Certain Health Insurance Benefits. If (i) Executive reaches the age of fifty (50) and, when added to his number of years of continuous service with the Company, including any period of salary continuation, the sum of his age and years of service equals or exceeds sixty-five (65), and at any time after the occurrence of both such events Executive's employment is terminated pursuant to paragraph 6 above; or (ii) Executive reaches the age of fifty-five (55) and has attained ten (10) years of continuous service with the Company, including any period of salary continuation, and at any time after the occurrence of both such events Executive's employment terminates for any reason other than by the Company for "Cause" as described in paragraph 6 above, Executive and his then-eligible dependents shall be entitled to participate in the Company's group health insurance plan, as amended from time to time by the Company, after Executive's Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of Executive's life ("Life Coverage Period"). During the Life Coverage Period, Executive shall pay twenty percent (20%) of the current premium (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent (80%) of said premium on an after-tax basis, which contribution will be imputed income to Executive. As soon after the Separation Date as Executive becomes eligible for Medicare coverage, the Company's group health insurance plan shall become secondary to Medicare. If Executive engages in any of the activities described in paragraph 13(a) below, during the Life Coverage Period, the entitlement of Executive and his then-eligible dependents to participate in the Company's group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to applicable COBRA rights, which shall commence on the Separation Date. If Executive engages in any of the activities described in said paragraph 13(a)(i) in a business which does not compete with the Company or any of its subsidiaries during the Life Coverage Period, the Company's group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to Executive by that business. Executive also shall receive the benefits and be bound by the provisions of this paragraph 10 if a Change in Control, as defined in Executive's Severance Agreement, occurs during Executive's active employment and if the Severance Agreement is in force when the Change of Control occurs.
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Samples: Employment Agreement (Harrahs Entertainment Inc), Employment Agreement (Harrahs Entertainment Inc), Employment Agreement (Harrahs Entertainment Inc)
Certain Health Insurance Benefits. If (i) Executive reaches the age of fifty (50) and, when added to his number of years of continuous service with the Company, including any period of salary continuation, the sum of his age and years of service equals or exceeds sixty-five (65), and at any time after the occurrence of both such events Executive's employment is terminated pursuant to paragraph 6 above; or (ii) Executive reaches the age of fifty-five (55) and has attained ten (10) years of continuous service with the Company, including any period of salary continuation, and at any time after the occurrence of both such events Executive's ’s employment terminates for any reason other than by the Company for "“Cause" ” as described in paragraph 6 Paragraph 8 above, regardless of his age or years of service at such time, Executive and his then-eligible dependents shall be entitled to participate in the Company's ’s group health insurance plan, as amended from time to time by the Company, after Executive's ’s Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of Executive's ’s life and the remainder of Executive’s spouse’s life, if Executive is married and his spouse should survive Executive at his death; provided further, however, that if Executive should die leaving eligible dependents as survivors, such dependents shall be entitled to participate in the Company’s group health plan until they reach the age upon which they would no longer be so eligible to participate if Executive were still living and participating in the group health plan ("the Executive’s, spouse’s and eligible dependents’ applicable coverage period, the “Life Coverage Period"”). During the Life Coverage Period, Executive (or Executive’s spouse or other surviving dependents, as applicable) shall pay twenty percent (20%) of the current then prevailing health insurance premium (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent (80%) of said premium on an after-tax basis, which contribution will be imputed income to Executive, or Executive’s surviving spouse or other dependents, as applicable. As soon after the Separation Date as Executive becomes eligible for Medicare coverage, the Company's ’s group health insurance plan shall become secondary to Medicare. Notwithstanding the forgoing provisions that provide that Executive and his dependents shall be entitled to participate in the Company’s group health insurance plan, in the event that the terms of the Company’s group health insurance plan should at any time not permit coverage of Executive and his dependents under the plan as contemplated above, the Company will, during the Life Coverage Period, arrange for an individual health insurance policy with identical or better coverage