Deceased Executive Clause Samples

The 'Deceased Executive' clause outlines the procedures and consequences that apply if an executive covered by an agreement passes away during the term of their employment. Typically, this clause specifies what happens to the executive's compensation, benefits, and any outstanding obligations, such as the payment of accrued salary, bonuses, or the vesting of equity awards. Its core function is to provide clarity and certainty for both the employer and the executive's estate, ensuring that all parties understand their rights and responsibilities in the event of the executive's death.