contracts

Compensation Upon Termination Upon Death. In the event of the death of Executive during the Term, Executive's designated beneficiary, or, in the absence of such designation, the estate or other legal representative of Executive (collectively, the "Estate"), shall be paid an amount equal to the sum of (x) Executive's unpaid Base Salary through the month in which Executive's death occurred (which shall be paid within thirty (30) days of Executive's death), plus (y) an amount equal to the product of (1) the "Bonus Payment" (as defined in Section 8.2), if any, with respect to the fiscal year in which Executive's employment is terminated pursuant to Section 7.1, and (2) a fraction, the numerator of which is the number of days during which Executive rendered services and performed his duties hereunder during the fiscal year in which his employment hereunder is so terminated and the denominator of which is 365; such amounts related to the Bonus Payment to be payable to Executive in twelve (12) equal semi-monthly installments on the fifteenth and last day of each month commencing on the fifteenth day of the month following the month in which Executive's employment is terminated, other than any Bonus Payment that is not then determined, which shall be paid when such Bonus Payment under Section 4.2 would otherwise have been due. Executive, or the Estate, shall be entitled to other death benefits in accordance with the terms of the Company's benefit programs and plans and the other provisions of this Agreement.