Continuation of Welfare Benefits. Continuation of medical and dental insurance coverage in which the Executive (or his dependents) was participating as of the Date of Termination (subject to such modifications as shall be established for all employees of the Company) until the earliest of:
(i) the second anniversary of the Date of Termination;
(ii) the date the Executive first breaches the Release Agreement or any restrictive covenant hereunder or in any employment or other agreement with the Company which survives termination of the Executive’s employment; or
(iii) the date the Executive becomes eligible under a similar welfare benefit plan of a successor employer. If such coverage cannot be provided on a tax-advantaged basis under the Company’s program, the Company will make a supplemental payment to the Executive such that his after-tax cost of coverage will be no greater than the cost for such coverage to a similarly-situated employee under the program. Any increase in premium cost resulting from a change in the Executive’s coverage election shall be borne by the Executive. In order to receive such continued medical and dental coverage, the Executive must be eligible for and elect continuation coverage under “COBRA” under the terms of the applicable programs for the first 18 months of such coverage.
Continuation of Welfare Benefits. During the lesser of the period during which Executive or a qualifying beneficiary (as defined in Section 607 of the Employee Retirement Income Security Act of 1974, as amended) has in effect an election for post-termination continuation coverage or conversion rights to welfare benefits under applicable law, including Section 4980 of the Code (“COBRA”), or the period ending on the 18-month anniversary of the Termination Date (“Severance Period”), Executive (or, if applicable, the qualifying beneficiary) shall be entitled to such coverage at an out-of-pocket premium cost that does not exceed the out-of-pocket premium cost applicable to similarly situated active employees (and their eligible dependents); provided, however, that if Executive is eligible to retiree benefits provided under any welfare benefit plan, program, policy, practice or procedure of the Xxxxxxxx Parties, Executive shall be entitled to receive such retiree benefits in lieu of the COBRA coverage provided by this Section 2.1(c).
Continuation of Welfare Benefits. For the twenty-four (24) month period immediately following the Date of Termination, the Company shall arrange to provide the Executive and his dependents life, disability, accident and health insurance benefits and other benefits and perquisites (including employee stay rates) substantially similar to those provided to the Executive and his dependents immediately prior to the Date of Termination or, if more favorable to the Executive, those provided to the Executive and his dependents immediately prior to the first occurrence of an event or circumstance constituting Good Reason, at no greater cost to the Executive than the cost to the Executive immediately prior to such date or occurrence. Benefits otherwise receivable by the Executive pursuant to this Section 6(a)(2) shall be reduced to the extent benefits of the same type are received by the Executive from another employer during the twenty-four (24) month period following the Executive's termination of employment; provided, however, that the Company shall reimburse the Executive for the excess, if any, of the cost of such benefits to the Executive over such cost immediately prior to the Date of Termination or, if more favorable to the Executive, the first occurrence of an event or circumstance constituting Good Reason.
Continuation of Welfare Benefits. For three years following the Date of Termination, the Company shall provide or arrange to provide the Executive and his dependants with life, disability, accident and health insurance benefits substantially similar to those provided to similarly situated senior executive officers of the Company during such period, with the Executive charged a monthly premium(s) for such coverage(s) that does not exceed the premium(s) charged to a similarly situated senior executive officers of the Company for such coverage(s); provided, however, the Executive must elect continuation coverage under such group health plans in accordance with COBRA, effective as of the Date of Termination; provided, further, benefits otherwise receivable by the Executive pursuant to this Section 5(a)(iii) shall be reduced to the extent other comparable benefits are actually received by the Executive and his dependants during the three-year period following the Date of Termination, and any such benefits actually received by the Executive or his dependants shall be reported to the Company.
Continuation of Welfare Benefits. Notwithstanding anything contained herein to the contrary, if the Executive is entitled to receive the Change-in-Control Payment, the Company or its successor shall continue to pay premiums on behalf of the Executive, as if the Executive were still an employee of the Company, in the medical, dental, hospitalization and life insurance plans, programs and/or arrangements of the Company or any of its subsidiaries in which the Executive was participating on the Termination Date on the same terms and conditions as other employees under such plans, programs and/or arrangements until the earlier of (i) the end of the 24-month period following the Termination Date or (ii) the date, or dates, the Executive is entitled to receive substantially equivalent coverage and benefits under the plans, programs and/or arrangements of a subsequent employer (such coverage and benefits to be determined on a coverage-by-coverage or benefit-by-benefit basis). The Executive shall be eligible to continue his benefits through COBRA at his own expense, to the extent provided by law.
