Common use of LONG-TERM DISABILITY INSURANCE COVERAGE Clause in Contracts

LONG-TERM DISABILITY INSURANCE COVERAGE. Subject to Executive's insurability on a standard risk basis, Company shall provide Executive with long-term insurance disability coverage for an amount equal to 66 2/3% of his Annual Base Salary, as it may be adjusted from year to year. For this purpose, "long-term disability" shall mean disability for purposes of receiving benefits under the Company's group long-term disability insurance plan for employees. The Company, in its sold discretion, can fulfill its obligation hereunder, in whole or in part, by means of Executive's participation in the Company's long-term disability insurance plan for employees. The Company shall purchase and maintain an individual, long-term disability policy to provide for such coverage amount that is not otherwise provided through the Company group disability plan. Other than the amount of benefit provided for thereunder, the provisions of such individual policy shall be substantially comparable to those contained in the Company's group disability plan. Upon termination of his employment other than by the Company for cause (as provided for in Section 5.1), Executive shall be entitled, with no obligation of reimbursement to the Company, to exercise any option, available to him under the individual insurance policies and/or contracts purchased and maintained by the Company, to assume ownership thereof and continue such policies and/or contracts in full force and effect.