Common use of Benefits Payable Clause in Contracts

Benefits Payable. In exchange for Chase entering into this Agreement and for the covenants and releases contained herein, the Companies will pay to Chase the following amounts, hereinafter referred to as “Severance Payment”: 1.1. A lump sum payment of one million three hundred sixty-three thousand seven hundred twenty-five dollars ($1,363,725.00), less applicable payroll tax withholdings, which is equal to the amount Chase would be entitled to pursuant to sections 4 and 5 of the Severance Pay Agreement. Provided Chase has executed and not revoked this Agreement, this sum will be paid by check to Chase on or before October 2, 2019 by delivering the check to his attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. 1.2. A lump sum payment of seven hundred seventy-one thousand eight hundred thirty-seven dollars and eighty-four cents ($771,837.84), less any applicable payroll deductions, which equals the value of the time-based restricted stock units (“RSUs”) granted under the Company’s Long Term Incentive Plan (“LTIP”) calculated using the April 2, 2019 closing price of Sempra Energy common stock. This cash payment will be paid by check to Chase on the 10th business day after the Company receives Chase’s signature on this Agreement, provided Chase has not revoked it, and the check will be delivered to Chase at his attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. 1.3. Chase will receive separate notification of his right to extend his Company provided healthcare benefits through COBRA with a copy of this notification to be sent to Chase’s attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. As further consideration for this Agreement, should Chase elect to continue his healthcare benefits through COBRA, the Companies will pay for such extension for eighteen (18) months (or, if less, the period that the extended coverage under COBRA is in effect). The Companies will make 100% of the premium payments directly to Chase’s insurer for up to eighteen (18) months of extended coverage. 1.4. The Companies further agree to provide to Chase outplacement assistance with Xxx Xxxxx Xxxxxxxx for twenty four (24) months, the cost to the Companies for which shall not to exceed fifty thousand dollars ($50,000.00), and which shall cease upon Chase’s acceptance of employment with a subsequent employer, not including any interim work Chase may engage as an independent contractor or any new start-up companies Chase may form during the next twenty four (24) months; and financial advice planning services with The Ayco Company for twenty four (24) months, the cost to the Companies of which shall not exceed twenty five thousand dollars ($25,000.00) per year. The value of the outplacement and financial planning services shall not be subject to liquidation or exchange for any other benefit.

Benefits Payable. (a) In exchange for Chase entering into addition to Employee’s regular compensation through the Separation Date, and assuming Employee timely executes and returns this Agreement Agreement, does not timely and for the covenants properly revoke it and releases contained otherwise complies with its terms, as stated herein, the Companies will Company agrees to continue to pay to Chase Employee’s base salary in accordance with the following amounts, hereinafter referred to as “Severance Payment”: 1.1. A lump sum payment of one million three hundred sixty-three thousand seven hundred twenty-five dollars ($1,363,725.00)Company’s standard payroll practices, less applicable payroll tax taxes, withholdings, which is equal and any deductions, for a period of six (6) months following his Separation Date (the “Severance”) in exchange for the covenants, conditions, and obligations set forth in this Agreement. Notwithstanding the foregoing, any Severance that, but for this sentence, would be payable to Employee prior to the amount Chase would first pay date occurring at least five (5) business days after the Effective Date of this Agreement (as defined in Section 10(h) below) shall be entitled to pursuant to sections 4 and 5 suspended until the first pay date commencing at least five (5) business days after the Effective Date of this Agreement. This payment is for disputed compensation. The Company will issue Employee an IRS Form W-2 in