Termination by Reason of Death. If the Optionee ceases to be a Director by reason of the Optionee’s death, any portion of this Stock Option outstanding on such date may be exercised by his or her legal representative or legatee for a period of 12 months from the date of death or until the Expiration Date, if earlier.
Termination by Reason of Death. If Executive dies during the Term, the last beneficiary designated by Executive by written notice to the Company (or, in the absence of such designation, Executive’s estate) shall be entitled only to the Standard Termination Payments, including any benefits that may be payable under any life insurance benefit of Executive for which the Company pays premiums, in accordance with the terms of any such benefit and subject to the right of the Company (or its applicable affiliate) to at any time amend or terminate any such benefit.
Termination by Reason of Death. In the event of the Employee’s death during the term of this Agreement, the Employee’s employment shall be deemed to have terminated as of the last day of the month during which his death occurs and the Employer shall pay to his estate or such beneficiaries as the Employee may from time to time designate all accrued salary, bonus compensation to the extent earned, vested deferred compensation, if any (other than pension plan or profit sharing plan benefits which will be paid in accordance with the applicable plan), any benefits under any plans of Employer or Avocent in which the Employee is a participant to the full extent of the Employee’s rights under such plans (including having the vesting of any awards granted to the Employee under any AHC or Avocent stock option plans fully accelerated), accrued vacation pay and any appropriate business expenses incurred by the Employee in connection with his duties hereunder, all to the date of termination, but the Employee’s estate shall not be paid any other compensation or reimbursement of any kind, including without limitation, severance compensation.
Termination by Reason of Death. If Employee shall die while employed by the Company both prior to termination of employment and during the effective term of this Agreement, all Employee's rights under this Agreement shall terminate with the payment of such amounts of annual Base Salary as have accrued but remain unpaid and a prorated amount of targeted bonus under the Company's Management Bonus Program through the month in which his death occurs, plus three additional months of the fixed salary and targeted bonus. All benefits under 7b.ii., 7b.iv and 7b.v. shall be extended to Employee's estate as described in such paragraphs. In addition, Employee's eligible dependents shall receive continued benefit plan coverage under Paragraph 7b.iii. for three months from the date of Employee's death.
Termination by Reason of Death. If Executive’s employment is terminated by reason of Executive’s death, the Company shall pay Executive’s beneficiaries:
(i) the Accrued Compensation;
(ii) the Pro-Rata Bonus; and
(iii) continued coverage for Executive’s dependents under any health, medical, dental, vision and basic life insurance (but not supplemental life insurance) program or policy in which Executive was eligible to participate as of the time of Executive’s employment termination (as may be amended or replaced by the Company from time to time in the ordinary course), for twenty-four (24) months following such termination on the same basis as the dependents of active employees, which such period shall run concurrently with the COBRA period.
Termination by Reason of Death. In the event that Executive’s employment is terminated by reason of Executive’s death, the Company shall pay Executive’s estate the following compensation and benefits in addition to the compensation and benefits provided for in Section 6(a) above:
(i) Executive’s estate shall be entitled to be paid:
(A) Executive’s Base Salary at the rate in effect immediately prior to Executive’s date of death on the Company’s regular pay days for a period of two (2) years from the effective date of termination as if his employment had continued until the end of such two (2)-year period; and
(B) an aggregate amount equal to two (2) times the average of the Annual Bonuses paid to Executive in the two (2) most recently completed fiscal years preceding the effective date of termination, without regard to whether the payment of all or any portion of such Annual Bonus has been deferred (such average being hereinafter referred to as the “Bonus Average”), which shall be paid in equal installments on the Company’s regular pay days over the course of twenty-four (24) months from the effective date of termination; provided, however, that if at the time of termination Executive has not been employed by the Company for two fiscal years, the Bonus Average shall be deemed for all purposes of this Agreement to equal Executive’s Target Bonus Rate multiplied by his Base Salary at the rate in effect immediately prior to the effective date of termination. The Company may purchase insurance to cover all or any part of the obligations set forth in this Section 6(b)(i) and Executive agrees to submit to a physical examination from time to time to facilitate the procurement or renewal of such insurance. Any proceeds of such insurance paid to Executive or his beneficiaries or estate shall be considered a portion of the payments required to be made to Executive pursuant to this Section 6(b)(i) and shall not be in addition thereto.
