Common use of Payments and Other Consideration Clause in Contracts

Payments and Other Consideration. If ▇▇▇▇▇ (a) executes this Agreement within 53 calendar days following the Termination Date and does not revoke it during the revocation period described in Section 10 hereof (the date on which such revocation period expires, the “Release Effective Date”) and (b) continues to comply with the terms and conditions of this Agreement, then the Company will make the following payments to ▇▇▇▇▇ (the “Payments”): (i) An amount in cash equal to $400,000, payable in substantially equal installments pursuant to the Company’s standard pay periods and practices, commencing on the Company’s first regularly scheduled payroll date following the Release Effective Date and ending on the first regularly scheduled payroll date following the first anniversary of the Termination Date; (ii) A lump sum cash payment equal to $220,000, payable on the first payroll date following the sixtieth (60th) day following the Termination Date; (iii) $7,921, in full satisfaction of any rights ▇▇▇▇▇ has or has had to the grant of performance-based restricted stock units made to him on February 28, 2012, payable on the date on which the first payment in Section 2(i) is made; and (iv) If ▇▇▇▇▇ elects continuation coverage under the Company’s medical plan pursuant to Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”), the Company will reimburse ▇▇▇▇▇ for his COBRA payments until the earlier of (x) his eligibility for any such coverage under another employer’s or any other medical plan or (y) the date that is twelve (12) months following the Termination Date. The Company will make any such reimbursement within thirty (30) days following receipt of evidence from ▇▇▇▇▇ of the payment of the COBRA premium, which evidence shall be provided by ▇▇▇▇▇ within thirty (30) days of his payment of such COBRA premium; provided, however, that any amounts due during the 60-day period following the Termination Date shall not be paid during such 60-day period but instead shall be paid on the first regularly scheduled payroll date after such 60-day period. ▇▇▇▇▇ agrees that the period of coverage under such plan shall count against such plan’s obligation to provide continuation coverage pursuant to COBRA.

Payments and Other Consideration. If ▇▇▇▇▇ Subject to the terms of this Agreement, Hospira will provide you with: (a) executes a “Severance Payment” equaling up to two (2) years of your current, as of the date of your last day of employment, base salary (less applicable taxes and withholdings), paid to you in equal monthly installments over the course of 24 months, effective from the date you sign this Agreement within 53 calendar days following Agreement, provided that you will forfeit such payment if you fail to execute this Agreement, and the Termination Date and payment does not revoke it during commence, within 60 days after your last day of employment. Severance payments will terminate upon the revocation period described earlier of: (i) your commencement of new employment in Section 10 hereof any capacity; or (ii) two years from the date on which such revocation period expires, the “Release Effective Date”) and you sign this Agreement; (b) continues a lump sum payment equivalent to comply with the terms and conditions of this Agreement, then the Company will make the following payments to ▇▇▇▇▇ (the “Payments”): (i) An amount in cash equal to $400,000, payable in substantially equal installments pursuant to the Company’s standard pay periods and practices, commencing on the Company’s first regularly scheduled payroll date following the Release Effective Date and ending on the first regularly scheduled payroll date following the first anniversary 130% of the Termination Date; cost of 52‑weeks of COBRA (ii) A lump sum cash payment equal to $220,000, payable on the first payroll date following the sixtieth (60th) day following the Termination Date; (iii) $7,921, in full satisfaction of any rights ▇▇▇▇▇ has or has had to the grant of performance-based restricted stock units made to him on February 28, 2012, payable on the date on which the first payment as defined in Section 2(i) is made; and (iv) If ▇▇▇▇▇ elects continuation coverage under 4980B of the Company’s medical plan pursuant to Part 6 Internal Revenue Code of Subtitle B of Title I 1986, as amended, and Sections 601‑609 of the Employee Retirement Income Security Act of 1974, as amended amended) continuation coverage premiums in lieu of any continued medical, dental, vision, and other welfare benefits offered by Hospira; and such period of COBRA continuation coverage will be included as part of the period during which you may elect continued group health coverage under COBRA; (“COBRA”)c) outplacement services, selected by Hospira and at its expense, for a period beginning on your last date of employment and continuing until the earlier to occur of: (i) your acceptance of other employment; or (ii) 12 months after the date you sign this Agreement. The outplacement service provider will be instructed to ▇▇▇▇ Hospira directly for these services; (d) Your equity grants are subject to the terms of the Hospira 2004 Long-Term Stock Incentive Plan, as amended, the Company agreements under which they were granted, and the administrative rules and procedures regarding such equity grants. Under those terms, any stock options that are not vested as of your last day of employment will reimburse expire as of that date and be forfeited. Options that are vested as of your last day of employment are exercisable for three months following such date, when they will lapse. ▇▇▇▇▇▇ for his COBRA payments until the earlier of understands that he will forfeit all performance share units and performance-based restricted stock unit grants. (xe) his eligibility for any such coverage under another employer’s or any other medical plan or (y) the date that is twelve (12) months following the Termination Date. The Company will make any such reimbursement within thirty (30) days following receipt of evidence from Bonus Payment: ▇▇▇▇▇▇ of the payment of the COBRA premium, which evidence shall be provided by is not entitled to a 2013 or 2014 Hospira Performance Incentive Plan (PIP) or Hospira Incentive Plan (HIP) payment. (f) Sign on Bonus and Relocation Reimbursement: Hospira agrees that it will not seek to recover amounts paid to ▇▇▇▇▇▇ within thirty (30) days of his payment of such COBRA premium; provided, however, that any amounts due during the 60as a sign-day period following the Termination Date shall not be paid during such 60-day period but instead shall be paid on the first regularly scheduled payroll date after such 60-day period. ▇▇▇▇▇ agrees that the period of coverage under such plan shall count against such plan’s obligation to provide continuation coverage pursuant to COBRAbonus or relocation expense.