Post-Retirement Medical and Life Insurance Benefits Sample Clauses

Post-Retirement Medical and Life Insurance Benefits. Effective ---------------------------------------------------- as of the Distribution Date, Olin shall continue to sponsor the retiree medical benefit and life insurance plans of Olin. Olin agrees that it will retain all liability with respect to medical and life insurance benefits provided to Arch Former Employees who retired or otherwise terminated prior to the Distribution Date. Effective as of the Distribution Date, Arch shall adopt a medical benefit plan substantially similar to Olin's retiree benefits plan program. Such plan shall provide credit to Arch Employees and Subsequent Arch Employees for service with Olin on the same basis as credit for such service was provided under Olin's plan. Other than possible increases in employee contributions, Arch agrees that the benefits provided under its retiree medical benefits program shall not be reduced or terminated prior to the fifth anniversary of the Distribution Date. Arch hereby agrees to assume, and shall indemnify and hold Olin harmless from and against, all claims brought against any member of the Xxxx Group under Olin's retiree medical benefit plans by any Arch Employee or Subsequent Arch Employee who retires after the Distribution Date. If an Arch Employee is transferred to Olin or any of its Affiliates by the Arch Group on or prior to January 31, 2000, Olin shall be responsible for such individual's retiree medical benefits.
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Post-Retirement Medical and Life Insurance Benefits. Notwithstanding anything to the contrary contained herein, Seller shall be responsible for, and shall indemnify, hold harmless and defend Buyer from, any and all liabilities for post-retirement medical and life insurance benefits for all current and, insofar as it relates to employment with Seller prior to the Closing Date, future retirees of the Business who are entitled to retiree medical and life insurance benefits under Seller’s benefit plans as of the Closing Date; provided, however, that with respect to future retirees the Seller’s responsibility and coverage for such benefits will be secondary to Buyer’s responsibility and coverage for such benefits to the extent such benefits are provided under any benefit plans offered by Buyer and earned by the future retirees based on service with the Buyer; however, Buyer shall have no obligation to provide post-retirement medical and life insurance benefits. A true and complete list of such current and future retirees is attached hereto as Schedule 11.1(g). Nothing contained in this Section 11.1(g) of this Agreement shall be deemed to confer any benefits upon any employees who are not otherwise eligible for such benefits as of the Closing Date.
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Post-Retirement Medical and Life Insurance Benefits. Notwithstanding any other provision in this Agreement or any Ancillary Agreement, Kaiser Employees who as of the Closing Date have the requisite age plus years of service to qualify for Kaiser Retiree Coverage without having to make employee contributions ("Fully Eligible Kaiser Employees") shall, upon retirement from the Company, be entitled to Kaiser Retiree Coverage. In addition, Partially Eligible Kaiser Employees who elect Kaiser Retiree Coverage in lieu of medical and life insurance coverage under the Company's medical and welfare plans shall, upon retirement from the Company, be entitled to Kaiser Retiree Coverage.
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Post-Retirement Medical and Life Insurance Benefits. Sellers’ post-retirement medical and life insurance benefit plan shall provide post-retirement medical and life insurance benefits to Continuing Employees who qualify for such benefits under Sellers’ plan as of the North America Closing Date, according to the terms of Sellers’ plan applicable to similarly situated employees and subject to any right to amend such plan.
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Post-Retirement Medical and Life Insurance Benefits. Sellers’ post-retirement medical and life insurance benefit plan shall provide post-retirement medical and life insurance benefits to Canada Non-Unionized Continuing Employees and Canada Unionized Continuing Employees who qualify for such benefits under Sellers’ plan as of the North America Closing Date, according to the terms of Sellers’ plan applicable to similarly situated employees and subject to any right to amend such plan.
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Related to Post-Retirement Medical and Life Insurance Benefits

  • Medical and Dental Benefits If Executive’s employment is subject to a Termination, then to the extent that Executive or any of Executive’s dependents may be covered under the terms of any medical or dental plans of the Company (or an Affiliate) for active employees immediately prior to the Termination Date, then, provided Executive is eligible for and elects coverage under the health care continuation rules of COBRA, the Company shall provide Executive and those dependents with coverage equivalent to the coverage in effect immediately prior to the Termination. For a period of twelve (12) months (18 months for a Termination during a Covered Period), Executive shall be required to pay the same amount as Executive would pay if Executive continued in employment with the Company during such period and thereafter Executive shall be responsible for the full cost of such continued coverage; provided, however, that such coverage shall be provided only to the extent that it does not result in any additional tax or other penalty being imposed on the Company (or an Affiliate) or violate any nondiscrimination requirements then applicable with respect to the applicable plans. The coverages under this Section 4(e) may be procured directly by the Company (or an Affiliate, if appropriate) apart from, and outside of the terms of the respective plans, provided that Executive and Executive’s dependents comply with all of the terms of the substitute medical or dental plans, and provided, further, that the cost to the Company and its Affiliates shall not exceed the cost for continued COBRA coverage under the Company’s (or an Affiliate’s) plans, as set forth in the immediately preceding sentence. In the event Executive or any of Executive’s dependents is or becomes eligible for coverage under the terms of any other medical and/or dental plan of a subsequent employer with plan benefits that are comparable to Company (or Affiliate) plan benefits, the Company’s and its Affiliates’ obligations under this Section 4(e) shall cease with respect to the eligible Executive and/or dependent. Executive and Executive’s dependents must notify the Company of any subsequent employment and provide information regarding medical and/or dental coverage available.

