Common use of Termination by Death of Executive Clause in Contracts

Termination by Death of Executive. In the event of Executive's death, the Company will pay to such Person or Persons as Executive may designate in writing or, in the absence of such designation, to the estate of Executive, the sum of (A) accrued but unpaid Salary through the date of Executive's death, (B) all unreimbursed expenses incurred in accordance with this Agreement prior to such termination, (C) bonus as described in Section 1.3 that is accrued but unpaid prior to Executive's death and (D) an amount of life insurance benefit provided to Executive by the Company equal to three (3) times Executive's then current Salary. Any such insurance benefit payment contemplated hereby will be made within ten calendar days following the insurance payment date under the applicable policies of insurance and the amounts contemplated by clauses (A) and (B) will be paid within 45 calendar days following the date of such death and the amount contemplated by clause (C) will be paid within ten calendar days after the Company has made a reasonably prompt determination of Precision's financial performance up to the Termination Date. Additionally, in the event of Executive's death the Company will provide to Executive such benefits described in Section 1.6(a) that have accrued prior to the Termination Date and which are subject to continuance after the Termination Date in accordance with the terms of such benefits. Other than (x) as set forth in Section 1.5 or otherwise in the LLC Agreement, (y) with respect to any obligations of the Company to indemnify Executive or to cause PPHC or LLC or any Affiliate to indemnify Executive or (z) as set forth in Section 1.8(e), and, except as provided in this subparagraph (iv), this Agreement in all other respects will terminate upon the death of Executive and the payments to be made in accordance with this Section 1.8(a)(iv) will constitute exclusive liquidated damages payable as a result of the termination of Executive's employment by reason of death.

Termination by Death of Executive. In the event of Executive's death, the Company will pay to such Person or Persons as Executive may designate in writing or, in the absence of such designation, to the estate of Executive, the sum of (A) accrued but unpaid Salary through the date of Executive's death, (B) all unreimbursed expenses incurred in accordance with this Agreement prior to such termination, (C) bonus as described in Section 1.3 that is accrued but unpaid prior to Executive's death and (D) an amount of life insurance benefit provided to Executive by the Company equal to three (3) times Executive's then current Salary. Any such insurance benefit payment contemplated hereby will be made within ten calendar days following the insurance payment date dale under the applicable policies of insurance and the amounts contemplated amounxx xontemplated by clauses (A) and (B) will be paid within 45 calendar days following the date of such death and the amount contemplated by clause (C) will be paid within ten calendar days after alter the Company has made a reasonably prompt determination of Precision's financial performance up to the Termination Date. Additionally, in the event of Executive's death the Company will provide to Executive such benefits described in Section 1.6(a) that have accrued prior to the Termination Date and which are subject to continuance after the Termination Date in accordance with the terms of such benefits. Other than (x) as set forth in Section 1.5 or otherwise in the LLC Agreement, (y) with respect to any obligations of the Company to indemnify Executive or to cause PPHC or LLC or any Affiliate to indemnify Executive or (z) as set forth in Section 1.8(e1.8(d), and, except as provided in this subparagraph (iv), this Agreement in all other respects will terminate upon the death of Executive and the payments to be made in accordance with this Section 1.8(a)(iv) will constitute exclusive liquidated damages payable as a result of the termination of Executive's employment by reason of death.

Termination by Death of Executive. In the event of Executive's death, the Company will pay to such Person or Persons as Executive may designate in writing or, in the absence of such designation, to the estate of Executive, the sum of (A) accrued but unpaid Salary through the date of Executive's death, (B) all unreimbursed expenses incurred in accordance with this Agreement prior to such termination, (C) bonus as described in Section 1.3 that is accrued but unpaid prior to Executive's death and (D) an amount of life insurance benefit provided to Executive by the Company equal to three (3) times Executive's then current Salary. Any such insurance benefit payment contemplated hereby will be made within ten calendar days following the insurance payment date under the applicable policies of insurance and the amounts contemplated by clauses (A) and (B) will be paid within 45 calendar days following the date of such death and the amount contemplated by clause (C) will be paid within ten calendar days after the Company has made a reasonably prompt determination of Precision's financial performance up to the Termination Date. Additionally, in the event of Executive's death the Company will provide to Executive such benefits described in Section 1.6(a) that have accrued prior to the Termination Date and which are subject to continuance after the Termination Date in accordance with the terms of such benefits. Other than (x) as set forth in Section 1.5 or otherwise in the LLC Agreement, (y) with respect to any obligations of the Company to indemnify Executive or to cause PPHC or LLC or any Affiliate to indemnify Executive or (z) as set forth in Section 1.8(e1.8(d), and, except as provided in this subparagraph (iv), this Agreement in all other respects will terminate upon the death of Executive and the payments to be made in accordance with this Section 1.8(a)(iv) will constitute exclusive liquidated damages payable as a result of the termination of Executive's employment by reason of death.

Termination by Death of Executive. In the event of Executive's death, the Company will pay to such Person or Persons as Executive may designate in writing or, in the absence of such designation, to the estate of Executive, the sum of (A) accrued but unpaid Salary through the date of Executive's death, (B) all unreimbursed expenses incurred in accordance with this Agreement prior to such termination, and (C) bonus as described in Section 1.3 that is accrued but unpaid prior to Executive's death and (D) an amount of life insurance benefit provided to Executive by the Company equal to three (3) times Executive's then current Salary. Any such insurance benefit payment contemplated hereby will be made within ten 10 calendar days following the insurance payment date under the applicable policies of insurance and the amounts contemplated by clauses (A) and (B) will be paid within 45 calendar days following the date of such death and the amount contemplated by clause (C) will be paid within ten calendar days after the Company has made a reasonably prompt determination of Precision's financial performance up to the Termination Datedeath. Additionally, in the event of Executive's death the Company will provide to Executive such benefits described in Section 1.6(a) that have accrued prior to the Termination Date and which are subject to continuance after the Termination Date in accordance with the terms of such benefits. Other than (x) as set forth in Section 1.5 or otherwise in the LLC Agreement, (y) with respect to any obligations of the Company to indemnify Executive or to cause PPHC or LLC or any Affiliate to indemnify Executive or (z) as set forth in Section 1.8(e), and, except as provided in this subparagraph (iv), this Agreement in all other respects will terminate upon the death of Executive and the payments to be made in accordance with this Section 1.8(a)(iv) will constitute exclusive liquidated damages payable as a result of the termination of Executive's employment by reason of death.