Common use of Effect of Grantee’s Death Clause in Contracts

Effect of Grantee’s Death. If the Grantee ceases to be an employee of the Company or any Affiliate by reason of death prior to the end of a Performance Period, the personal representatives, heirs, legatees or distributees of the Grantee, as appropriate, shall be entitled to the Performance Units, which shall be convertible into the same number of shares of Common Stock that would have otherwise been applicable for the Performance Period multiplied by a fraction, the numerator of which is the number of years during the related Performance Period in which the Grantee was alive and employed by the Company for any portion of such year and the denominator of which is three. Such beneficiary shall have no further rights under this Agreement.

Effect of Grantee’s Death. If the Grantee ceases to be an employee of the Company or any Affiliate by reason of death prior to the end of a Performance Measurement Period, the personal representatives, heirs, legatees or distributees of the Grantee, as appropriate, shall be entitled to become fully vested in the Performance Units, which shall be convertible into the same number of shares of Common Stock Award Shares that would have otherwise been applicable for vested on the Performance Vesting Date associated with that Measurement Period multiplied by a fraction, the numerator of which is the number of years during the related Performance Measurement Period in which the Grantee was alive and employed by the Company for any portion of such year and the denominator of which is three. Such beneficiary shall have no further rights under this Agreement.