connection with payment of the Severance Pay Agreement. Provided Chase has executed Severance. (b) Pursuant to the Employment Agreement entered into by Employee and not revoked this Agreement, this sum will be paid by check to Chase on or before October 2Company dated July 15, 2019 by delivering (the check “Employment Agreement”), Employee was provided an Equity Award. Twenty-five percent (25%) of Employee’s Equity Award (the “Vested Award”) shall vest five (5) business days after the Effective Date of this Agreement (as defined in Section 10(h) below). Except as specifically set forth herein, you hereby relinquish and surrender to his attorney’s office at Haeggquist & Xxxthe Company any and all rights to any stock options or equity interests you may have in the Company, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000other than the Vested Award. 1.2. A lump sum payment of seven hundred seventy-one thousand eight hundred thirty-seven dollars (c) The Company shall provide Employee with a reimbursement, up to and eighty-four cents through April 17, 2021 ($771,837.84“Reimbursement Period”), less any applicable payroll deductionsof Employee’s health-, which equals the value of the timevision-, and dental-based restricted stock units (“RSUs”) granted insurance premiums through COBRA, if Employee continues his existing health-, vision-, and dental-insurance coverage under the Company’s Long Term Incentive Plan plans after the Termination Date (“LTIPCOBRA Reimbursement”) calculated using the April 2, 2019 closing price of Sempra Energy common stock). This cash payment will be paid by check The COBRA reimbursement is conditioned upon Employee’s submission to Chase on the 10th business day after the Company receives Chaseof proof of payment of premiums under COBRA. Upon the Company’s signature on this Agreementapproval of the proof of payment submitted by Employee, provided Chase has not revoked it, and the check Company will be delivered provide the COBRA Reimbursement to Chase at his attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000Employee within ten (10) business days. 1.3(d) To the extent applicable, Employee shall receive under separate cover information concerning rights to continue Employee’s participation in any Company-sponsored group health, life insurance plan, and/or 401(k) retirement plan in accordance with applicable law. Chase will receive separate notification Employee’s benefits in all other Company-sponsored benefit plans shall terminate in accordance with the terms and conditions of his right to extend his Company provided healthcare benefits through COBRA with a copy of this notification to be sent to Chase’s attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. As further such plans. (e) Employee acknowledges that the Severance is good and valuable consideration in exchange for this Agreement, should Chase elect to continue his healthcare benefits through COBRAand further acknowledges and agrees that other than the Severance, the Companies will pay for such extension for eighteen (18) months (orCompany has paid Employee all compensation due and owing to Employee related to any employment relationship between Employee and the Company, if lessincluding, the period that the extended coverage under COBRA is in effect). The Companies will make 100% of the premium payments directly to Chase’s insurer for up to eighteen (18) months of extended coverage. 1.4. The Companies further agree to provide to Chase outplacement assistance with Xxx Xxxxx Xxxxxxxx for twenty four (24) monthswithout limitation, the cost to the Companies for which shall not to exceed fifty thousand dollars ($50,000.00)all salary, and which shall cease upon Chase’s acceptance of employment with a subsequent employercommissions, not including any interim work Chase may engage as an independent contractor or any new start-up companies Chase may form during the next twenty four (24) months; and financial advice planning services with The Ayco Company for twenty four (24) monthsbonuses, the cost to the Companies of which shall not exceed twenty five thousand dollars ($25,000.00) per year. The value of the outplacement and financial planning services shall not be subject to liquidation or exchange for sick pay, vacation pay, paid time off, and/or any other benefitbenefits.

