Common use of Termination by Death of Employee Clause in Contracts

Termination by Death of Employee. If Employee dies during the Employment Period, the Corporation will pay to such Person or Persons as Employee may designate in writing or, in the absence of such designation, to the estate of Employee (as the case may be, the “Estate”) the sum of (i) accrued but unpaid Salary earned prior to Employee’s death, (ii) expenses incurred by Employee prior to his death for which Employee is entitled to reimbursement pursuant to and in accordance with Section 2.5(c), and (iii) a pro-rata portion of the Bonus for the year in which Employee’s death occurs, to the extent earned (such amount to be calculated by determining the amount of the Bonus earned as of the end of the year in which the death occurs and pro-rating such amount by the portion of such year Employee was employed by the Corporation), plus, if Employee’s death occurs after year-end but before the Bonus for the preceding year is paid, the Bonus for the preceding year. The payments described in clauses (i) and (ii) in the preceding sentence will be made within 45 calendar days following the date of Employee’s death. Any Bonus will be paid as and at such times as Employee would have otherwise received his Bonus had he remained an employee of the Corporation. This Agreement in all other respects will terminate upon the death of Employee and all rights of Employee and his heirs, legatees, descendants, testamentary executors and testamentary administrators regarding compensation and other benefits under this Agreement shall cease.

Termination by Death of Employee. If Employee dies during the Employment Period, the Corporation will pay to such Person or Persons as Employee may designate in writing or, in the absence of such designation, to the estate of Employee (as the case may be, the “Estate”) the sum of (i) accrued but unpaid Salary earned prior to Employee’s death, (ii) expenses incurred by Employee prior to his death for which Employee is entitled to reimbursement pursuant to and in accordance with Section 2.5(c2.5 (subject to completion of expense reports customarily required by the Corporation), and (iii) a pro-rata portion of the Bonus for the year in which Employee’s death occurs, to the extent earned occurs (such amount to be calculated by determining the amount of the Bonus earned as of the end of the year in which the death occurs and pro-rating such amount by the portion of such year Employee was employed by the Corporation), plus, if Employee’s death occurs after year-end but before the Bonus for the preceding year is paid, the Bonus for the preceding year. The payments described in clauses (i) and (ii) in the preceding sentence will be made within 45 calendar days following the date of Employee’s death. Any Bonus will be paid as and at such times as Employee would have otherwise received his Bonus had he remained an employee of the Corporation. This Agreement in all other respects will terminate upon the death of Employee and all rights of Employee and his heirs, legatees, descendants, testamentary executors and testamentary administrators regarding compensation and other benefits under this Agreement shall cease.

Termination by Death of Employee. If Employee dies during the Employment Period, the Corporation will pay to such Person or Persons as Employee may designate in writing or, in the absence of such designation, to the estate of Employee (as the case may be, the “Estate”) the sum of (i) accrued but unpaid Salary earned prior to Employee’s death, (ii) expenses incurred by Employee prior to his death for which Employee is entitled to reimbursement pursuant to and in accordance with Section 2.5(c), and (iii) a pro-rata portion of the Annual Bonus for the year in which Employee’s death occurs, to the extent earned (such amount to be calculated by determining the amount of the Annual Bonus earned as of the end of the year in which the death occurs and pro-rating such amount by the portion of such year Employee was employed by the Corporation), plus, if Employee’s death occurs after year-end but before the Annual Bonus for the preceding year is paid, the Annual Bonus for the preceding year. The payments described in clauses (i) and (ii) in the preceding sentence will be made within 45 calendar days following the date of Employee’s death. Any Annual Bonus will be paid as and at such times as Employee would have otherwise received his Annual Bonus had he remained an employee of the Corporation. This Agreement in all other respects will terminate upon the death of Employee and all rights of Employee and his heirs, legatees, descendants, testamentary executors and testamentary administrators regarding compensation and other benefits under this Agreement shall cease.

Termination by Death of Employee. If Employee dies during the Employment Period, the Corporation will pay to such Person or Persons as Employee may designate in writing or, in the absence of such designation, to the estate of Employee (as the case may be, the “Estate”) the sum of (i) accrued but unpaid Salary earned prior to Employee’s death, (ii) expenses incurred by Employee prior to his death for which Employee is entitled to reimbursement pursuant to and in accordance with Section 2.5(c2.5 (subject to completion of expense reports customarily required by the Corporation), and (iii) a pro-rata portion of the Bonus for the year in which Employee’s death occurs, to the extent earned occurs (such amount to be calculated by determining the amount of the Bonus earned as of the end of the year in which the death occurs and pro-rating such amount by the portion of such year Employee was employed by the Corporation), plus, if Employee’s death occurs after year-end but before the Bonus for the preceding year is paid, the Bonus for the preceding year. The payments described in clauses (i) and (ii) in the preceding sentence will be made within 45 calendar days following the date of Employee’s death. Any Bonus will be paid as and at such times as Employee would have otherwise received his Bonus had he remained an employee of the Corporation. This Agreement in all other respects will terminate upon the death of Employee and all rights of Employee and his heirs, legatees, descendants, testamentary executors and testamentary administrators regarding compensation and other benefits under this Agreement shall cease.