to be provided to Executive and his dependents at no greater out-of-pocket cost and expense to Executive than that contemplated above. And, if the Company is unable to secure an individual insurance policy for Executive and his dependents, the Company shall, during the Life Coverage Period, provide health care benefits to Executive and his dependents on a self-insured basis. In the event that the Company provides such health care benefits on a self-insured basis, Executive’s (or his spouse’s/dependents’) cost for such insurance coverage shall be calculated in accordance with the formula provided above as if Executive and his dependents were insured under the Company’s group health insurance plan. If Executive engages in any of the prohibited activities described in paragraph 13(aParagraphs 13(a)(i) and (ii) below (except as permitted under Paragraph 13(d) below), during the Life Coverage Period, the entitlement of Executive and his then-eligible dependents to participate in the Company's ’s group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to applicable COBRA rights, which shall commence on the Separation Dateupon such automatic termination. If Executive engages becomes employed during the Life Coverage Period by any company (including any company in any the race track, casino or casino hotel/casino resort business that pursuant to the provisions of Paragraph 13(d) below is excluded from the activities described in said paragraph 13(a)(iprovisions of Paragraph 13(a) in a business which of this Agreement) that does not compete with the Company Company, or any of its subsidiaries during the Life Coverage Periodsubsidiaries, the Company's ’s group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to Executive by that businesscompany, if any, as long as Executive is employed by such company. Executive also shall receive the benefits and be bound by the provisions of this paragraph Paragraph 10 if a Change in Control, as defined in Executive's ’s Severance Agreement, dated as of January 1, 2003, with Xxxxxx’x Entertainment, Inc. (the “Severance Agreement”), occurs during Executive's ’s active employment with the Company and if the Severance Agreement is in force when the Change of Control occurs. If there exists a dispute between the Company and Executive relating to the parties’ rights and obligations under Section 10, and the dispute involves the use of attorneys on the part of the Company or Executive, the prevailing party in such dispute shall be entitled to be reimbursed by the other party for any attorneys’ fees incurred in resolving such dispute. If there is no prevailing party, each party shall bear his own expenses.
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Certain Health Insurance Benefits. If (i) the Executive reaches the age of fifty (50) 50 and, when added to his her number of years of continuous service with the Company, Company including any period of salary continuation, the sum of his her age and years of service equals or exceeds sixty-five (65), and at any time after the occurrence of both such events the Executive's employment is terminated pursuant to paragraph 6 Paragraph 6., above; or (ii) the Executive reaches the age of fifty-five (55) 55 and has attained ten (10) 10 years of continuous service with the Company, Company including any period of salary continuation, and at any time after the occurrence of both such events the Executive's employment terminates for any reason other than by the Company for "Causecause" as described in paragraph 6 8., above, the Executive and his her then-eligible dependents shall be entitled to participate in the Company's group health insurance plan, as amended from time to time by the Company, after the Executive's Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of the Executive's life ("Life Coverage Period"). During the Life Coverage Period, the Executive shall pay twenty percent (20%) % of the current premium (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent (80%) % of said premium on an after-tax basis, which contribution will be imputed income to the Executive. As soon after the Separation Date as the Executive becomes eligible for Medicare coverage, the Company's group health insurance plan shall become secondary to Medicare. If the Executive engages in any of the activities described in paragraph 13(a) belowParagraph 14.(a), below during the Life Coverage Period, the entitlement of the Executive and his her then-eligible dependents to participate in the Company's group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to applicable COBRA rights, which shall commence on the Separation Date. If the Executive engages in any of the activities described in said paragraph 13(a)(iParagraph 14.(a)(i) in a business which does not compete with the Company or any of its subsidiaries during the Life Coverage Period, the Company's group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to the Executive by that business. The Executive shall also shall receive the benefits and be bound by the provisions of this paragraph Paragraph 10 if a Change in Control, as defined in the Executive's Severance Agreement, occurs during Executive's active employment and if following the Severance Agreement is in force when the Change effective date of Control occursthis Agreement.
