Common use of Payment of Retiree Medical Coverage Clause in Contracts

Payment of Retiree Medical Coverage. If the Executive becomes entitled to payment of a lump sum severance benefit under the provisions of either Section 1.1 or Section 1.2 of this Agreement and as of the Executive’s Termination Date the Executive is eligible to be covered by the KeyCorp Retiree Medical Plan, the Executive may elect, in lieu of electing COBRA continuation coverage under the provisions of Section 1.3 hereof, to participate in the KeyCorp Retiree Medical Plan. On the 12th month following the Executive’s Termination Date, and thereafter on the 18th month following the Executive’s Termination Date, Key shall pay to Executive a lump sum cash payment that shall equal the premium costs that the Executive paid on an after-tax basis over the preceding 12 or 6 month period for coverage under the KeyCorp Retiree Medical Plan for himself and his covered dependants, as adjusted to reflect Key’s subsidized cost-sharing arrangement, if any, that is otherwise provided to all similarly situated employees based on their years of service with Key. After the 18th month following the Executive’s Termination Date, Executive shall not be entitled to further reimbursement for premium costs for coverage under the KeyCorp Retiree Medical Plan for himself and his covered dependents, but he shall continue to be entitled to participate in the Retiree Medical Plan and to receive Key’s subsidized cost-sharing arrangement, if any, that is otherwise provided to all similarly situated employees based on their years of service with Key. The Executive may also elect dental coverage for himself and his dependents under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, provided that Executive and his dependents assume the cost for such dental coverage.

Payment of Retiree Medical Coverage. If the Executive becomes entitled to payment of a lump sum severance benefit under the provisions of either Section 1.1 or Section 1.2 of this Agreement and as of the Executive’s Termination Date Date, the Executive is eligible to be covered by the KeyCorp Retiree Medical Plan, the Executive may elect, in lieu of electing COBRA continuation coverage under the provisions of Section 1.3 hereof, to participate in the KeyCorp Retiree Medical Plan. On the 12th month following the Executive’s Termination Date, and thereafter on the 18th month following the Executive’s Termination Date, Key shall pay to Executive a lump sum cash payment that shall equal the premium costs that the Executive paid on an after-tax basis over the preceding 12 or 6 month period for coverage under the KeyCorp Retiree Medical Plan for himself and his covered dependants, as adjusted to reflect Key’s subsidized cost-sharing arrangement, if any, that is otherwise provided to all similarly situated employees based on their years of service with Key. After the 18th month following the Executive’s Termination Date, Executive shall not be entitled to further reimbursement for premium costs for coverage under the KeyCorp Retiree Medical Plan for himself and his covered dependents, but he shall continue to be entitled to participate in the Retiree Medical Plan and to receive Key’s subsidized cost-sharing arrangement, if any, that is otherwise provided to all similarly situated employees based on their years of service with Key. The Executive may also elect dental coverage for himself and his dependents under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, provided that Executive and his dependents assume the cost for such dental coverage.