Common use of Health Care Benefit Clause in Contracts

Health Care Benefit. Executive's coverage under Mercantile's group health insurance plans will terminate at the end of Executive's employment with Mercantile. Mercantile will reimburse Executive for the COBRA continuation coverage premiums incurred and paid by Executive to continue Executive's then current employee and dependent health, dental, and prescription drug coverage for eighteen (18) months after Executive's employment with Mercantile terminates, provided that (A) Executive elects and remains eligible for COBRA continuation coverage, and (B) Mercantile's obligation to provide coverage will end if Executive becomes eligible for comparable coverage from a new employer. Reimbursement for each monthly premium paid by Executive will be made not later than thirty (30) days after Executive requests reimbursement, but in no event later than the end of the year after the year in which the expense was incurred. In addition, in the first payroll period following the conclusion of the eighteen (18) month COBRA continuation period, Mercantile will pay Executive a lump sum cash payment of $9,000, which Executive can use to offset the cost of obtaining individual health insurance or for any other purpose. Any payments under this Section 3C will be reported as part of Executive's W-2 compensation and will be subject to Federal income tax withholding. In the event of Executive’s death while he remains employed by Mercantile or during the period he is receiving COBRA continuation coverage, Executive’s surviving spouse shall have the same right to reimbursement that Executive is entitled to receive hereunder for the same period and, if the $9,000 payment has not been made at the time of Executive’s death, Mercantile shall make such payment directly to Executive’s surviving spouse.

Health Care Benefit. Executive's ’s coverage under Mercantile's ’s group health insurance plans will terminate at the end of Executive's ’s employment with Mercantile. Mercantile will reimburse Executive for the COBRA continuation coverage premiums incurred and paid by Executive to continue Executive's ’s then current employee and dependent health, dental, and prescription drug coverage for eighteen (18) months after Executive's ’s employment with Mercantile terminates, provided that (A) Executive elects and remains eligible for COBRA continuation coverage, and (B) Mercantile's ’s obligation to provide coverage will end if Executive becomes eligible for comparable coverage from a new employer. Reimbursement for each monthly premium paid by Executive will be made not later than thirty (30) days after Executive requests reimbursement, but in no event later than the end of the year after the year in which the expense was incurred. In addition, in the first payroll period following the conclusion of the eighteen (18) month COBRA continuation period, Mercantile will pay Executive a lump sum cash payment of $9,000, which Executive can use to offset the cost of obtaining individual health insurance or for any other purpose. Any payments under this Section 3C will be reported as part of Executive's ’s W-2 compensation and will be subject to Federal income tax withholding. In the event of Executive’s death while he remains employed by Mercantile or during the period he is receiving COBRA continuation coverage, Executive’s surviving spouse shall have the same right to reimbursement that Executive is entitled to receive hereunder for the same period and, if the $9,000 payment has not been made at the time of Executive’s death, Mercantile shall make such payment directly to Executive’s surviving spouse.

Health Care Benefit. Executive's coverage under Mercantile's group health insurance plans will terminate at the end of Executive's employment with Mercantile. Mercantile will reimburse Executive for the COBRA continuation coverage premiums incurred and paid by Executive to continue Executive's then current employee and dependent health, dental, and prescription drug coverage for eighteen (18) months after Executive's employment with Mercantile terminates, provided that (A) Executive elects and remains eligible for COBRA continuation coverage, and (B) Mercantile's obligation to provide coverage will end if Executive becomes eligible for comparable coverage from a new employer. Reimbursement for each monthly premium paid by Executive will be made not later than thirty (30) days after Executive requests reimbursement, but in no event later than the end of the year after the year in which the expense was incurred. In addition, in the first payroll period following the conclusion of the eighteen (18) month COBRA continuation period, Mercantile will pay Executive a lump sum cash payment of $9,000, which Executive can use to offset the cost of obtaining individual health insurance or for any other purpose. Any payments under this Section 3C 3B will be reported as part of Executive's W-2 compensation and will be subject to Federal income tax withholding. In the event of Executive’s death while he remains employed by Mercantile or during the period he is receiving COBRA continuation coverage, Executive’s surviving spouse shall have the same right to reimbursement that Executive is entitled to receive hereunder for the same period and, if the $9,000 payment has not been made at the time of Executive’s death, Mercantile shall make such payment directly to Executive’s surviving spouse.