Common use of Executive’s Death Clause in Contracts

Executive’s Death. Upon Executive's death, the Company's and the Bank's obligations under this Agreement shall immediately cease and Executive shall have no right to compensation or other benefits under this Agreement for any period after the date of death. Upon Executive's death, all rights of Executive pursuant to awards of share grants or unexpired options granted by the Company or the Bank shall be deemed to have vested and become immediately exercisable in accordance with the terms of the plan and/or agreement pursuant to which they were granted, and shall be released from all conditions and restrictions on transfer, except for restrictions on transfer pursuant to the Securities Act of 1933, as amended.

Executive’s Death. Upon Executive's death, the Company's and the Bank's obligations under this Agreement shall immediately cease and Executive shall have no right to compensation or other benefits under this Agreement for any period after the date of death. Upon Executive's death, all rights of Executive pursuant to awards of share grants or unexpired options granted by the Company or the Bank shall be deemed to have vested and become immediately exercisable in accordance with the terms of the plan and/or agreement pursuant to which they were granted, and shall be released from all conditions and restrictions on transfer, except for restrictions on transfer pursuant to the Securities Act of 1933, as amended.