Common use of Upon the Death of Xx Clause in Contracts

Upon the Death of Xx. Xxxxxx. In the event of Xx. Xxxxxx'x death during the term of this Agreement, his employment shall thereupon terminate and — 8.3.1. The Company shall pay his estate his salary then in effect through the date of his death to the extent not already paid; and 8.3.2. Subject to the terms and conditions set forth in Exhibit B, the Company shall pay his estate a pro-rated amount of the Annual Incentive Compensation (as set forth in Section 4 of Exhibit B) that he would have earned had he remained an employee of the Company through the end of the calendar year in which he died and on the assumption that he satisfactorily completed all of his personal goals for such year, such pro-ration to be based on the number of days during such year that he was an employee of the Company. In addition, notwithstanding any of the provisions of Exhibit B to the contrary, any of such Annual Incentive Compensation that would otherwise be payable in common stock of the Company shall be paid in cash.

Appears in 2 contracts

Samples: Employment Agreement (Sterling Construction Co Inc), Employment Agreement (Sterling Construction Co Inc)

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Upon the Death of Xx. Xxxxxx. In the event of Xx. Xxxxxx'x death during the term of this Agreement, his employment shall thereupon terminate and — 8.3.1. The Company shall pay his estate his salary then in effect through the date of his death to the extent not already paid; and 8.3.2. Subject to the terms and conditions set forth in Exhibit B, the Company shall pay his estate a pro-rated amount of the Annual Incentive Compensation (as set forth in Section 4 of Exhibit B) that he would have earned had he remained an employee of the Company through the end of the calendar year in which he died and on the assumption that he satisfactorily completed all of his personal goals for such year, such pro-ration to be based on the number of days during such year that he was an employee of the Company. In addition, notwithstanding any of the provisions of Exhibit B to the contrary, any of such Annual Incentive Compensation that would otherwise be payable in shares of common stock of the Company SCC shall be paid in cash.

Appears in 1 contract

Samples: Employment Agreement (Sterling Construction Co Inc)

Upon the Death of Xx. XxxxxxXxxxxxx. In the event of Xx. Xxxxxx'x Xxxxxxx'x death during the term of this Agreement, his employment shall thereupon terminate and — 8.3.1. The Company shall pay his estate his salary then in effect through the date of his death to the extent not already paid; and 8.3.2. Subject to the terms and conditions set forth in Exhibit B, the Company shall pay his estate a pro-rated amount of the Annual Incentive Compensation (as set forth in Section 4 of Exhibit B) that he would have earned had he remained an employee of the Company through the end of the calendar year in which he died and on the assumption that he satisfactorily completed all of his personal goals for such year, such pro-ration to be based on the number of days during such year that he was an employee of the Company. In addition, notwithstanding any of the provisions of Exhibit B to the contrary, any of such Annual Incentive Compensation that would otherwise be payable in common stock of the Company shall be paid in cash.

Appears in 1 contract

Samples: Employment Agreement (Sterling Construction Co Inc)

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Upon the Death of Xx. XxxxxxXxxxxxx. In the event of Xx. Xxxxxx'x Xxxxxxx'x death during the term of this Agreement, his her employment shall thereupon terminate and — 8.3.1. The Company shall pay his her estate his her salary then in effect through the date of his her death to the extent not already paid; and 8.3.2. Subject to the terms and conditions set forth in Exhibit B, the Company shall pay his her estate a pro-rated amount of the Annual Incentive Compensation (as set forth in Section 4 of Exhibit B) that he she would have earned had he she remained an employee of the Company through the end of the calendar year in which he she died and on the assumption that he she satisfactorily completed all of his her personal goals for such year, such pro-ration to be based on the number of days during such year that he she was an employee of the Company. In addition, notwithstanding any of the provisions of Exhibit B to the contrary, any of such Annual Incentive Compensation that would otherwise be payable in common stock of the Company shall be paid in cash.

Appears in 1 contract

Samples: Employment Agreement (Sterling Construction Co Inc)

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