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 either of Sections 1.1 or 1.2 of this Agreement and the Executive is age 50 with 15 years Vesting Service (as that term is defined under the KeyCorp Cash Balance Pension Plan) as of his or her Termination Date, the Executive may elect, in lieu of electing COBRA continuation coverage under the provisions of Section 1.3(a) hereof, to participate in the KeyCorp Retiree Medical Plan. Key will pay the premium cost for the Executive’s Retiree Medical Plan coverage from the Executive’s Termination Date through (a) the last day of the eighteen-month period following the Executive’s Termination Date, or (b) the date on which the Executive becomes employed (other than on a part-time or temporary basis) by any other person or entity, whichever shall first occur. If the Executive is not age 55 at the time that Key’s premium payment ends, the Executive shall be required to pay the full premium cost for his or her continued Retiree Medical Plan coverage until the Executive reaches age 55, at which time the KeyCorp Retiree Medical Plan premium cost-sharing structure will apply.