Common use of Termination for Death Clause in Contracts

Termination for Death. In the event of the termination of the employment of the Executive by reason of his death, the Company shall pay to the Executive's designated beneficiary or estate the amounts set forth in paragraphs (a) and (b) of Section 2 above, pursuant to which the date of the Executive's death shall be considered the date of his termination thereunder. In addition, with respect to any Award granted to the Executive pursuant to the Plan, in the event that such Award is subject to future vesting or other restrictions regarding the exercisability or full enjoyment of the Award as of the date of the Executive's death, then, notwithstanding the terms of the Plan or the Award Agreement thereunder, all restrictions thereon shall immediately lapse, and each such Award shall be deemed immediately and fully vested and exercisable under the Plan, as of the date of such death.