Continuation of Welfare Benefits. With respect to Executive’s rights to continuation of Welfare Benefits provided for in Sections 10(b), (c), (e) and (g), (i) the benefits provided in any one calendar year shall not affect the benefits provided in any other calendar year, (ii) the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the business expense was incurred, and (iii) such rights shall not be subject to liquidation or exchange for another benefit.”
9. The Agreement is hereby amended by adding the following new Section 24:
Continuation of Welfare Benefits. Subject to Paragraph 15 in the case of any benefits that are not exempt from Section 409A, for the twenty-four (24) month period immediately following the Date of Termination, the Company shall arrange to provide the Executive and his dependents life, disability, and accident insurance benefits and other benefits and perquisites (including employee stay rates) substantially similar to those provided to the Executive and his dependents immediately prior to the Date of Termination or, if more favorable to the Executive, those provided to the Executive and his dependents immediately prior to the first occurrence of an event or circumstance constituting Good Reason, at no greater cost to the Executive than the cost to the Executive immediately prior to such date or occurrence. Benefits otherwise receivable by the Executive pursuant to this Section 6(a)(2) shall be reduced to the extent benefits of the same type are received by the Executive from another employer during the twenty-four (24) month period following the Executive’s termination of employment; provided, however, that the Company shall reimburse the Executive for the excess, if any, of the cost of such benefits to the Executive over such cost immediately prior to the Date of Termination or, if more favorable to the Executive, the first occurrence of an event or circumstance constituting Good Reason.
Continuation of Welfare Benefits. Continuation under the terms provided to similarly situated active employees, at no cost to you, of life, medical and dental insurance coverage in which you (or your dependents) was participating as of the Date of Termination (subject to such modifications as shall be established for all employees of the Company) until the earliest of:
a. the eighteen month anniversary of your Date of Termination;
b. the date you first breach the Release Agreement or any restrictive covenant hereunder or in any employment or other agreement with the Company which survives termination of your employment; or
c. the date you become eligible for comparable benefits under a similar welfare benefit plan of a successor employer. If under the terms of the Company’s plan or insurance contract, the Company is unable to provide you with continued coverage for the intended period, the Company’s sole obligation shall be to pay you a monthly amount equal to the Company’s cost of providing such coverage to you as an active employee. To the extent that your continuation coverage rights under COBRA continue for more than eighteen months following your Date of Termination you will be eligible to continue coverage under COBRA for any remaining period. Notwithstanding the forgoing, at your election or the Company’s election, the Company will pay you a lump sum amount equal to the cost of such COBRA coverage for the eighteen month period, and such amount will be grossed up for income tax purposes and shall be paid in connection with the timing of severance payments as described below.
Continuation of Welfare Benefits. If, during the ------------------------------------ Employment Period, the Company terminates the Executive's employment other than for Cause, or following a Change in Control the Executive terminates his employment for Good Reason, the Executive (and, to the extent applicable, his dependents) shall be entitled, after the Date of Termination until the earlier of (1) the third anniversary of the Date - of Termination (the "End Date") and (2) the date the Executive becomes - eligible for comparable benefits under a similar plan, policy or program of a subsequent employer, to continue participation in all of the Company's employee and executive welfare and fringe benefit plans, excluding further vacation pay (the "Benefit Plans"). To the extent any such benefits cannot be provided under the terms of the applicable plan, policy or program, the Company shall provide a comparable benefit under another plan or from the Company's general assets. The Executive's participation in the Benefit Plans will be on the same terms and conditions that would have applied had the Executive continued to be employed by the Company through the End Date.
Continuation of Welfare Benefits. Where an Employee continues to be absent from work due to sickness after the total of the Employee's sick leave accrual has been used, or if the Employee is laid off, the Board shall maintain the Employee's membership in the Medical Services Plan, Dental Plan and the Group Life Insurance Plan by paying the full amount of the premiums due on his behalf for a period of up to three (3) months. The Employee will refund to the Board the amount of the Employee's share of the premium so paid on the Employee's return to work. At the expiry of this three (3) month period, if the Employee is still unable to return to work, the Employee's case shall be reviewed by the Board.
