Common use of Continuation of Certain Welfare Benefits Clause in Contracts

Continuation of Certain Welfare Benefits. (i) During the period described in Paragraph 29(b)(ii) below, the Corporation will maintain, or continue to reimburse or pay on behalf of the Executive, as the case may be, medical, dental and life insurance plans which by their terms cover the Executive and his family members and dependents under the same terms and at the same cost to the Executive and his family members and dependents as similarly situated executives who continue to be employed by the Corporation (without regard to any reduction in such benefits that constitutes Good Reason). The continuation period under applicable federal and state continuation laws will begin to run from the date on which coverage under this Paragraph ends. (ii) For purposes of Paragraph 29(b)(i) above, the continuation period with respect to any particular plan is the period beginning on the Termination Date and ending on the earlier of: (x) the last day of the twelfth month that begins after the Termination Date, (y) the date after Termination Date on which the Executive first becomes eligible to participate in the plan of another employer providing comparable benefits to the Executive and his eligible family members and dependents which plan does not contain any exclusion or limitation with respect to any pre-existing condition of the Executive or any eligible family member or dependent who would otherwise be covered under the Corporation's plan but for this clause (y), or (z) the date of the Executive's death. (iii) To the extent the Executive incurs a liability for Taxes in connection with a benefit provided pursuant to Paragraph 29(b) which he would not have incurred had he been an active employee of the Corporation participating in one of the Corporation's Benefit Plans, the Corporation shall make a Gross-Up Payment for any such Taxes to the Executive. For purposes of applying the foregoing, the Executive's tax rate will be deemed to be the highest statutory marginal state and federal tax rate (on a combined basis) then in effect. The payment pursuant to this subparagraph will be made within ten days after the Executive's remittal of a written request therefor, accompanied by a statement indicating the basis for and amount of the liability.

Continuation of Certain Welfare Benefits. (i) During the period described in Paragraph 29(b)(ii28(b)(ii) below, the Corporation will maintain, or continue to reimburse or pay on behalf of the Executive, as the case may be, medical, dental and life insurance plans which by their terms cover the Executive and his family members and dependents under the same terms and at the same cost to the Executive and his family members and dependents as similarly situated executives who continue to be employed by the Corporation (without regard to any reduction in such benefits that constitutes Good Reason). The continuation period under applicable federal and state continuation laws will begin to run from the date on which coverage under this Paragraph ends. (ii) For purposes of Paragraph 29(b)(i28(b)(i) above, the continuation period with respect to any particular plan is the period beginning on the Termination Date and ending on the earlier of: (x) the last day of the twelfth month that begins after the Termination Date, (y) the date after Termination Date on which the Executive first becomes eligible to participate in the plan of another employer providing comparable benefits to the Executive and his eligible family members and dependents which plan does not contain any exclusion or limitation with respect to any pre-existing condition of the Executive or any eligible family member or dependent who would otherwise be covered under the Corporation's plan but for this clause (y), or (z) the date of the Executive's death. (iii) To the extent the Executive incurs a liability for Taxes in connection with a benefit provided pursuant to Paragraph 29(b28(b) which he would not have incurred had he been an active employee of the Corporation participating in one of the Corporation's Benefit Plans, the Corporation shall make a Gross-Up Payment for any such Taxes to the Executive. For purposes of applying the foregoing, the Executive's tax rate will be deemed to be the highest statutory marginal state and federal tax rate (on a combined basis) then in effect. The payment pursuant to this subparagraph will be made within ten days after the Executive's remittal of a written request therefor, accompanied by a statement indicating the basis for and amount of the liability.