Termination upon Death of the Executive. In addition to any other provision relating to termination, this Agreement shall terminate upon the Executive’s death. In such event, all unpaid compensation, compensation for vacation time not taken by the Executive and all expense reimbursements due to the Executive shall be paid to the Executive’s estate. In the event Executive’s employment is terminated pursuant to this Section 3.4, the Executive’s estate shall be entitled to a death benefit equal to six months of salary compensation (i.e. one-half of the Base Salary then being paid to the Executive), and to participate in the bonus pursuant to Section 2.2 with respect to the year in which his employment is terminated pro rated for the year based on the number of full months worked during such year compared to 12.
Termination upon Death of the Executive. In addition to any other provision relating to termination, this Agreement shall terminate upon the Executive's death. In such event, all unpaid compensation and bonuses, compensation for vacation time not taken by the Executive and all expense reimbursements due to the Executive shall be paid to the Executive's estate.
Termination upon Death of the Executive. Upon the death of the Executive, the Company shall pay to the Executive's estate (i) that portion of the Executive's Base Salary earned through the date of his death on its next regularly scheduled payroll date, (ii) all amounts that are fully vested and properly payable on or before his date of death under all retirement plans of the Company in accordance with the provisions of such plans, and (iii) all other amounts that are properly payable to the Executive by the Company that have not been paid to him on or before his date of death. The foregoing amounts shall be paid to the Executive's estate or authorized representative within sixty (60) days following his death, unless provided otherwise by the ESOP or by a retirement, incentive compensation or other plan of the Company. In addition, all outstanding awards of cash bonuses, stock options, restricted stock and other incentive compensation (whether cash or equity based) shall vest and be paid or distributed to, or be exercisable by, as the case may be, the Executive's estate or authorized representative in accordance with (I) the applicable Incentive Plan, (II) the applicable Award Agreement, or (III) in the absence of an Incentive Plan or an Award Agreement relating to a particular award, as determined by the Board of Directors (or a committee thereof) or the Chairman of the Company.
Termination upon Death of the Executive. In addition to any other provision relating to termination, this Agreement shall terminate upon the Executive's death. In such event, all unpaid compensation, compensation for vacation time not taken by the Executive and all expense reimbursements due to the Executive shall be paid to the Executive's estate. In the event the Executive's employment is terminated pursuant to this Section 3.4, the Executive's estate also shall be entitled to a death benefit equal to six months' salary and to participate, in the bonus payable pursuant to SECTION 2.2 with respect to the year in which his employment is terminated, prorated for the year based on the number of full months worked during such year compared to 12 months. The Company agrees to purchase a Term life insurance policy in the amount of Five Hundred Thousand Dollars ($500,000.00) to run concurrently with the term and any extended terms of this agreement. The beneficiary or beneficiaries shall be at the sole discretion of the Executive. Prior to any cancellation by the Company, for any reason, the Company shall give Executive a minimum of sixty (60) days written notice whereupon, if he so chooses, the Executive may assume the premium liability.
Termination upon Death of the Executive. If the Executive dies during the Term and his employment and this Agreement terminates pursuant to Section 6.2(b):
i. The Employer shall pay to the estate of the Executive within thirty (30) calendar days after the date on which the Executive dies, all amounts and benefits accrued through the date of termination (including unused accrued vacation days) and any unreimbursed expenses incurred pursuant to Section 2.8.
ii. The Employer shall pay to the estate of the Executive any Quarterly Cash Bonus(es), Quarterly Stock Bonus(es), Market Capitalization Bonus(es) and any Up-Listing Cash Bonus(es) that the Executive earned for any fiscal quarter(s) prior to the fiscal quarter in which the Executive’s employment terminated pursuant to Section 2.2 to the extent that such Quarterly Cash Bonus(es), Quarterly Stock Bonus(es), Market Capitalization Bonus(es) and any Up-Listing Cash Bonus) had not yet been paid before the date of termination within ninety (90) calendar days following the Executive’s termination of employment.
iii. The Employer shall pay to the estate of the Executive a lump sum amount payable in cash equal to six (6) months of the Executive’s Base Salary within ninety (90) calendar days following the Executive’s termination of employment.
iv. Any Restricted Shares that are scheduled to vest during the period from the date of termination through the next Scheduled Vesting Date, as applicable, pursuant to Section 2.5(a) (but in no event longer than a six-month period following the date of Executive’s date of termination), shall immediately and automatically vest and become non-forfeitable and the remaining unvested Restricted Shares shall terminate and be forfeited by the Executive and revert to the Employer.
v. The treatment of any and all other equity awards granted to the Executive by the Employer shall be governed by the terms of the award agreements governing such awards.
Termination upon Death of the Executive. The employment of the Executive hereunder (and the Agreement) shall terminate as of the date of the Executive’s death, in which event the Company shall have no further obligations or liabilities under this Agreement (including, without limitation, Section 3 hereof) except to pay to the Executive’s designated beneficiary (or estate or his personal representative, as the case may be, if no beneficiary has been designated) (i) that portion, if any, of the Base Salary that remains unpaid for the period prior to the date of death, and (ii) a lump sum cash payment equal to two (2) times the Base Salary. Such payment shall be made no later than thirty (30) days following the date of the Executive’s death. Upon the Executive’s death, he shall vest in any outstanding equity (or phantom equity) awards granted under Section 3(c).
Termination upon Death of the Executive. If the Executive dies during the term of this Agreement, the Employer shall pay to the estate of the Executive the following:
(i) All amounts accrued through the date of termination, any unreimbursed expenses incurred pursuant to Section 2.5 of this Agreement, and any other benefits specifically provided to the Executive under any benefit plan; and
(ii) In six equal monthly installments commencing on the first day of the month immediately following the month in which the Executive dies, an amount equal to one year's then current salary provided for in Section 2.1(a) of this Agreement, and payment of the pro rata portion of the incentive compensation which would have been payable pursuant to Section 2.1(c), based upon the number of full months of his employment during the year of his death.
Termination upon Death of the Executive. If the Executive’s employment terminates as a result of the Executive’s death, the Executive’s estate shall be entitled to the Executive’s base Salary and vacation pay accrued as of the time of the Executive’s death, and any other minimum entitlements that may be owing under applicable employment standards legislation.
Termination upon Death of the Executive. This Agreement shall terminate effective upon the death of the Executive and the Company’s only obligation to the Executive, his heirs, executors and administrators will be to pay earned but unpaid base salary through the Termination Date and benefits, if any, due under any employee benefit plan or program of the Company, determined in accordance with the applicable terms of such plan or program.
Termination upon Death of the Executive. If the Executive dies prior to the expiration of this Agreement, then the Executive's employment and other obligations under this Agreement shall automatically terminate and Company's obligation to pay compensation pursuant to Section 1.4 (Compensation) shall terminate, except that the Company shall pay the Executive's estate his accrued but unpaid salary and provide the fringe and insurance benefits specified in Section 1.4 (Compensation) through the end of the month in which the Executive's death occurs. Thereafter the Company shall provide the surviving spouse or eligible dependants only such benefits to the extent and for the period of time as may be required by COBRA or similar statute applicable to Executive's employment by the Company.
