Separation Due to Death Clause Samples

The 'Separation Due to Death' clause defines the terms and procedures that apply when an employment relationship ends because of the employee's death. Typically, this clause outlines the employer's obligations regarding final compensation, benefits, and the handling of any outstanding entitlements, such as unpaid salary or accrued vacation, which may be paid to the employee's estate or designated beneficiaries. Its core function is to ensure clarity and fairness in settling the employment contract under these circumstances, providing guidance for both the employer and the deceased employee's representatives.
Separation Due to Death. If the Employment Period is ----------------------- terminated due to death of the Executive, then all options to acquire shares issued to the Executive as of the date hereof shall vest immediately and the Executive's heirs, executors, administrators, conservators or personal representatives (in such capacity) of Executive (the "Executive's Estate") shall be entitled to receive (1) the Annual Base Salary through the next full calendar month following the month in which the Executive died, (2) medical insurance and disability insurance benefits, if any, and (3) a pro rata bonus payment through the date of death if more than six months of the current fiscal year have passed. Subject to the requirement of applicable law, in the event of a separation due to death, the Executive's Estate shall have a period of six (6) months in which to exercise options acquired hereunder.
View SourceView Similar (5)
Separation Due to Death. In the case of the death of the individual during the fiscal year in which a Longevity Payment will be issued, the County will issue the full amount of the Longevity Payment that the individual would otherwise be entitled to, had he/she/they did not predecease the issuance of the Longevity Payment, to the individual’s beneficiary or estate at the same time it issues the individual’s final wages.
View SourceView Similar (2)

Related to Separation Due to Death

  • Termination Due to Death If the Optionee’s employment terminates by reason of the Optionee’s death, any portion of this Stock Option outstanding on such date, to the extent exercisable on the date of death, may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from the date of death or until the Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of death shall terminate immediately and be of no further force or effect.

  • Termination Due to Death or Disability The expiration of one (1) year from the date of the death of the Optionee or cessation of an Optionee’s employment or contractual relationship by reason of disability (as defined in Section 5.1(g) of the Plan). If an Optionee’s employment or contractual relationship is terminated by death, any Option held by the Optionee shall be exercisable only by the person or persons to whom such Optionee’s rights under such Option shall pass by the Optionee’s will or by the laws of descent and distribution.

  • Termination Due to Disability If the Optionee’s employment terminates by reason of the Optionee’s disability (as determined by the Administrator), any portion of this Stock Option outstanding on such date shall become fully exercisable and may thereafter be exercised by the Optionee for a period of 12 months from the date of termination or until the Expiration Date, if earlier.