Disability Benefits and Life Insurance. Executive shall receive the disability benefits and group life insurance benefits applicable to senior executives at the Company. To the extent the Company’s group life and disability insurance plans do not provide this level of benefits, the Executive shall be entitled to additional benefits so that his long-term disability coverage provides benefits (to continue for such period as is provided in the applicable disability plan or program, as amended from time to time, and with waiting periods and pre-existing condition exceptions waived to the extent such coverage is available on commercially reasonable terms) equal to sixty-six and two-thirds percent (66 2/3 %) of his Annual Salary in the case of a covered disability, and life insurance coverage with a face amount equal to $1,000,000. Premiums on all primary or supplemental disability policies provided by the Company under this Agreement shall be paid by the Company, provided that the value of such premiums shall be taxed as income to the Executive.
Appears in 6 contracts
Samples: Employment Agreement (Landmark Apartment Trust, Inc.), Employment Agreement (Landmark Apartment Trust, Inc.), Employment Agreement (Landmark Apartment Trust of America, Inc.)
Disability Benefits and Life Insurance. Executive shall receive the disability benefits and group life insurance benefits applicable to senior executives at the Company. To the extent the Company’s group life and disability insurance plans do not provide this level of benefits, the Executive shall be entitled to additional benefits so that his her long-term disability coverage provides benefits (to continue for such period as is provided in the applicable disability plan or program, as amended from time to time, and with waiting periods and pre-existing condition exceptions waived to the extent such coverage is available on commercially reasonable terms) equal to sixty-six and two-thirds percent (66 2/3 %) of his her Annual Salary in the case of a covered disability, and life insurance coverage with a face amount equal to $1,000,000. Premiums on all primary or supplemental disability policies provided by the Company under this Agreement shall be paid by the Company, provided that the value of such premiums shall be taxed as income to the Executive.
Appears in 2 contracts
Samples: Employment Agreement (Landmark Apartment Trust of America, Inc.), Employment Agreement (Landmark Apartment Trust of America, Inc.)
