Common use of Termination Due to Executive’s Death Clause in Contracts

Termination Due to Executive’s Death. Executive’s employment under this Agreement will terminate immediately upon the Executive's death, and the Company shall not have any further liability or obligation to the Executive, his executors, heirs, assigns or any other person claiming under or through his estate, except that the Executive’s estate shall receive any Accrued Current Compensation, and the Company shall provide severance pay to the Executive’s estate in an amount equal to one-half of his then-current annual Total Cash Compensation. For purposes of determining severance pursuant to this Section 5(g), the Total Cash Compensation shall be calculated based on the Executive’s current Base Salary as of the effective date of his death, and the full Target Annual Bonus for the relevant year. Any severance pay shall be paid in a lump sum within ninety (90) days after the Executive’s death. If the Executive’s employment is terminated upon his death, the vesting period shall be accelerated for all of Executive’s Award Shares awarded to Executive pursuant to any Plan, such that any then-unvested Award Shares awarded to Executive shall become fully vested effective as of his date of death and shall be exercisable thereafter in accordance with the terms of the applicable award agreement. At the Company’s discretion, the Company shall have the option to provide for payment of the cash severance pay called for under this Section 5(g) by means of a life insurance policy owned by the Company on the Executive’s life, and the Executive agrees to take all steps reasonably necessary to fulfill any underwriting requirements in order for the Company to obtain such life insurance policy. Any death benefit payment from such policy to the Executive’s estate or designated beneficiary shall offset, and not be paid in duplication of, the cash severance amount described in this Section 5(g).

Termination Due to Executive’s Death. Executive’s employment under this Agreement will terminate immediately upon the Executive's death, and the Company shall not have any further liability or obligation to the Executive, his executors, heirs, assigns or any other person claiming under or through his estate, except that the Executive’s estate shall receive (i) any Accrued Current Compensation, and the Company shall provide severance pay to the Executive’s estate in (ii) an amount equal to one-half the product of his Executive’s then-current annual Total Cash Compensation. For purposes Base Salary, expressed on a per diem basis, multiplied by the greater of determining severance pursuant one hundred eighty (180) or the number of days measured from the date of death to this Section 5(g)the Expiration Date, and (iii) an amount equal to the Total Cash Compensation shall be calculated based on the product of fifty percent (50%) of Executive’s current Base Salary as of the effective date of his death, and the full Target Annual Bonus for the relevant yearyear in which Executive’s death occurs multiplied by the greater of one (1) or such fraction the numerator of which is the number of days measured from the date of death to the Expiration Date and the denominator of which is 365. Any severance pay The amounts payable pursuant to the immediately preceding sentence shall be paid in a lump sum within ninety (90) days after the Executive’s death. If the Executive’s employment is terminated upon his death, the vesting period shall be accelerated for all of Executive’s Award Shares awarded to Executive pursuant to any Plan, such that any then-unvested Award Shares awarded to Executive shall become fully vested effective as of his date of death and shall be exercisable thereafter in accordance with the terms of the applicable award agreement. At the Company’s discretion, the Company shall have the option to provide for payment of the cash severance pay called for under this Section 5(g) by means of a life insurance policy owned by the Company on the Executive’s life, and the Executive agrees to take all steps reasonably necessary to fulfill any underwriting requirements in order for the Company to obtain such life insurance policy. Any death benefit payment from such fromsuch policy to the Executive’s estate or designated beneficiary shall offset, and not be paid in duplication of, the cash severance amount described in this Section 5(g).