Life and/or Disability Insurance. In addition to the Severance Amount, the Vesting and the COBRA Benefits, the Company shall pay to Executive (or his trust or estate, as applicable) a lump sum cash payment, during the sixty-five (65) day period following the date on which Executive’s Separation from Service occurs, in lieu of two years of life and disability insurance coverage (the “Insurance Payment”). The Insurance Payment will be an amount equal to four hundred percent (400%) of the total premiums that would be paid by the Company and the Executive pursuant to the Company’s life and disability insurance plans in order to provide Executive with the standard benefits provided under such plans for the insurance contract year in which the Effective Date of Termination occurs.
Appears in 5 contracts
Samples: Employment Agreement (Medicis Pharmaceutical Corp), Employment Agreement (Medicis Pharmaceutical Corp), Employment Agreement (Medicis Pharmaceutical Corp)