  • Medical Benefits The Company shall reimburse the Employee for the cost of the Employee's group health, vision and dental plan coverage in effect until the end of the Termination Period. The Employee may use this payment, as well as any other payment made under this Section 6, for such continuation coverage or for any other purpose. To the extent the Employee pays the cost of such coverage, and the cost of such coverage is not deductible as a medical expense by the Employee, the Company shall "gross-up" the amount of such reimbursement for all taxes payable by the Employee on the amount of such reimbursement and the amount of such gross-up.

  • Retiree Medical Benefits If Executive is or would become fifty-five (55) or older and Executive's age and service equal sixty-five (65) and Executive has at least five (5) years of service with the Company within two (2) years of Change in Control, Executive is eligible for retiree medical benefits (as such are determined immediately prior to Change in Control). Executive is eligible to commence receiving such retiree medical benefits based on the terms and conditions of the applicable plans in effect immediately prior to the Change in Control.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Pre-Retirement Death Benefits Should the Director die while --------- ----------------------------- serving as a director of the Bank and prior to the Qualifying Date, the Bank will pay $671 per month for a continuous period of 120 months to the Beneficiary or Beneficiaries of the Director. The first such monthly installment payment shall be made on a date to be determined by the Bank, but in no event later than the first day of the sixth calendar month following the calendar month in which the Director died. In the event of the death of the last living Beneficiary before all installment payments shall have been made, the balance of any payments which remain unpaid at the time of such Beneficiary's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the estate of the last Beneficiary to die. In the absence of any such beneficiary designation, or if no Beneficiary survives the Director, any payments remaining unpaid at the Director's death shall be commuted on the basis of eight percent (8%) per annum compounded interest and shall be paid in a single sum to the Director's estate.

  • Supplemental Retirement Benefits The terms and conditions for the payment of supplemental retirement benefits are set forth in a separate written agreement between the parties.

  • Group Benefits The Executive will participate in the Company's Group Benefit Plan and any other group perquisites all as in effect from time to time.

  • Health Benefits Provided that Executive elects continued coverage under federal COBRA law, the Company shall pay the premiums of Executive's group health insurance coverage, including coverage for Executive's eligible dependents, for a maximum period of eighteen (18) months following a Covered Termination; provided, however, that the Company shall pay premiums for Executive's eligible dependents only for coverage for which those eligible dependents were enrolled immediately prior to the Covered Termination. No premium payments will be made following the effective date of Executive's coverage by a health insurance plan of a subsequent employer. For the balance of the period that Executive is entitled to coverage under federal COBRA law, Executive shall be entitled to maintain such coverage at Executive's own expense.

  • Medical, Dental and Vision Benefits If Executive’s employment with the Bank is subject to a Termination, then, to the extent that Executive or any of Executive’s dependents may be covered under the terms of any medical, dental or vision plans maintained for active employees of the Bank or any Affiliate, the Bank shall provide Executive and those dependents with coverage equivalent to the coverage received while Executive was employed with the Bank for as long as Executive is eligible for and elects coverage under the health care continuation rules of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Executive will be required to pay the same amount as Executive would pay if Executive continued in active employment with the Bank during such period. Such coverage shall be provided only to the extent that it does not result in any additional tax or other penalty being imposed on the Bank or any Affiliate. The coverage under this Section 4(e) may be procured directly by the Bank (or any Affiliate, if appropriate) apart from and outside of the terms of the respective plans, provided that Executive and Executive’s dependents comply with all of the terms of the substitute medical, dental or vision plans, and provided, further, that the cost to the Bank shall not exceed the cost for continued COBRA coverage. In the event Executive or any of Executive’s dependents is or becomes eligible for coverage under the terms of any other medical, dental or vision plan of a subsequent employer with plan benefits that are comparable to Bank (or any Affiliate) plan benefits, the Bank’s obligations under this Section 4(e) shall cease with respect to the eligible Executive and dependents. Executive and Executive’s dependents must notify the Bank (or any Affiliate) of any subsequent employment and eligibility for such comparable coverage.

  • Supplemental Executive Retirement Plan The Executive shall participate in the Company's Unfunded Pension Plan for Selected Executives (the "SERP").

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