Benefits Payable. In exchange for Chase entering into accordance with Section 12(c) of the Employment Agreement, but subject to (a) increase under Section 13 (b) of the Employment Agreement should a Change of Control (as defined in Section 13(c) of the Employment Agreement) occur within three (3) months of your termination, the ongoing obligations of which the Company hereby confirms, and (b) this Agreement and for the covenants and releases contained hereinnot having been revoked under Section 12(f) of this Agreement, the Companies you will pay to Chase the following amounts, hereinafter referred to as “Severance Payment”: 1.1. A lump sum payment of one million three hundred sixty-three thousand seven hundred twenty-five dollars ($1,363,725.00), less applicable payroll tax withholdings, which is equal to the amount Chase would be entitled to pursuant to sections 4 and 5 receive, on the expiration of the Severance Pay Agreement. Provided Chase has executed and not revoked Revocation Period (as defined in Section 12(f) of this Agreement, this sum will be paid by check to Chase on or before October 2, 2019 by delivering the check to his attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. 1.2. A lump sum payment of seven hundred seventy-one thousand eight hundred thirty-seven dollars and eighty-four cents ($771,837.84), the following compensation, less any all applicable payroll deductionswithholdings and taxes (collectively, which equals “Employment Agreement Severance”): (i) your Base Salary, and accrued but unpaid vacation time through the value Separation Date; (ii) severance pay consisting of the time-based restricted stock units six (“RSUs”6) granted under months of Base Salary (payable over six (6) months according to the Company’s Long Term Incentive Plan then regular payroll schedule; (“LTIP”iii) calculated using the April 2, 2019 closing price of Sempra Energy common stock. This cash payment will be paid by check to Chase on the 10th business day after the Company receives Chase’s signature on this of the first six (6) months of premium for any COBRA coverage you elect through the Company, if any; and (iv) reimbursement from the Company for expenses accrued and payable under Section 6 of the Employment Agreement, provided Chase has not revoked it, and the check will be delivered to Chase at his attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. 1.3. Chase will receive separate notification of his right to extend his Company provided healthcare benefits through COBRA with a copy of this notification to be sent to Chase’s attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. As further additional consideration for this Agreement, should Chase elect the Company also agrees to continue his healthcare accelerate the vesting your stock options granted September 28, 2016 so that they will be fully vested as of November 14, 2017, provided, however, that such stock options will not be exercisable if this Agreement has been revoked by you under Section 12(f) of this Agreement. Such accelerations of vesting and the Employment Agreement Severance are referred to collectively herein as the “Severance Consideration”). You and the Company agree that there are no other vested accrued benefits through COBRAto which you are currently entitled under any agreement between you and the Company, or any applicable Company plans, programs, policies or arrangements. In order to be eligible to receive the Severance Consideration, a properly executed Agreement must be received by Xxxxx Xxxxxx, Senior Vice President, Human Resources, 0000 Xxxxxxx Xxxxxxxxx, Xxxxx 000, Xxxxxxxx Xxxx, Xxxxxx 00000, 913.234.3387 (facsimile), on or before December 7, 2017 and Employee must not revoke this Agreement as set out in Section 12(f) of this Agreement. Payment of the Employment Agreement Severance will be made in equal installments on the Company’s regularly scheduled payroll periods, and shall be made after the expiration of the Revocation Period (as defined in Section 12(f) of this Agreement). Employee’s benefits in all other currently elected benefit plans shall terminate in accordance with the terms and conditions of such plans. Employee acknowledges that the Severance Consideration is good and valuable consideration in exchange for this Agreement, and further acknowledges and agrees that: (i) other than the Severance Consideration or as otherwise stated herein, including the ongoing obligations of Section 13 of the Employment Agreement, the Companies will pay Company has paid Employee all compensation and benefits due and owing to Employee related to any employment relationship between Employee and the Company and/or its affiliates including, without limitation, all (to the extent applicable) salary or wages due for such extension for eighteen hours worked by Employee, commissions, bonuses, sick pay, vacation pay, paid time off, stock, restricted stock, restricted stock units, stock options, and other benefits, and (18ii) months (or, if less, the period that the extended coverage under COBRA is in effect). The Companies will make 100% as of the premium payments directly to Chase’s insurer for up to eighteen (18) months Separation Date, Employee is no longer an employee of extended coverage. 1.4. The Companies further agree to provide to Chase outplacement assistance with Xxx Xxxxx Xxxxxxxx for twenty four (24) months, the cost to the Companies for which shall not to exceed fifty thousand dollars ($50,000.00)Company or its affiliates, and which shall cease upon Chase’s acceptance of employment may under no circumstance represent Employee to be in any way connected with or a subsequent employer, not including any interim work Chase may engage as an independent contractor or any new start-up companies Chase may form during the next twenty four (24) months; and financial advice planning services with The Ayco Company for twenty four (24) months, the cost to the Companies of which shall not exceed twenty five thousand dollars ($25,000.00) per year. The value representative of the outplacement and financial planning services shall not be subject to liquidation Company or exchange for any other benefitits affiliates.

