Common use of Payment in Lieu of Benefits Clause in Contracts

Payment in Lieu of Benefits. In lieu of employee benefit coverage for his eligible dependents after his Date of Death, a payment in the amount of 10% of his annual base salary in effect at his Date of Death.

Payment in Lieu of Benefits. In lieu of employee benefit coverage for his eligible dependents after his Date of Death, a payment in the amount of 10% of his annual base salary Base Salary in effect at his Date of Death.