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Certain Health Insurance Benefits. If (i) Executive reaches the age of fifty (50) and, when added to his number of years of continuous service with the CompanyCompany (including employment with its affiliates, predecessors, successors, and assigns), including any period of salary continuation, the sum of his age and years of service equals or exceeds sixty-five (65), and at any time after the occurrence of both such events Executive's employment is terminated pursuant to paragraph 6 above; or (ii) Executive reaches the age of fifty-five (55) and has attained ten (10) years of continuous service with the CompanyCompany (including employment with its affiliates, predecessor, successors, and assigns), including any period of salary continuation, and at any time after the occurrence of both such events Executive's employment terminates for any reason other than by the Company for "Cause" as described in paragraph 6 above; or (iii) in the reasonable judgment of the Company Executive has completed the successful integration of Caesar's Entertainment, Inc.'s operations into the Company's operations, regardless of his age or years of service at such time, Executive and his then-eligible dependents shall be entitled to participate in the Company's group health insurance plan, as amended from time to time by the Company, after Executive's Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of Executive's life ("Life Coverage Period"). During the Life Coverage Period, Executive shall pay twenty percent (20%) of the current then prevailing health insurance premium (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent (80%) of said premium on an after-tax basis, which contribution will be imputed income to Executive. As soon after the Separation Date as Executive becomes eligible for Medicare coverage, the Company's group health insurance plan shall become secondary to Medicare. Notwithstanding the forgoing provisions that provide that Executive and his dependents shall be entitled to participate in the Company's group health insurance plan, in the event that the terms of the Company's group health insurance plan should at any time not permit coverage of Executive and his dependents under the plan as contemplated above, the Company will, during the Life Coverage Period, arrange for an individual health insurance policy with identical or better coverage to be provided to Executive and his dependents at no greater out-of-pocket cost and expense to Executive than that contemplated above. And, if the Company is unable to secure an individual insurance policy for Executive and his dependents, the Company shall, during the Life Coverage Period, provide health care benefits to Executive and his dependents on a self-insured basis. In the event that the Company provides such health care benefits on a self-insured basis, Executive's cost for such insurance coverage shall be calculated in accordance with the formula provided above as if Executive and his dependents were insured under the Company's group health insurance plan. If Executive engages in any of the prohibited activities described in paragraphs 13(a)(i) and (ii) below (except as permitted under paragraph 13(a13(d) below), during the Life Coverage Period, the entitlement of Executive and his then-eligible dependents to participate in the Company's group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to applicable COBRA rights, which shall commence on the Separation Date. If Executive engages becomes employed during the Life Coverage Period by any company (including any company in any the race track, casino or casino hotel/casino resort business that pursuant to the provisions of paragraph 13(d) below is excluded from the activities described in said provisions of paragraph 13(a)(i13(a) in a business which of this Agreement) that does not compete with the Company Company, or any of its subsidiaries during the Life Coverage Periodsubsidiaries, the Company's group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to Executive by that businesscompany, if any, as long as Executive is employed by such company. Executive also shall receive the benefits and be bound by the provisions of this paragraph 10 if a Change in Control, as defined in Executive's Severance Agreement, dated as of January 1, 2003, with Xxxxxx'x Entertainment, Inc. (the "Severance Agreement"), occurs during Executive's active employment with the Company and if the Severance Agreement is in force when the Change of Control occurs. If there exists a dispute between the Company and Executive relating to the parties' rights and obligations under Section 10, and the dispute involves the use of attorneys on the part of the Company or Executive, the prevailing party in such dispute shall be entitled to be reimbursed by the other party for any attorneys' fees incurred in resolving such dispute. If there is no prevailing party, each party shall bear his own expenses.
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Certain Health Insurance Benefits. If (i) the Executive reaches the age of fifty (50) 50 and, when added to his number of years of continuous service with the Company, Company including any period of salary continuation, the sum of his age and years of service equals or exceeds sixty-five (65), and at any time after the occurrence of both such events the Executive's employment is terminated pursuant to paragraph 6 Paragraph 6., above; or (ii) the Executive reaches the age of fifty-five (55) 55 and has attained ten (10) years of continuous service with the Company, Company including any period of salary continuation, and at any time after the occurrence of both such events the Executive's employment terminates for any reason other than by the Company for "Causecause" as described in paragraph 6 8., above, the Executive and his then-eligible dependents shall be entitled to participate in the Company's group health insurance plan, as amended from time to time by the Company, after the Executive's Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of the Executive's life ("Life Coverage Period"). During the Life Coverage Period, the Executive shall pay twenty percent (20%) % of the current premium (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent (80%) % of said premium on an after-tax basis, which contribution will be imputed income to the Executive. As soon after the Separation Date as the Executive becomes eligible for Medicare coverage, the Company's group health insurance plan shall become secondary to Medicare. If the Executive engages in any of the activities described in paragraph 13(a) Paragraph 13.(a), below, during the Life Coverage Period, the entitlement of the Executive and his then-eligible dependents to participate in the Company's group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to applicable COBRA rights, which shall commence on the Separation Date. If the Executive engages in any of the activities described in said paragraph 13(a)(iParagraph 13.(a)(i) in a business which does not NOT compete with the Company or any of its subsidiaries during the Life Coverage Period, the Company's group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to the Executive by that business. The Executive shall also shall receive the benefits and be bound by the provisions of this paragraph Paragraph 10 if a Change in Control, as defined in the Executive's Severance Agreement, occurs during Executive's active employment and if following the Severance Agreement is in force when the Change effective date of Control occursthis Agreement.
