Common use of Insurance Benefits, etc Clause in Contracts

Insurance Benefits, etc. The Company shall at all times during the 12 month period following the Termination Date (the “Benefits Continuation Period”) cause the Executive and the Executive’s eligible dependents to be covered by and to participate in all life, accidental death and dismemberment and health insurance plans that are offered to the senior employees of the Company (or to be covered by and participate in alternative arrangements that are substantially similar to such plans), to the fullest extent allowable under the terms thereof, and to the extent coverage under such plans does not violate Section 409A of the Code, so that the Executive will receive, at all times during the Benefits Continuation Period, substantially identical benefits under such plans or arrangements as the Executive would have been entitled to receive had the Executive remained a senior employee of the Company and the Executive’s costs for coverage under such plans or arrangements shall be not greater than if the Executive had remained a senior employee of the Company. For purposes of this Section 4.4(b): (i) the Company shall provide the required health insurance coverage through one or more third party insurance policies or shall pay or reimburse the Executive for the cost of individual health insurance coverage for the Executive and his eligible dependents, provided that such coverage shall in all events qualify as an “accident or health plan” under Sections 105 or 106 of the Code, and (ii) the life insurance coverage provided during one year shall not affect the life insurance coverage provided in any other year. In no event shall the Executive’s continuation period for purposes of Part 6 of Title I of the Executive Retirement Income Security Act of 1974, as amended (“COBRA”), begin prior to the end of the Executive’s receipt of the Continued Benefits (as defined herein). The Executive shall cooperate with the Company with respect to obtaining any individual coverage. The benefits provided by this Section 4.4(b) and 4.4(c) are herein referred to as the “Continued Benefits.”

Insurance Benefits, etc. The Company shall at all times during the 12 24 month period following the Termination Date (the “Benefits Continuation Period”) cause the Executive and the Executive’s eligible dependents to be covered by and to participate in all life, accidental death and dismemberment and health insurance plans that are offered to the senior employees of the Company (or to be covered by and participate in alternative arrangements that are substantially similar to such plans), to the fullest extent allowable under the terms thereof, and to the extent coverage under such plans does not violate Section 409A of the Code, so that the Executive will receive, at all times during the Benefits Continuation Period, substantially identical benefits under such plans or arrangements as the Executive would have been entitled to receive had the Executive remained a senior employee of the Company and the Executive’s costs for coverage under such plans or arrangements shall be not greater than if the Executive had remained a senior employee of the Company. For purposes of this Section 4.4(b): (i) the Company shall provide the required health insurance coverage through one or more third party insurance policies or shall pay or reimburse the Executive for the cost of individual health insurance coverage for the Executive and his eligible dependents, provided that such coverage shall in all events qualify as an “accident or health plan” under Sections 105 or 106 of the Code, and (ii) the life insurance coverage provided during one year shall not affect the life insurance coverage provided in any other year. In no event shall the Executive’s continuation period for purposes of Part 6 of Title I of the Executive Retirement Income Security Act of 1974, as amended (“COBRA”), begin prior to the end of the Executive’s receipt of the Continued Benefits (as defined herein). The Executive shall cooperate with the Company with respect to obtaining any individual coverage. The benefits provided by this Section 4.4(b) and 4.4(c) are herein referred to as the “Continued Benefits.”

Insurance Benefits, etc. The Company shall at all times during the 12 month period following the Termination Date (the “Benefits Continuation Period”) cause the Executive and the Executive’s eligible dependents to be covered by and to participate in all life, accidental death and dismemberment and health insurance plans that are offered to the senior employees of the Company (or to be covered by and participate in alternative arrangements that are substantially similar to such plans), to the fullest extent allowable under the terms thereof, and to the extent coverage under such plans does not violate Section 409A of the Code, so that the Executive will receive, at all times during the Benefits Continuation Period, substantially identical benefits under such plans or arrangements as the Executive would have been entitled to receive had the Executive remained a senior employee of the Company and the Executive’s costs for coverage under such plans or arrangements shall be not greater than if the Executive had remained a senior employee of the Company. For purposes of this Section 4.4(b): (i) the Company shall provide the required health insurance coverage through one or more third party insurance policies or shall pay or reimburse the Executive for the cost of individual health insurance coverage for the Executive and his eligible dependents, provided that such coverage shall in all events qualify as an “accident or health plan” under Sections 105 or 106 of the Code, and (ii) the life insurance coverage provided during one year shall not affect the life insurance coverage provided in any other year. In no event shall the Executive’s continuation period for purposes of Part 6 of Title I of the Executive Retirement Income Security Act of 1974, as amended (“COBRA”), begin prior to the end of the Executive’s receipt of the Continued Benefits (as defined herein). The Executive shall cooperate with the Company with respect to obtaining any individual coverage. The benefits provided by this Section 4.4(b) and 4.4(c) are herein referred to as the “Continued Benefits.”” (c) In the event that any life insurance coverage provided pursuant to Section 4.4(b) is required to be delayed pursuant to Section 4.7 hereof, the Executive shall be required to pay the full cost of such coverage during the six-month period immediately following the Executive’s Termination Date. In such case, on the first day of the seventh month following the Executive’s Termination Date, the Company shall pay to the Executive a lump sum cash payment equal to the amount paid by the Executive pursuant this paragraph 4.4(c). Beginning on the first day of the seventh month, for the remainder of the Benefits Continuation Period, and for any additional period set forth in Section 4.5 hereof, the Company shall resume paying the employer paid 9 portion of the premium for the life insurance coverage so that the Executive’s costs for such life insurance coverage are not greater than if the Executive had remained a senior employee of the Company. (d) Should the Executive’s Disability end during the pendency of the Benefits Continuation Period, the Company may discontinue the payments contemplated by this Section 4.4 if it offers to reemploy the Executive under the terms of this Agreement.