Neiman Marcus 2014 Annual Report Download - page 87
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Table of Contents
Severance
$ —
$ —
$ 1,087,500
Long-Term Disability
—
240,000
—
Life Insurance Benefits
1,000,000
—
—
$ 1,000,000
$ 240,000
$ 1,087,500
(1) Represents a lump sum basic life insurance benefit payment of $1,000,000 payable by the Company’s life insurance provider to Mr. Grimes’s
beneficiaries upon his death.
(2) Represents long‑term disability payments of $20,000 per month for twelve months payable from the Company’s long‑term disability insurance
provider.
(3) Represents 1.5 times Mr. Grimes’s base salary. Mr. Grimes is also entitled to the value of eighteen months of COBRA premiums if he participates in
one of our group medical plans at the time of termination and elects COBRA. Mr. Grimes did not participate in any of our group medical plans on
August 1, 2015; therefore, no amount is included with respect to his entitlement to the value of COBRA premiums. See “Employment and Other
Compensation Agreements” in this section.
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