Termination, Death or Disability. (a) In the event of the termination of the Executive's employment because of the death of the Executive during the Term, the Corporation shall pay to any one or more beneficiaries designated by the Executive pursuant to notice to the Corporation, or, failing such designation, to the Executive's estate, (i) the unpaid Base Salary owing to the Employee through the end of the month of his death, in a lump sum within five (5) business days after his death, and (ii) a Bonus for the year in which such termination occurs, equal to the Bonus (if any) that would have been paid for such year if no such termination had occurred, times a fraction, the numerator of which is the number of months in such year through the end of the month in which such termination occurs, and the denominator of which is twelve (12).
Appears in 4 contracts
Samples: Employment Agreement (Fay Leslie Co Inc), Employment Agreement (Pomerantz John J), Employment Agreement (Fay Leslie Co Inc)