Common use of Benefits Coverage Clause in Contracts

Benefits Coverage. (A) Upon the occurrence of a Qualifying Termination, the Company shall either (1) continue to provide the Employee and the Employee’s covered dependents with fully-insured health (including, medical, prescription and vision), dental, long-term and short-term disability, life and accidental death or dismemberment benefits coverages that are at least as favorable to the Employee and the Employee’s covered dependents (as determined on a coverage-by-coverage basis and taking into account all tax consequences to the Employee and the Employee’s covered dependents) as the coverages provided to the Employee and the Employee’s covered dependents immediately prior to the Qualifying Termination (or, if greater, immediately prior to the Announcement), or (2) provide the Employee with a different benefits arrangement that is substantially economically equivalent to the Employee, including on a coverage-by-coverage and after-tax basis. The Company shall continue to provide such coverage and benefits until the earlier of (1) the date that the Employee becomes covered by comparable coverage offered by another employer, or (2) the date that is 24 months after the Employee’s Qualifying Termination. All coverage and benefits provided pursuant to this Section 2(b)(iii) shall be pursuant to an arrangement that qualifies for an exception from, or complies with, the requirements of Section 409A of the Code (whether or not the Company elects to provide such fully-insured coverage and benefits or an arrangement that is substantially economically equivalent to the Employee). As a condition to providing the coverage and benefits described in this Section 2(b)(iii), the Company may require the Employee to pay the employee portion of the cost of such benefits (with such employee portion to be an amount not exceeding the rate charged to other active employees of the Company on the date of the Employee’s Qualifying Termination or, if less, immediately prior to the Announcement). (B) Nothing in this Section 2(b)(iii) shall reduce or eliminate the rights of the Employee and the Employee’s dependents under Section 4980B of the Code, Sections 601 through 608 of ERISA, or under any other applicable law.

Benefits Coverage. (A) Upon the occurrence of a Qualifying Termination, the Company shall either (1) continue to provide the Employee and the Employee’s covered dependents with fully-insured health (including, medical, prescription and vision), dental, long-term and short-term disability, life and accidental death or dismemberment benefits coverages that are at least as favorable to the Employee and the Employee’s covered dependents (as determined on a coverage-by-coverage basis and taking into account all tax consequences to the Employee and the Employee’s covered dependents) as the coverages provided to the Employee and the Employee’s covered dependents immediately prior to the Qualifying Termination (or, if greater, immediately prior to the Announcement), or (2) provide the Employee with a different benefits arrangement that is substantially economically equivalent to the Employee, including on a coverage-by-coverage and after-tax basis. The Company shall continue to provide such coverage and benefits until the earlier of (1) the date that the Employee becomes covered by comparable coverage offered by another employer, or (2) the date that is 24 12 months after the Employee’s Qualifying Termination. All coverage and benefits provided pursuant to this Section 2(b)(iii) shall be pursuant to an arrangement that qualifies for an exception from, or complies with, the requirements of Section 409A of the Code (whether or not the Company elects to provide such fully-insured coverage and benefits or an arrangement that is substantially economically equivalent to the Employee). As a condition to providing the coverage and benefits described in this Section 2(b)(iii), the Company may require the Employee to pay the employee portion of the cost of such benefits (with such employee portion to be an amount not exceeding the rate charged to other active employees of the Company on the date of the Employee’s Qualifying Termination or, if less, immediately prior to the Announcement). (B) Nothing in this Section 2(b)(iii) shall reduce or eliminate the rights of the Employee and the Employee’s dependents under Section 4980B of the Code, Sections 601 through 608 of ERISA, or under any other applicable law.

Benefits Coverage. (A) Upon the occurrence of a Qualifying Termination, the Company shall either (1) continue to provide the Employee and the Employee’s covered dependents with fully-insured health (including, medical, prescription and vision), dental, long-term and short-term disability, life and accidental death or dismemberment benefits coverages that are at least as favorable to the Employee and the Employee’s covered dependents (as determined on a coverage-by-coverage basis and taking into account all tax consequences to the Employee and the Employee’s covered dependents) as the coverages provided to the Employee and the Employee’s covered dependents immediately prior to the Qualifying Termination (or, if greater, immediately prior to the Announcement), or (2) provide the Employee with a different benefits arrangement that is substantially economically equivalent to the Employee, including on a coverage-by-coverage and after-tax basis. The Company shall continue to provide such coverage and benefits until the earlier of (1) the date that the Employee becomes covered by comparable coverage offered by another employer, or (2) the date that is 24 36 months after the Employee’s Qualifying Termination. All coverage and benefits provided pursuant to this Section 2(b)(iii) shall be pursuant to an arrangement that qualifies for an exception from, or complies with, the requirements of Section 409A of the Code (whether or not the Company elects to provide such fully-insured coverage and benefits or an arrangement that is substantially economically equivalent to the Employee). As a condition to providing the coverage and benefits described in this Section 2(b)(iii), the Company may require the Employee to pay the employee portion of the cost of such benefits (with such employee portion to be an amount not exceeding the rate charged to other active employees of the Company on the date of the Employee’s Qualifying Termination or, if less, immediately prior to the Announcement). (B) Nothing in this Section 2(b)(iii) shall reduce or eliminate the rights of the Employee and the Employee’s dependents under Section 4980B of the Code, Sections 601 through 608 of ERISA, or under any other applicable law.