(ii) Executive’s dependents shall be entitled to continue to receive medical, dental and vision insurance coverage at least equal in type and amount to that made available to dependents of full-time senior executives of the Company immediately prior to Executive’s death for a period of two (2) years from the effective date of termination, or until Executive’s dependents become eligible for substantially equivalent employer-provided health insurance benefits from any other person or business entity, whichever occurs first. In the event that participation in any such plan...
Termination by Reason of Death. The Executive’s employment hereunder will automatically terminate on the date of the Executive’s death. If the Executive’s employment is terminated by reason of death, the Company will pay the Executive only the unpaid portion of the Base Salary and benefits that have accrued through the Effective Date of Termination.
Termination by Reason of Death. In the event that Executive's employment is terminated by reason of Executive's death, the Company shall pay the following amounts to Executive's beneficiary or estate:
(i) Any accrued but unpaid Base Salary for services rendered to the date of death, any accrued but unpaid expenses required to be reimbursed under this Agreement, any vacation accrued to the date of termination, any earned but unpaid bonuses for any prior period, and, to the extent not otherwise paid, a pro-rata "bonus" or incentive compensation payment to the extent payments are awarded to senior executives of the Company and paid at the same time as senior executives are paid.
(ii) Any benefits to which Executive may be entitled pursuant to the plans, policies and arrangements (including those referred to in Section 4(d) hereof), as determined and paid in accordance with the terms of such plans, policies and arrangements.
(iii) An amount equal to the Base Salary (at the rate in effect as of the date of Executive's death) which would have been payable to Executive if Executive had continued in employment for two additional years. Said payments will be paid to Executive's estate or beneficiary at the same time and in the same manner as such compensation would have been paid if Executive had remained in active employment.
(iv) As of the date of termination by reason of Executive's death, stock options awarded to Executive shall be fully vested and Executive's estate or beneficiary shall have up to one (1) year from the date of death to exercise all such options, provided that in no event will any option be exercisable beyond its term.
(v) As otherwise specifically provided herein.
Termination by Reason of Death. If Executive’s employment with the Manager terminates due to his death, Executive’s estate (or a beneficiary designated by Executive in writing prior to his death) shall be credited with twelve (12) months after termination under any provisions governing restricted stock, options or other equity-based awards granted to Executive by Gramercy relating to the vesting or initial exercisability thereof; provided that any unvested or unexercisable restricted stock, options or other equity-based awards that were granted as payment of a cash bonus, as determined at the time of grant by Gramercy, in its sole discretion, shall become fully vested and exercisable on the date of Executive’s death. For purposes of determining the effect of such twelve (12) months of credit with respect to any performance-based vesting criteria, (A) if such termination occurs less than six months after the beginning of a performance period, then performance-based vesting shall be based on performance during the prior performance period and (B) if such termination occurs more than six months after the beginning of a performance period, then performance-based vesting shall be based on performance during such interim period through the most recently completed fiscal quarter. Furthermore, upon such death, any then vested unexercised stock options granted to Executive by Gramercy shall remain vested and exercisable until the earlier of (A) the date on which the term of such stock options otherwise would have expired, or (B) the second January 1 after the date of Executive’s termination due to his death. Notwithstanding the foregoing, the provisions of this Section 6(c) shall not apply to LTIP Units granted pursuant to Section 3 hereof, which shall be governed by the terms of the LTIP Unit Award Agreement entered into by Executive, Gramercy and GKK Capital LP as of the date hereof. Other than as may be provided under Section 4 or as expressly provided in this Section 6(c), Gramercy shall have no further obligations hereunder following such termination.
Termination by Reason of Death. If Executive dies while employed by the Company, all obligations of the parties hereunder shall terminate immediately. Executive will not receive the Severance, the Change of Control Severance or any other severance compensation or benefits, except that the Company shall pay to Executive’s executor, legal representative, administrator or designated beneficiary, as applicable, the Guaranteed Payments.
