Common use of Termination upon Death of the Executive Clause in Contracts

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. 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 one (21) times the Base Salary, plus an Annual Bonus equal to seventy-five percent (75%) of the Executive’s 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).