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Certain Health Insurance Benefits. If (i) the Executive reaches the age of fifty (50) 50 and, when added to his number of years of continuous service with the Company, Company including any period of salary continuation, the sum of his age and years of service equals or exceeds sixty-five (65), and at any time after the occurrence of both such events the Executive's employment is terminated pursuant to paragraph 6 Paragraph 6., above; or (ii) the Executive reaches the age of fifty-five (55) 55 and has attained ten (10) 10 years of continuous service with the Company, Company including any period of salary continuation, and at any time after the occurrence of both such events the Executive's employment terminates for any reason other than by the Company for "Causecause" as described in paragraph 6 8., above, the Executive and his then-eligible dependents shall be entitled to participate in the Company's group health insurance plan, as amended from time to time by the Company, after the Executive's Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of the Executive's life ("Life Coverage Period"). During the Life Coverage Period, the Executive shall pay twenty percent (20%) % of the current premium (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent (80%) % of said premium on an after-tax basis, which contribution will be imputed income to the Executive. As soon after the Separation Date as the Executive becomes eligible for Medicare coverage, the Company's group health insurance plan shall become secondary to Medicare. If the Executive engages in any of the activities described in paragraph 13(a) Paragraph 14.(a), below, during the Life Coverage Period, the entitlement of the Executive and his then-eligible dependents to participate in the Company's group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to applicable COBRA rights, which shall commence on the Separation Date. If the Executive engages in any of the activities described in said paragraph 13(a)(iParagraph 14.(a)(i) in a business which does not NOT compete with the Company or any of its subsidiaries during the Life Coverage Period, the Company's group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to the Executive by that business. The Executive shall also shall receive the benefits and be bound by the provisions of this paragraph Paragraph 10 if a Change in Control, as defined in the Executive's Severance Agreement, occurs during Executive's active employment and if following the Severance Agreement is in force when the Change effective date of Control occursthis Agreement.
Appears in 1 contract
Certain Health Insurance Benefits. If (i) the Executive reaches the age of fifty (50) 50 and, when added to his number of years of continuous service with the Company, including any period of salary continuation, the sum of his age and years of service equals or exceeds sixty-five (65), and at any time after the occurrence of both such events the Executive's employment is terminated pursuant to paragraph 6 Paragraph 6., above; or (ii) the Executive reaches the age of fifty-five (55) 55 and has attained ten (10) 10 years of continuous service with the Company, including any period of salary continuation, and at any time after the occurrence of both such events the Executive's employment terminates for any reason other than by the Company for "Causecause" as described in paragraph 6 8., above, the Executive and his then-eligible dependents shall be entitled to participate in the Company's group health insurance plan, as amended from time to time by the Company, after the Executive's Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of the Executive's life ("Life Coverage Period"). During the Life Coverage Period, the Executive shall pay twenty percent (20%) % of the current premium (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent (80%) % of said premium on an after-tax basis, which contribution will be imputed income to the Executive. As soon after the Separation Date as the Executive becomes eligible for Medicare coverage, the Company's group health insurance plan shall become secondary to Medicare. If the Executive engages in any of the activities described in paragraph 13(a) Paragraph 14.(a), below, during the Life Coverage Period, the entitlement of the Executive and his then-eligible dependents to participate in the Company's group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to applicable COBRA rights, which shall commence on the Separation Date. If the Executive engages in any of the activities described in said paragraph 13(a)(iParagraph 14.(a)(i) in a business which does not compete with the Company or any of its subsidiaries during the Life Coverage Period, the Company's group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to the Executive by that business. Executive also shall receive the benefits and be bound by the provisions of this paragraph 10 if a Change in Control, as defined in Executive's Severance Agreement, occurs during Executive's active employment and if the Severance Agreement is in force when the Change of Control occurs.
