Common use of Continuation of Certain Benefits Clause in Contracts

Continuation of Certain Benefits. If Employee performs the duties contemplated under this Agreement through February 28, 2006, Employee will be entitled to continued participation in Employer’s group health plan until the earlier of (A) the date he becomes eligible to receive coverage and benefits under the health plan of a subsequent employer, or (B) February 28, 2011; provided (1) if Employee is precluded from continuing his participation in Employer’s group health plan as provided herein, he shall be paid, in a lump sum cash payment, within 30 days following the date it is determined he is unable to participate in the group health plan, an amount equal to the after-tax economic equivalent of the benefits (net of Employee’s contribution) provided under the plan; (2) the economic equivalent of any benefit foregone shall be deemed to be an amount equal to (i) the lowest cost that would be incurred by Employee in obtaining such benefit for himself (including family or dependent coverage, if applicable) on an individual basis, minus (ii) the amount Employee would reasonably have been expected to contribute under Employer’s group health plan; and (3) in no event shall the lump sum cash payment contemplated by this Section 5(b) exceed $30,000. Employee shall be eligible for group health plan continuation coverage under, and in accordance with, the Consolidated Omnibus Budget Reconciliation Act of 1965, as amended, when he ceases to be eligible for continued participation in Employer’s group health plan.

Continuation of Certain Benefits. If Employee performs the duties contemplated under this Agreement through February 28June 30, 2006, Employee will be entitled to continued participation in Employer’s 's group health plan until the earlier of (A) the date he becomes eligible to receive coverage and benefits under the health plan of a subsequent employer, or (B) February 28, June 30 2011; provided (1) if Employee is precluded from continuing his participation in Employer’s 's group health plan as provided herein, he shall be paid, in a lump sum cash payment, within 30 days following the date it is determined he is unable to participate in the group health plan, an amount equal to the after-tax economic equivalent of the benefits (net of Employee’s 's contribution) provided under the plan; (2) the economic equivalent of any benefit foregone shall be deemed to be an amount equal to (i) the lowest cost that would be incurred by Employee in obtaining such benefit for himself (including family or dependent coverage, if applicable) on an individual basis, minus (ii) the amount Employee would reasonably have been expected to contribute under Employer’s 's group health plan; and (3) in no event shall the lump sum cash payment contemplated by this Section 5(b) exceed $30,000. Employee shall be eligible for group health plan continuation coverage under, and in accordance with, the Consolidated Omnibus Budget Reconciliation Act of 1965, as amended, when he ceases to be eligible for continued participation in Employer’s 's group health plan.