Benefits Payable. In exchange for Chase entering into this Agreement, the Company will provide me with: Separation Pay of 65 weeks' base pay, calculated at an annual rate of $450,000 (reduced for all applicable withholding taxes). This Separation Pay will be made in the form of salary continuation payments and will be paid on regular company paydays. Payments will commence the first payday as soon as administratively possible after this Agreement has been fully executed and received by the Corporate Human Resources Department and the 7 day revocation period described below has expired without my having revoked my acceptance. However, for purposes of this paragraph, any payments to me made by Charter or a subsidiary at the covenants rate set out above for periods of time after January 28, 2005 but before I sign this Agreement will be credited against the 65 weeks of Separation Pay outlined above, even if those payments are made before I sign this Agreement, or before the 7 day revocation period has expired and releases contained hereinthe payments are scheduled to commence hereunder. The first Separation Payment may exceed a full pay period, as it will cover the period from my Separation Date (which is defined below) through the date of the first payment. Subsequent payments, if any, will cover full pay periods or a partial pay period to cover the unpaid balance. The period of time from my Separation Date through the date of my last Separation Payment will be called the Severance Period and will start on January 31, 2005 and end on April 28, 2006. The total amount to be paid pursuant to this paragraph, including payments made to me by Charter or a subsidiary before I sign and deliver this Agreement and/or before expiration of the 7 day revocation period for periods of time after January 28, 2005, shall not exceed the gross amount of $562,500.25 in the aggregate. If I wish to continue medical, dental, prescription or vision benefits coverage after my Separation Date, I must elect COBRA coverage and make timely payments in accordance with the terms outlined in the COBRA notice, which the Company will issue to me. I will receive a one-time payment of $10,347.00 (net after deduction of taxes and other required withholdings), which I may use to cover the COBRA payments or for any other purpose. I may keep this payment regardless of whether I elect COBRA coverage. This payment will satisfy Charter's obligations under this paragraph (a) (ii). My flexible spending account will continue during the Severance Period to the extent authorized by the plan and to the extent I am currently a participant. I will be paid a bonus of $15,815.00 pursuant to the 2004 Executive Bonus Plan in which I currently participate. This bonus will be paid at the same time as payments under that plan are paid to participants generally. I understand that any bonus under this plan is subject to the same conditions and requirements as are applicable to other participants in the bonus plan generally and is subject to a variety of financial and budgetary considerations. I will have no eligibility for or right to any additional or other bonus under the 2004 Executive Bonus Plan or for or under any other type of bonus plan or award that the Board may approve in its discretion. Any stock options that I have been granted will continue to vest during the Severance Period. After that, I will have 60 days in which to exercise any vested options. My options will be at the price set out in the option grants issued to me to date. I will not be entitled to the benefit of any repricing, reissue or adjustments of options which occur after this date or apply to any other person and hereby waive any rights I may have to any such repricing, adjustment or reissue. I will be provided outplacement assistance for a period of 9 months from my Separation Date, the Companies details and specifics of which are determined by Charter and provided by an outplacement firm selected by Charter. Charter will pay make available to Chase Executive, on terms established by Charter, reasonable secretarial services through a Charter employee during regular business hours to assist Executive in the following amountsfirst quarter of 2005 for secretarial services associated with his standard annual fundraising activities as a member of the Board of the Boy Scouts Council of Greater St. Louis, hereinafter referred to as “Severance Payment”: 1.1. A lump sum payment of one million three hundred sixty-three thousand seven hundred twenty-five dollars ($1,363,725.00), less applicable payroll tax withholdings, which is equal if and to the amount Chase extent this assistance is not available through the outplacement assistance provided to Executive or otherwise will not be provided through that outplacement firm at no additional cost to Executive or Charter. Any complimentary or discounted broadband services that I would be entitled to pursuant to sections 4 and 5 as an employee will