Common use of Severance Health Benefits Clause in Contracts

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. Commencing upon a Qualifying Termination and continuing through the second 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 second 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 second third anniversary of his Qualifying Termination), beginning upon the second 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 second 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. 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.