Common use of Benefits After Retirement Clause in Contracts

Benefits After Retirement. Upon retirement of the Employee at or after attaining age 65 (“Retirement Age”), during the term of this Agreement, the Company agrees to continue, at no greater cost to Employee than is generally allocated to all employees, full coverage for the Employee, his spouse and his children living in his household under the health, life and disability plans as adopted by the Company which shall be no less favorable than those in effect on the Effective Date of this Agreement. The Company agrees to continue such health coverage until both the Employee and his spouse are eligible for coverage by Medicare. When both the Employee and his spouse become eligible for Medicare coverage, the Company agrees to pay for supplemental coverage, at the best level available which includes prescription drug coverage, for both the Employee and his spouse until the death of the Employee and his spouse. The Employee shall be entitled to a life insurance policy on his life, provided at the Company’s cost, in the maximum amount established by the Company’s group life insurance plan from time to time which amount shall be no less than the limit on the Effective Date of three times his annual salary (subject to a $350,000 maximum). The Employee shall also be entitled to an additional life insurance policy on his life in the amount established by the Company’s insurance program for executive officers from time to time. The Company shall continue to pay to the Employee the annual premiums, which are required to keep the life insurance policy in force, on behalf of the Employee pursuant to the Company’s insurance program for executive officers.

Benefits After Retirement. Upon retirement of the Employee at or after attaining age 65 (“Retirement Age”), during the term of this Agreement, the Company agrees to continue, at no greater cost to Employee than is generally allocated to all employees, full coverage for the Employee, his spouse and his children living in his household under the health, life and disability plans as adopted by the Company which shall be no less favorable than those in effect on the Effective Date of this Agreement. The Company agrees to continue such health coverage until both the Employee and his spouse are eligible for coverage by Medicare. When both the Employee and his spouse become eligible for Medicare coverage, the Company agrees to pay for supplemental coverage, at the best level available which includes prescription drug coverageavailable, for both the Employee and his spouse until the death of the Employee and his spouse. The Employee shall be entitled to a life insurance policy on his life, provided at the Company’s cost, in the maximum amount established by the Company’s group life insurance plan from time to time which amount shall be no less than the limit on the Effective Date of three times his annual salary (subject to a $350,000 maximum). The Employee shall also be entitled to an additional life insurance policy on his life in the amount established by the Company’s insurance program for executive officers from time to time. The Company shall continue to pay to the Employee the annual premiums, which are required to keep the life insurance policy in force, on behalf of the Employee pursuant to the Company’s insurance program for executive officers.