Common use of Continuation of Welfare Benefits Clause in Contracts

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. 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)(iii5(a)(v) 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.