Continuing Benefit Coverage Clause Samples

Continuing Benefit Coverage. If Executive’s employment terminates under the circumstances described in § 3.1 or § 3.6, SunTrust or a SunTrust Affiliate for the three (3) year period which begins on the date of such termination of Executive’s employment (the “Severance Period”) shall provide to Executive medical, dental and life insurance benefits which are similar in all material respects as those benefits provided under SunTrust’s employee benefit plans, policies and programs to senior executives of SunTrust who have not terminated their employment (collectively, the medical and dental benefits referred to hereinafter as the “Welfare Benefits”). If SunTrust cannot provide such benefits under SunTrust’s employee benefit plans, policies and programs, SunTrust either shall provide such benefits to Executive outside such plans, policies and programs at no additional expense or tax liability to Executive or shall reimburse Executive for Executive’s cost to purchase such benefits and for any tax liability for such reimbursements. To the extent the continuation of the Welfare Benefits under § 3.2 is, or ever becomes, taxable to Executive and to the extent the Welfare Benefits continue beyond the period in which Executive would be entitled (or would, but for this Agreement, be entitled) to continuation coverage under a group health plan of SunTrust under Code Section 4980B (COBRA) if Executive elected such coverage and paid the applicable premiums, SunTrust shall administer such continuation of coverage consistent with the following additional requirements as set forth in Treas. Reg. § 1.409A-3(i)(1)(iv): (a) Executive’s eligibility for Welfare Benefits in one year will not affect Executive’s eligibility for Welfare Benefits in any other year (disregarding any limit on the amount of Welfare Benefits that may be reimbursed during such continuation period); (b) Any reimbursement of eligible expenses will be made on or before the last day of the year following the year in which the expense was incurred; and (c) Executive’s right to Welfare Benefits is not subject to liquidation or exchange for another benefit. In the event the preceding sentence applies, if Executive’s applicable COBRA period lasts less than six (6) months and Executive is a Key Employee, reimbursement for Welfare Benefits shall commence on the first day after the Key Employee Delay.

Continuing Benefit Coverage. The Company will, at normal --------------------------- employee rates, provide Executive and, to the extent available before the Qualifying Termination, Executive's eligible dependents with coverage under the Company's medical/dental plan, life insurance and accident plan and disability plan until the earlier of (i) one (1) year after the date of Executive's Qualifying Termination or (ii) the first date that Executive is covered under another employer's program which provides substantially the same level of benefit coverage without exclusion for pre-existing conditions. After this period of coverage, Executive (and, if applicable, Executive's eligible dependents) may elect to continue coverage under the Company's group medical/dental plan at Executive's own expense in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") and, for purposes of determining the maximum period of COBRA coverage, such maximum period will begin immediately following the end of Company- subsidized coverage.