Common use of Benefits; Miscellaneous Clause in Contracts

Benefits; Miscellaneous. In the event the Executive is entitled to severance benefits pursuant to subsection 4(a)(i) or is terminated due to death or Disability, then in addition to such severance benefits, the Company shall continue to provide the Executive (and his family) for a period of one year following the Termination Date, welfare benefits or such comparable alternative welfare benefits as the Company may, in its discretion, determine to be sufficient to satisfy its obligations to the Executive under this Agreement (including, without limitation, medical, prescription, dental, disability, individual life, group life, accidental death and travel accident plans and programs) which are at least as favorable as the most favorable plans of the Company applicable to other peer executives and their families as of the Termination Date. Notwithstanding the foregoing, if the Executive is covered under any medical, life, or disability insurance plan(s) provided by a subsequent employer, then the amount of coverage required to be provided by the Company hereunder shall be reduced by the amount of coverage provided by the subsequent employer's medical, life or disability insurance plan(s). The Executive's rights under this Section 4(b) shall be in addition to, and not in lieu of, any post-termination continuation coverage or conversion rights the Executive may have pursuant to applicable law, including without limitation, continuation coverage required by Section 4980B of the Code. In addition, in the event of any termination of Executive's employment at any time during the term of this Agreement, (i) the Company shall pay the Executive any unpaid Base Compensation due for periods prior to the Termination Date; (ii) the Company shall pay the Executive all of the Executive's accrued and unused vacation through the Termination Date; and (iii) following submission of proper expense reports by the Executive (or her Estate), the Company shall reimburse the Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the Company. These payments shall be made promptly and within the period of time mandated by law.

Appears in 1 contract

Samples: Employment Agreement (Lam Research Corp)

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Benefits; Miscellaneous. In the event the Executive is entitled ----------------------- to severance benefits pursuant to subsection 4(a)(i) or is terminated due to death or Disability6(a)(i), then in addition to such severance benefits, the Company shall continue to provide the Executive Executive, (A) if his employment is terminated prior to the first anniversary of the Effective Date, through the second anniversary of the Effective Date, and (B) if his family) employment is terminated on or after the first anniversary of the Effective Date, for a period of one year following the Termination Date, welfare benefits or such comparable alternative welfare benefits as the Company may, in its discretion, determine to be sufficient to satisfy its obligations to the Executive under this Agreement (including, without limitation, medical, prescription, dental, disability, individual life, group life, accidental death and travel accident plans and programs) which are at least as favorable as the most favorable plans of the Company applicable to other peer executives and their families as of the Termination Date. Notwithstanding the foregoing, if the Executive is covered under any medical, life, or disability insurance plan(s) provided by a subsequent employer, then the amount of coverage required to be provided by the Company hereunder shall be reduced by the amount of coverage provided by the subsequent employer's medical, life or disability insurance plan(s). The Executive's rights under this Section 4(b6(b) shall be in addition to, and not in lieu of, any post-termination continuation coverage or conversion rights the Executive may have pursuant to applicable law, including without limitation, continuation coverage required by Section 4980B of the Code. In addition, in the event of any termination of Executive's employment at any time during the term of this Agreementemployment, (i) the Company shall pay the Executive any unpaid Base Compensation base salary due for periods prior to the Termination Date; (ii) the Company shall pay the Executive all of the Executive's accrued and unused vacation through the Termination Date; and (iii) following submission of proper expense reports by the Executive (or her Estate)Executive, the Company shall reimburse the Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the CompanyCompany prior to termination. These payments shall be made promptly upon termination and within the period of time mandated by law.

Appears in 1 contract

Samples: Employment Agreement (Lam Research Corp)

Benefits; Miscellaneous. In the event the Executive is ----------------------- entitled to severance benefits pursuant to subsection 4(a)(i5(a)(i) or is terminated due to death or Disability, then in addition to such severance benefits, the Company shall continue to provide the Executive (and his family), (A) if his employment is terminated prior to the first anniversary of the Effective Date, through the second anniversary of the Effective Date, and (B) if his employment is terminated on or after the first anniversary of the Effective Date, for a period of one year following the Termination Date, welfare benefits or such comparable alternative welfare benefits as the Company may, in its discretion, determine to be sufficient to satisfy its obligations to the Executive under this Agreement (including, without limitation, medical, prescription, dental, disability, individual life, group life, accidental death and travel accident plans and programs) which are at least as favorable as the most favorable plans of the Company applicable to other peer executives and their families as of the Termination Date. Notwithstanding the foregoing, if the Executive is covered under any medical, life, or disability insurance plan(s) provided by a subsequent employer, then the amount of coverage required to be provided by the Company hereunder shall be reduced by the amount of coverage provided by the subsequent employer's medical, life or disability insurance plan(s). The Executive's rights under this Section 4(b5(b) shall be in addition to, and not in lieu of, any post-termination continuation coverage or conversion rights the Executive may have pursuant to applicable law, including without limitation, continuation coverage required by Section 4980B of the Code. In addition, in the event of any termination of Executive's employment at any time during the term of this Agreementemployment, (i) the Company shall pay the Executive any unpaid Base Compensation due for periods prior to the Termination Date; (ii) the Company shall pay the Executive all of the Executive's accrued and unused vacation through the Termination Date; and (iii) following submission of proper expense reports by the Executive (or her Estate)Executive, the Company shall reimburse the Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the CompanyCompany prior to termination. These payments shall be made promptly upon termination and within the period of time mandated by law.

Appears in 1 contract

Samples: Employment Agreement (Lam Research Corp)

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Benefits; Miscellaneous. In the event the Executive is ----------------------- entitled to severance benefits pursuant to subsection 4(a)(i) or is terminated due to death or Disability5(a)(i), then in addition to such severance benefits, the Company shall continue to provide the Executive (and his family) for a period of one year following the Termination DateExecutive, until June 30, 2002, welfare benefits or such comparable alternative welfare benefits as the Company may, in its discretion, determine to be sufficient to satisfy its obligations to the Executive under this Agreement (including, without limitation, medical, prescription, dental, disability, individual life, group life, accidental death and travel accident plans and programs) which are at least as favorable as the most favorable plans of the Company applicable to other peer executives and their families as of the Termination Date. Notwithstanding the foregoing, if the Executive is covered under any medical, life, or disability insurance plan(s) provided by a subsequent employer, then the amount of coverage required to be provided by the Company hereunder shall be reduced by the amount of coverage provided by the subsequent employer's medical, life or disability insurance plan(s). The Executive's rights under this Section 4(b5(b) shall be in addition to, and not in lieu of, any post-termination continuation coverage or conversion rights the Executive may have pursuant to applicable law, including without limitation, continuation coverage required by Section 4980B of the Internal Revenue Code. In addition, in the event of any termination of Executive's employment at any time during the term of this Agreement, (i) the Company shall pay the Executive any unpaid Base Compensation base salary due for periods prior to the Termination Date; (ii) the Company shall pay the Executive all of the Executive's accrued and unused vacation through the Termination Date; and (iii) following submission of proper expense reports by the Executive (or her Estate)Executive, the Company shall reimburse the Executive for all expenses reasonably and necessarily incurred by the Executive in connection with the business of the CompanyCompany prior to termination. These payments shall be made promptly upon termination and within the period of time mandated by law.

Appears in 1 contract

Samples: Employment Agreement (Lam Research Corp)

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