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

Termination in the Event of Death. This Agreement and Executive’s employment shall terminate automatically upon Executive’s death. Upon termination pursuant to this Section 3.5, Company shall: (i) Pay the Accrued Obligations to Executive’s spouse or as otherwise required by state law; (ii) If Executive’s qualified beneficiaries elect to continue Company group health benefits under COBRA, the Company shall pay the premiums for Executive’s qualified beneficiaries’ COBRA continuation coverage for a period of up to eighteen (18) months; (iii) All outstanding restricted stock grants held by Executive upon Executive’s death that are subject to time-based vesting that would, by their terms, vest within twelve (12) months after Executive’s death, shall become fully vested as of the date of Executive’s death; (iv) All outstanding options to purchase Company stock held by Executive upon Executive’s death that are subject to time-based vesting that would, by their terms, vest within twelve (12) months after Executive’s death, shall become fully vested as of the date of Executive’s death; and (v) Executive’s estate or a person who acquired the right to exercise Executive’s Company stock options by bequest or inheritance or otherwise by reason of the death of Executive, shall have until the earlier of (a) the option expiration date or (b) the date that is twelve (12) months after the date of Executive’s death to exercise Company stock options that are vested as of the date of Executive’s death, including options that vest pursuant to this Section 3.5.