Common use of Termination of Employment Term Clause in Contracts

Termination of Employment Term. (a) In the event of the death of the Executive during the Employment Term, the Executive’s employment hereunder shall automatically terminate as of the date of death; provided, however, that the Executive’s estate or legal representative, as the case may be, shall be entitled to receive, and the Company shall pay, any accrued and unpaid Salary for a one (1) year period following the date of death, any Performance Bonus that would be payable for the one (1) year period in which the Executive died which are properly owing to the Executive pursuant to Section 6 hereof. The Company shall purchase Term Life Insurance on the Executive at an amount closest to the Executive’s annual salary to be paid to the Executive’s estate, or legal representative upon the death of the Executive.

Termination of Employment Term. (a) In the event of the death of the Executive during the Employment Term, the Executive’s 's employment hereunder shall automatically terminate as of the date of death; provided, however, that the Executive’s 's estate or legal representative, as the case may be, shall be entitled to receive, and the Company shall pay, any accrued and unpaid Salary for a one (1) year period following the date of death, any Performance Bonus that would be payable for the one (1) year period in which the Executive died which are properly owing to the Executive pursuant to Section 6 hereof. The Company shall purchase Term Life Insurance on the Executive at an amount closest to the Executive’s annual salary to be paid to the Executive’s estate, or legal representative upon the death of the Executive.