continue through the end of the Severance Pay AgreementPeriod; however, any services provided by another company through a reciprocal agreement or similar arrangement, may not continue. Provided Chase has executed and The Company will not revoked contest any claim for unemployment compensation made by me based upon the fact of my separation from employment by the Company. Whether or not I sign this Agreement, this sum I will be paid by check receive my wages or other compensation for all time worked through my Separation Date, accrued vacation, and any other accrued leave time which I am entitled to Chase on or before October 2under applicable law, 2019 by delivering through my Separation Date, and health benefits through the check to his attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. 1.2. A lump sum payment of seven hundred seventy-one thousand eight hundred thirty-seven dollars and eighty-four cents ($771,837.84), less any applicable payroll deductions, which equals the value end of the time-based restricted stock units (“RSUs”) granted under the Company’s Long Term Incentive Plan (“LTIP”) calculated using the April 2, 2019 closing price month of Sempra Energy common stockmy Separation Date. This cash payment will be paid by check to Chase on the 10th business day after the Company receives Chase’s signature on Except as provided in this Agreement, provided Chase has not revoked itno payment, compensation, leave time, insurance or other benefits, will be furnished or paid to me. I understand that the Company may change payroll dates, schedules, or amounts; insurance carriers or benefit plans or otherwise modify its payroll or benefit plans for its active employees, and the check those changes will be delivered applied to Chase at his attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. 1.3me as well where applicable. Chase will receive separate notification of his right to extend his Company provided healthcare benefits through COBRA with a copy of this notification to be sent to Chase’s attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. As further consideration for Except as described in this Agreement, should Chase elect as of my Separation Date, I will cease to continue his healthcare benefits through COBRAbe eligible to participate under, or covered by, any insurance, health, vision or dental insurance, or self-insured welfare benefit, bonus, incentive compensation, commission, life insurance, disability, retirement, 401K, profit sharing, or other compensation or benefit plans, and have no rights under any of those plans, unless (in the Companies will pay for such extension for eighteen (18case of an employee insurance or welfare benefit plan, as opposed to any type of incentive, bonus, commission or other compensation plan or policy) months (or, if less, the period that the extended coverage under COBRA is in effect). The Companies will make 100% terms of the premium plan provide for coverage following separation from employment or I exercise any conversion privileges, at my own cost, as may be provided in those plans. No payments directly for expenses made under my discretionary fund account / arrangement for legal and accounting fees, etc. will be made to Chase’s insurer me, and I waive any right to submit such claims for up to eighteen (18) months of extended coverage. 1.4. The Companies further agree to provide to Chase outplacement assistance with Xxx Xxxxx Xxxxxxxx for twenty four (24) months, the cost benefits and expenses to the Companies extent they have not been paid prior to January 21, 2005. Except for which shall the bonus payment specified in (a) (iii) above, I will not be entitled to exceed fifty thousand dollars ($50,000.00)or paid, and which shall cease specifically waive any right to, any bonus or incentive that has not been paid to me to date or that hereafter may become due and payable under the terms of any bonus pan or arrangement, or otherwise. I also understand and agree that whatever stock options I currently have will be determined solely upon Chase’s acceptance the terms of employment with a subsequent employerthe existing options and at the currently applicable option price. I will not be entitled, not including and hereby specifically waive any interim work Chase may engage as an independent contractor or right, to have my options repriced, to any new start-up companies Chase may form during the next twenty four (24) months; and financial advice planning services with The Ayco Company for twenty four (24) months, the cost favorable adjustments to the Companies terms of which shall not exceed twenty five thousand dollars ($25,000.00) per year. The value my options, or to any reissuance of shares or the outplacement and financial planning services shall not be subject to liquidation benefits of any reissue of shares, even if Charter reprices any options, reissues any shares, or exchange makes any favorable adjustments for any other benefitanyone else.

