Common use of Termination of Employment for Death Clause in Contracts

Termination of Employment for Death. If Executive's employment is terminated by reason of Executive's death, then Executive's personal representative shall be entitled to receive Executive's theretofore unpaid base salary for the period of employment up to the date of death. Executive's spouse and dependent children shall continue to be entitled, at the expense of the Bank (subject to then existing co-payment features applicable under the Bank's medical insurance plan) if it is an insured plan, to further medical coverage to the extent permitted by COBRA; provided that, if the Bank's plan is not insured, the Bank will pay to Executive's spouse an additional monthly death benefit during the applicable COBRA period, based upon COBRA rates in effect at the time of Executive's death, in an amount equal to the COBRA rate plus taxes due on such cash payment; provided further that this benefit shall cease if the spouse and dependents cease to be eligible for COBRA coverage.