POST-RETIREMENT MAJOR MEDICAL Sample Clauses

POST-RETIREMENT MAJOR MEDICAL. The Company will provide a Major Medical Plan to eligible employees who retire on or after December 1, 2005. Eligible employees must be at least age 55 with 20 years of service at the time of their retirement. Coverage under this Plan will terminate for the retiree and dependents when the retiree turns 65 years of age. The Plan will have a $40,000 lifetime maximum for each covered individual. This lifetime maximum will be aggregated with the active lifetime maximum. The Company’s contribution to the cost of this Plan is capped at $43 per month for single coverage and $101 per month for family coverage. The balance of Plan costs will be paid by retirees who elect coverage under the Plan. The Plan will have a calendar year deductible of $50 individual and $100 family. The Plan will pay 80% of covered charges for hospital, prescription drugs, and other covered charges. There will be no out-of-province coverage and no vision coverage under this Plan. The Company will provide a booklet containing highlights of the Plan to employees. All terms, conditions, and benefits payable under this Plan will be governed at all times by the complete terms of the Master Group Insurance Policy issued by the carrier, as may be appointed from time to time by the Company. The Company will provide the Union with a copy of the Policy.
Sample 1
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Related to POST-RETIREMENT MAJOR MEDICAL

  • Retirement Retirement" shall mean voluntary termination by the Executive in accordance with the Employers' retirement policies, including early retirement, generally applicable to their salaried employees.

  • Disability If, as a result of the Executive's incapacity due to physical or mental illness, the Executive shall have been absent from his duties with the Company on a full-time basis for six months and within 30 days after written notice of termination is thereafter given by the Company the Executive shall not have returned to the full-time performance of the Executive's duties, the Company may terminate this Agreement for "Disability."

  • Termination of Employment Executive's employment hereunder may be terminated under the following circumstances:

  • Change in Control For purposes of this Agreement, a "Change in Control" shall mean any of the following events:

  • Termination for Cause If Vendor fails to materially perform pursuant to the terms of this Agreement, TIPS shall provide written notice to Vendor specifying the default. If Vendor does not cure such default within thirty (30) days, TIPS may terminate this Agreement, in whole or in part, for cause. If TIPS terminates this Agreement for cause, and it is later determined that the termination for cause was wrongful, the termination shall automatically be converted to and treated as a termination for convenience.

  • Employment Company hereby employs Executive, and Executive hereby accepts such employment, upon the terms and conditions set forth herein.

  • Change of Control There occurs any Change of Control; or

  • Long Service Leave All employees shall be entitled to long service leave in accordance with the relevant State Legislation. The employer will ensure that any registration necessary for the purposes of portable long service schemes will be undertaken.

  • Vesting Any Class A preferred shares issuable hereunder shall be subject to cliff vesting on December 31, 2025 (the “Initial Vesting Date”), and in the event vesting occurs on the Initial Vesting Date, a new cliff vesting period shall apply to all Class A shares issuable to Masterworks from and after such Initial Vesting Date until the three-year anniversary of such Initial Vesting Date and all of such Class A preferred shares will vest on such three-year anniversary of the Initial Vesting Date and such process will be repeated in successive three-year periods (each such vesting date, together with the Initial Vesting Date, a “Vesting Date”). Any vesting period may be extended for a five-year period or shortened in accordance with this Section 6, provided, that any applicable Vesting Date shall be accelerated upon an Approved Sale to the date any such Approved Sale is consummated, except in the case that such sale is not approved by the Special Committee. At any time prior to the 12-month anniversary of the applicable Vesting Date, the Parties can mutually agree in writing to extend the Vesting Date for one or more additional five-year periods, or agree at any time to accelerate the Vesting Date to an earlier date, provided that any agreement to accelerate the Vesting Date to an earlier date (other than in connection with a sale of the Artwork) shall be ineffective unless and until the Company obtains the consent of holders of a majority of the Class A shares eligible to vote on such matter. Any Class A shares beneficially owned by the Administrator and its affiliates shall not be eligible to vote on such matter. The unvested Class A preferred shares issued or issuable hereunder shall be forfeited if this Agreement is terminated prior to the applicable Vesting Date or if the Special Committee does not approve a sale of the Artwork. The Administrator may also, in its sole discretion, reduce unearned management fees or voluntarily forfeit any unvested management fees, in whole or in part. Any Class A preferred shares that are forfeited shall no longer be deemed to be outstanding and shall have no rights to distributions. All of the Class A preferred shares issued pursuant to this Agreement prior to the Effective Date shall be fully vested upon issuance and shall not be subject to the vesting provisions set forth in this Section 6. The holders of the Company’s Class A shares may remove and replace the Administrator with another person or entity by the affirmative vote of two-thirds (2/3) of the Class A shares eligible to vote, such removal to take effect on the date any such successor administrator has been appointed (the “Removal Effective Date”).

  • Sick Leave The employee is eligible for long term disability benefits if provided for in the Collective Agreement. An employee will not receive pay for the first two (2) weeks of any period of absence due to a legitimate illness. The employee may utilize the paid holiday bank as income replacement for absences due to illness, as described in Article (c) above. An employee who is eligible may apply for Employment Insurance for weeks three (3) through seventeen (17) for any absence due to a legitimate illness. The Home will provide the employee with Disability Income Protection as per Article 14.01 (c) for weeks eighteen (18) through thirty (30) for any absence due to a legitimate illness. Employees may be required to provide medical proof of illness for any absence of a scheduled shift, which is neither vacation nor an approved leave of absence.

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