Common use of Termination in the Event of Death Clause in Contracts

Termination in the Event of Death. If Employee's employment hereunder is terminated because of Employee's death, the Company shall pay to Employee's designated beneficiary, or, if none, to his estate (the "Estate"), an amount equal to one-half of Employee's annual base salary at the time of such termination. At the Company's option, such amount shall be payable either in one lump sum within 30 days after such termination or in six (6) equal monthly installments. The Company shall withhold applicable income and employment taxes from such payment. It is agreed that the amount payable hereunder shall constitute all amounts owed by the Companies to Employee for the termination of his employment in the event of Employee's death, and that no other payments or benefits shall be owed by the Companies to Employee's Estate under any severance or benefit plan other than any benefits under a retirement plan that is qualified under Section 401(a) of the Internal Revenue Code in which Employee is fully vested.

Termination in the Event of Death. If Employee's ’s employment hereunder is terminated because of Employee's ’s death, the Company shall pay to Employee's ’s designated beneficiary, or, if none, to his estate (the "“Estate"”), an amount equal to one-half of Employee's ’s annual base salary at the time of such termination. At the Company's ’s option, such amount shall be payable either either, in one lump sum within 30 days after such termination or in six (6) equal monthly installments. The Company shall withhold applicable income and employment taxes from such payment. It is agreed that the amount payable hereunder shall constitute all amounts owed by the Companies to Employee for the termination of his employment in the event of Employee's ’s death, and that no other payments or benefits shall be owed by the Companies to Employee's ’s Estate under any severance or benefit plan other than any benefits under a retirement plan that is qualified under Section 401(a) of the Internal Revenue Code in which Employee is fully folly vested.