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

Termination upon Death of the Executive. In addition to any other provision relating to termination, this Agreement shall terminate upon the Executive's death. In such event, all unpaid compensation, compensation for vacation time not taken by the Executive and all expense reimbursements due to the Executive shall be paid to the Executive's estate. In the event the Executive's employment is terminated pursuant to this Section 3.4, the Executive's estate also shall be entitled to a death benefit equal to six months' salary and to participate, in the bonus payable pursuant to SECTION 2.2 with respect to the year in which his employment is terminated, prorated for the year based on the number of full months worked during such year compared to 12 months. The Company agrees to purchase a Term life insurance policy in the amount of Five Hundred Thousand Dollars ($500,000.00) to run concurrently with the term and any extended terms of this agreement. The beneficiary or beneficiaries shall be at the sole discretion of the Executive. Prior to any cancellation by the Company, for any reason, the Company shall give Executive a minimum of sixty (60) days written notice whereupon, if he so chooses, the Executive may assume the premium liability.