Common use of Termination as a Result of Death Clause in Contracts

Termination as a Result of Death. In the event of the death of the Executive during the Term of this Agreement, the Executive's employment shall terminate as of the date of Executive's death. The Executive's Compensation and Benefits as provided for in Section 5 earned up to the last day of the month of the Executive's death shall be paid to the Executive's designated beneficiary, or, in the absence of such designation, to the estate or other legal representative of the Executive, and all Compensation and Benefits under Section 5 shall continue to be paid in the same manner as provided in this Section for a period of one (1) year following Termination as a Result of Death. The Company shall also be obligated to pay to the Executive's estate or heirs, as the case may be, such earned but unpaid bonuses from previous years. Except as set forth herein, other death benefits will be determined in accordance with the terms of the Company's benefit programs and plans. All previously held stock options, rights and awards made to the Executive shall automatically become fully vested as of the date of death.