Appears in 1 contract
Certain Health Insurance Benefits. If (i) Executive reaches the age of fifty (50) and, when added to his number of years of continuous service with the Company, including any period of salary continuation, the sum of his age and years of service equals or exceeds sixty-five (65), and at any time after the occurrence of both such events Executive's employment is terminated pursuant to paragraph 6 7 above; or (ii) Executive reaches the age of fifty-five (55) and has attained ten (10) years of continuous service with the Company, including any period of salary continuation, and at any time after the occurrence of both such events Executive's employment terminates for any reason other than by the Company for "Cause" as described in paragraph 6 9 above, Executive and his then-eligible dependents shall be entitled to participate in the Company's group health insurance plan, as amended from time to time by the Company, after Executive's Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of Executive's life ("Life Coverage Period"). During the Life Coverage Period, Executive shall pay twenty percent (20%) of the current premium (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent (80%) of said premium on an after-tax basis, which contribution will be imputed income to Executive. As soon after the Separation Date as Executive becomes eligible for Medicare coverage, the Company's group health insurance plan shall become secondary to Medicare. If Executive engages in any of the activities described in paragraph 13(a14(a) below, during the Life Coverage Period, the entitlement of Executive and his then-eligible dependents to participate in the Company's group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to applicable COBRA rights, which shall commence on the Separation Date. If Executive engages in any of the activities described in said paragraph 13(a)(i14(a)(i) in a business which does not compete with the Company or any of its subsidiaries during the Life Coverage Period, the Company's group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to Executive by that business. Executive also shall receive the benefits and be bound by the provisions of this paragraph 10 11 if a Change in Control, as defined in Executive's Severance Agreement, occurs during following the effective date of this Agreement. Notwithstanding anything to the contrary contained in this Agreement, upon Executive completing the term of this Agreement, Executive shall be eligible for lifetime benefits for the remainder of Executive's active employment and life on the same terms as set forth above. Executive will not receive lifetime benefits if he does not complete the Severance terms of this Agreement is in force when the Change of Control occursfor any reason whatsoever, including being discharged Without Cause.
Appears in 1 contract
Certain Health Insurance Benefits. If (i) the Executive reaches the age of fifty (50) 50 and, when added to his her number of years of continuous service with the Company, Company including any period of salary continuation, the sum of his her age and years of service equals or exceeds sixty-five (65), and at any time after the occurrence of both such events the Executive's employment is terminated pursuant to paragraph 6 Paragraph 6., above; or (ii) the Executive reaches the age of fifty-five (55) 55 and has attained ten (10) 10 years of continuous service with the Company, Company including any period of salary continuation, and at any time after the occurrence of both such events the Executive's employment terminates for any reason other than by the Company for "Causecause" as described in paragraph 6 8., above, the Executive and his her then-eligible dependents shall be entitled to participate in the Company's group health insurance plan, as amended from time to time by the Company, after the Executive's Separation Date or the end of the Salary Continuation Period, as applicable, for the remainder of the Executive's life ("Life Coverage Period"). During the Life Coverage Period, the Executive shall pay twenty percent (20%) % of the current premium (revised annually) on an after-tax basis each quarter, and the Company shall pay eighty percent (80%) % of said premium on an after-tax basis, which contribution will be imputed income to the Executive. As soon after the Separation Date as the Executive becomes eligible for Medicare coverage, the Company's group health insurance plan shall become secondary to Medicare. If the Executive engages in any of the activities described in paragraph 13(a) Paragraph 14.(a), below, during the Life Coverage Period, the entitlement of the Executive and his her then-eligible dependents to participate in the Company's group health insurance plan shall terminate automatically, without any further action or notice by either party, subject to applicable COBRA rights, which shall commence on the Separation Date. If the Executive engages in any of the activities described in said paragraph 13(a)(iParagraph 14.(a)(i) in a business which does not NOT compete with the Company or any of its subsidiaries during the Life Coverage Period, the Company's group health insurance plan shall become secondary to any primary health insurance plan or coverage made available to the Executive by that business. The Executive shall also shall receive the benefits and be bound by the provisions of this paragraph Paragraph 10 if a Change in Control, as defined in the Executive's Severance Agreement, occurs during Executive's active employment and if following the Severance Agreement is in force when the Change effective date of Control occursthis Agreement.
Appears in 1 contract
