Common use of Retiree Welfare Benefits Clause in Contracts

Retiree Welfare Benefits. For purposes of determining the Employee's eligibility for post-retirement benefits under any welfare benefit plan (as defined in section 3(1) of the Employee Retirement Income Security Act of 1974, as amended) maintained by the Company prior to the occurrence of a Change of Control Event, the Employee shall be credited with an additional five years of service and five years of age (or any combination of years of service and age not exceeding 10 years, to the extent necessary to qualify for benefits). If, after taking into account such additional age and service, the Employee is eligible for the Company's post-retirement welfare benefits (or would have been eligible under the terms of such plans as in effect prior to the occurrence of the Change of Control Event), the Employee shall receive, commencing on the third anniversary of the Termination Date, post-retirement welfare benefits no less favorable than the benefits the Employee would have received under the terms and conditions of the applicable plans in effect immediately prior to the occurrence of the Change of Control Event.

Retiree Welfare Benefits. For purposes of determining the Employee's eligibility for post-retirement benefits under any welfare benefit plan (as defined in section Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended) maintained by the Company prior to the occurrence of a Change of Control Event, the Employee shall be credited with an additional five years of service and five years of age (or any combination of years of service and age not exceeding 10 years, to the extent necessary to qualify for benefits). If, after taking into account such additional age and service, the Employee is eligible for the Company's post-retirement welfare benefits (or would have been eligible under the terms of such plans as in effect prior to the occurrence of the Change of Control Event), the Employee shall receive, commencing on the third anniversary of the Termination Date, post-retirement welfare benefits no less favorable than the benefits the Employee would have received under the terms and conditions of the applicable plans in effect immediately prior to the occurrence of the Change of Control Event.