Common use of Termination on Death Clause in Contracts

Termination on Death. In the event of Employee's death during the term of this Agreement, then this Agreement shall automatically terminate upon the date of death. Upon any such termination, Employee's right to any further compensation hereunder shall cease and terminate, except that Employee's estate (or a beneficiary otherwise designated in writing by Employee) shall be entitled to receive, on the terms and at the times specified in this Agreement: (i) any salary earned through the last day of the month of Employee's death; (ii) the reimbursement of any expenses incurred by Employee prior to the date of death; and (iii) a severance package, in which Employee's estate (or designated beneficiary) shall receive an amount equal to (x) Employee's monthly compensation at the time of termination, multiplied by (y) the number of months remaining in the Initial Term or any Renewal Term, as applicable.

Termination on Death. In the event of Employee's death during the term of this Agreement, then this Agreement shall automatically terminate upon the date of death. Upon any such termination, Employee's right to any further compensation hereunder shall cease and terminate, except that Employee's estate (or a beneficiary otherwise designated in writing by Employee) shall be entitled to receive, on the terms and at the times specified in this Agreement: (i) any salary earned through the last day of the month of Employee's death; (ii) the reimbursement of any expenses incurred by Employee prior to the date of death; and (iii) a severance package, in which Employee's estate (or designated beneficiary) shall receive an amount equal to (x) Employee's monthly compensation at the time of termination, multiplied by (y) the number of months remaining in the Initial Term or any Renewal Term, as applicable; provided that such severance package shall not exceed $50,000.