Benefits Payable. In exchange for Chase entering into this Agreement and for Executive’s Severance Benefits will consist of the covenants and releases contained herein, the Companies will pay to Chase the following amounts, hereinafter referred to as “Severance Payment”following: 1.1(1) The continuation of Executive’s Base Salary, at the rate in effect on Executive’s termination of employment, for a period of 24 months from the effective date of Executive’s Separation from Service. A lump sum payment of one million three hundred sixty-three thousand seven hundred twenty-five dollars ($1,363,725.00), less applicable payroll tax withholdings, which is equal to the amount Chase would be entitled to pursuant to sections 4 and 5 of the Severance Pay Agreement. Provided Chase has executed and not revoked this Agreement, this sum The continued Base Salary will be paid by check in accordance with Company’s regular payroll practices as in effect on Executive’s Separation from Service, with the first payment due for the payroll period that begins immediately following Executive’s Separation from Service. In order to Chase on or before October 2, 2019 by delivering qualify for the check separation pay exception to his attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. 1.2. A lump sum payment of seven hundred seventy-one thousand eight hundred thirty-seven dollars and eighty-four cents ($771,837.84), less any applicable payroll deductions, which equals the value Section 409A of the time-based restricted stock units Internal Revenue Code (the “RSUsCode”) granted under and avoid a complete ban on payments within six months following Executive’s Separation from Service as generally required by Section 409A, the Company’s Long Term Incentive Plan (“LTIP”) calculated using the April 2, 2019 closing price of Sempra Energy common stock. This cash payment will total amount that may be paid by check to Chase on Executive within the 10th business day after first six months following his Separation from Service may not exceed the “Cap” described in the next sentence. The “Cap” shall equal two times the lesser of (i) the sum of Executive’s annualized compensation based upon the annual rate of pay for services provided to Company receives Chase’s signature on this Agreementfor the taxable year of Executive preceding the taxable year of Executive in which he has a Separation from Service with Company (adjusted for any increase during that year that was expected to continue indefinitely if Executive had not Separated from Service); or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive has a Separation from Service. (For Separations from Service occurring in 2009, provided Chase has not revoked itthe maximum amount that may be taken into account for qualified plan purposes is $245,000). If the total amount that would be payable to Executive during the first six months following his Separation from Service would exceed the Cap, and the check will excess shall be delivered subtracted, in equal installments, from the amounts that would otherwise be due pursuant to Chase at his attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. 1.3. Chase will receive separate notification of his right to extend his Company provided healthcare benefits through COBRA with a copy the first sentence of this notification to be sent to Chase’s attorney’s office at Haeggquist & Xxx, LLP, Re: Xxxxx Xxxxx Payment, 000 Xxxxxxxx, Xxxxx 0000, Xxx Xxxxx, XX 00000. As further consideration for this Agreement, should Chase elect to continue his healthcare benefits through COBRA, the Companies will pay for such extension for eighteen paragraph (18) months (or, if less, the period that the extended coverage under COBRA is in effect1). The Companies excess then will make 100% be paid, in one lump sum payment, on the first day of the premium payments directly seventh month following the day on which Executive has a Separation from Service (2) The continuation of any health, life, disability, or other insurance benefits that Executive was receiving as of his last day of active employment for a period expiring on the earlier of (i) 12 months following Executive’s Separation from Service or (ii) the day on which Executive becomes eligible to Chase’s insurer for up to eighteen (18) months receive any substantially similar benefits under any plan or program of extended coverage. 1.4any successor employer. The Companies further agree continuation of any health, life, disability or other insurance benefits will run concurrently with Executive’s COBRA continuation coverage for health benefits. Company will satisfy the obligation to provide the health insurance benefits pursuant to Chase outplacement assistance this Section 8 by either paying for or reimbursing Executive for the actual cost of COBRA coverage (and Executive shall cooperate with Xxx Xxxxx Xxxxxxxx Company in all respects in securing and maintaining such benefits, including exercising all appropriate COBRA elections and complying with all terms and conditions of such coverage in a manner to minimize the cost). Company will reimburse Executive for twenty four (24) months, the cost of comparable coverage for all other insurance benefits that are not subject to the Companies COBRA continuation rules. It will be Executive’s responsibility to procure such benefits and Company will promptly reimburse Executive for which shall not to exceed fifty thousand dollars ($50,000.00), and which shall cease the premiums for such benefits upon ChaseExecutive’s acceptance submission of employment with a subsequent employer, not including any interim work Chase may engage as an independent contractor invoice or any new start-up companies Chase may form during the next twenty four (24) months; and financial advice planning services with The Ayco Company for twenty four (24) months, the cost to the Companies other acceptable proof of which shall not exceed twenty five thousand dollars ($25,000.00) per year. The value of the outplacement and financial planning services shall not be subject to liquidation or exchange for any other benefitpayment.