From today's San Diego union tribune @ uniontribune.com
DOW JONES NEWS SERVICE
May 6, 1998
NEW YORK -- FPA Medical Management Inc. has awarded former president and chief executive Seth Flam a $4.8 million severance package, according to the company's annual proxy statement.
The San Diego physician-practice management company announced Flam's
resignation March 26. He was replaced by Stephen J. Dresnick, who had been the company's vice chairman.
Flam's severance package includes $3,337,500 payable in 36 equal monthly installments and acceleration of vesting of all options and payment of professional fees, vacation benefits and term life, medical, disability and liability insurance.
The package also includes a consulting agreement, under which Flam has
agreed to act as a consultant to the company for 14 months starting from the date of his resignation.
As part of the consulting pact, Flam was paid $213,942 within 20 days of his resignation. He will also receive $1.25 million, payable in six monthly payments of $41,667 plus a lump-sum payment of $1 million on the six-month anniversary date of his resignation.
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