Severance Health Benefits. Upon the occurrence of a Qualifying Termination, and for the thirty-six (36) month period thereafter, the Company shall provide to the Executive and Executive's family medical, accidental death and dismemberment, disability and death benefits as provided to other executive officers who remain employed by the Company (or a surviving entity other than the Company). The Executive shall be required to make payments for such coverage in the same amount as is required of executive officers who remain employed by the Company or a successor.
Severance Health Benefits. Commencing upon a Qualifying Termination and continuing through the third anniversary of such Qualifying Termination, the Executive and/or the Executive's family, as the case may be, shall receive all medical and dental benefits and any life insurance coverage provided to active employees of the Company, and such benefits shall be provided on an insured basis. In addition, if the Executive has attained age fifty (50) as of his Qualifying Termination (or would have attained age fifty (50) had he remained employed through the period ending on the third anniversary of his Qualifying Termination), the Company shall make available to the Executive insured medical and dental benefits at prevailing retiree coverage rates (based on the executive's age and deemed service on the third anniversary of his Qualifying Termination), beginning upon the third anniversary of the Executive's Qualifying Termination and lasting for the Executive's life. The Executive must elect retiree medical and dental coverage within five (5) years after the third anniversary of his Qualifying Termination, in order to be entitled to the benefit described in the second sentence of this paragraph, and will commence receiving such coverage effective as soon as practicable after the date of such election in accordance with the terms of the applicable retiree medical and dental programs.
Severance Health Benefits. The Company shall provide to the Executive a lump sum payment equal to the present value of the Company subsidy toward medical and dental benefits provided to active employees, less the Executive's actual Company subsidy toward such benefits (based on the amount of such subsidies in effect as of the date of the Qualifying Termination), assuming such subsidies are provided to the Executive for three years after the date of the Qualifying Termination. Also, the Company shall provide to the Executive an additional lump sum payment equal to the present value of the Company subsidy toward medical and dental benefits provided to a retiree of the Company who has attained age 65 and completed the greater of 20 years or actual years of service, less the Executive's actual Company subsidy toward such benefits (based on the amount of such subsidies in effect as of the date of the Qualifying Termination), assuming such subsidies are provided to the Executive beginning immediately after the three year period referenced in the first sentence of this paragraph until the end of the estimated life expectancy of the Executive. Such payments shall be made within approximately 10 business days after the Company receives the executed agreement referred to in 3(e) below but in no case prior to the expiration of any period during which the Executive is permitted to revoke such agreement.
Severance Health Benefits. The Company shall provide to the Executive and the Executive's family medical and dental benefits on the same basis and on the same terms as any retiree who has attained age 65 and completed the greater of 20 years or actual years of service.
Severance Health Benefits. The Company shall provide to the Executive a lump sum payment equal to the present value of the Company subsidy toward medical and dental benefits provided to active employees (with such cash payment based on the amount of such subsidy in effect immediately prior to the date of the Qualifying Termination), assuming such deemed subsidy is provided to the Executive for three years after the date of the Qualifying Termination. Also, (i) for an Executive who is at least age 55 with seven or more years of service on the date of the Qualifying Termination, the Company shall provide to the Executive an additional lump sum payment equal to the present value of the Company subsidy toward medical and dental benefits provided to a retiree of the Company who has the deemed service used to compute supplemental retirement benefits in Section 2(b) above (based on the amount of such subsidy in effect as of the date of the Qualifying Termination), assuming such subsidy is provided to the Executive beginning immediately after the three year period referenced in the first sentence of this paragraph until the end of the estimated life expectancy of the Executive; and (ii) for an Executive who is not at least age 55 with seven or more years of service on the date of the Qualifying Termination, no additional health benefits payment shall be provided by the Company. Such payment(s) shall be made within approximately 10 business days after the Company receives the executed agreement referred to in 2(e) below but in no case prior to the expiration of any period during which the Executive is permitted to revoke such agreement.
Severance Health Benefits. Commencing upon a Qualifying Termination and continuing through the second anniversary of such Qualifying Termination, the Executive and/or the Executive’s family, as the case may be, shall receive all medical and dental benefits and any life insurance coverage provided to active employees of the Company, and such benefits shall be provided on an insured basis. In addition, if the Executive has attained age fifty (50) as of his Qualifying Termination (or would have attained age fifty (50) had he remained employed through the period ending on the second anniversary of his Qualifying Termination), the Company shall make available to the Executive insured medical and dental benefits at prevailing retiree coverage rates (based on the executive’s age and deemed service on the second anniversary of his Qualifying Termination), beginning upon the second anniversary of the Executive’s Qualifying Termination and lasting for the Executive’s life. The Executive must elect retiree medical and dental coverage within five (5) years after the second anniversary of his Qualifying Termination, in order to be entitled to the benefit described in the second sentence of this paragraph, and will commence receiving such coverage effective as soon as practicable after the date of such election in accordance with the terms of the applicable retiree medical and dental programs. If the Company either cannot, or chooses not to, provide the benefits in the first or second sentences, as applicable, the Company may provide such benefits on a non-insured basis or may instead provide adequate compensation to the Executive such that he may purchase the benefit from a 3rd party on a tax neutral basis.
Severance Health Benefits. The Company shall provide to the Executive the substantially equivalent value of the medical and dental benefits provided to active employees for three years after the Qualifying Termination and thereafter to any retiree of the Company or a successor or an Affiliate (whichever is the Executive’s employer) who has attained the deemed age and service used to compute supplemental retirement benefits in Section 2(b) above.
Severance Health Benefits. The Company shall provide to the Executive a lump sum payment equal to the present value of the Company subsidy toward medical and dental benefits provided to active employees (based on the amount of such subsidy in effect as of the date of the Qualifying Termination), assuming such subsidy is provided to the Executive for three years after the date of the Qualifying Termination. Also, (i) for an Executive who is at least age 55 with seven or more years of service on the date of the Qualifying Termination, the Company shall provide to the Executive an additional lump sum payment equal to the present value of the Company subsidy toward medical and dental benefits provided to a retiree of the Company who has the deemed service used to compute supplemental retirement benefits in Section 2(b) above (based on the amount of such subsidy in effect as of the date of the Qualifying Termination), assuming such subsidy is provided to the Executive beginning immediately after the three year period referenced in the first sentence of this paragraph until the end of the estimated life expectancy of the Executive; and (ii) for an Executive who is not at least age 55 with seven or more years of service on the date of the Qualifying Termination, no additional health benefits payment shall be provided by the Company. Such payment(s) shall be made within approximately 10 business days after the Company receives the executed agreement referred to in 2(e) below but in no case prior to the expiration of any period during which the Executive is permitted to revoke such agreement.
Severance Health Benefits. The Company shall continue and pay for the same or similar group health benefits coverage for the benefit of Executive and Executive's covered dependents at the time of the Change in Control at the same level that it paid for such coverage prior to the termination of Executive's employment, for two years. Such coverage shall apply towards the period of continuation coverage required to be offered by the Company to a terminated employee under section 4980B of the federal Internal Revenue Code of 1986, as amended, and section 601, et seq., of the federal Employee Retirement Income Security Act of 1974, as amended.
Severance Health Benefits. Commencing upon a Qualifying Termination and continuing through the 18-month anniversary of such Qualifying Termination, the Executive and/or the Executive’s family, as the case may be, shall receive all medical and dental benefits provided to active employees of the Company, and such benefits shall be provided to the Executive (and his family) at the same cost active employees are paying for such coverage.
