Termination Because of a Change in Control Sample Clauses

Termination Because of a Change in Control. If the Executive exercises his right to terminate employment under Section 4(b)(vii), the Executive shall be entitled to receive the following, in addition to the Accrued Benefits described above, subject to the existence of an Effective Release of Claims: (i) continued participation by Executive and his spouse in the Company’s medical, dental and vision health plan, at the Company’s expense, until Executive dies or, if later, until his surviving spouse dies, to be effective immediately upon the effective date of the termination of Executive’s employment, and subject to any elections necessary by the Executive or Executive’s spouse to effect such continuation, (ii) continued participation by each of Executive’s dependent children in the Company’s medical, dental and vision health plan, at the Company’s expense, until each child is no longer a dependent, as defined by the applicable plan, to be effective immediately upon the effective date of the termination of Executive’s employment, and subject to any elections necessary for such dependents to effect such continuation, (iii) immediate vesting of Executive’s existing unvested equity awards as of the effective date of the termination of Executive’s employment, (iv) any accumulations and benefits to which Executive is entitled under the Nonqualified Supplemental Retirement Benefit Plan and the Nonqualified Deferred Compensation Plan, to be paid in accordance with the terms of such plans, and (v) at the Executive’s option, the Company shall transfer to the Executive the ownership of any and all life insurance policies insuring the Executive’s life that the Company has purchased and the Executive shall thereafter be liable for all payments due on such policies, to be effective within sixty (60) days of the effective date of the termination of Executive’s employment. If the Company's obligations under Sections 5(e) (i) and/or (ii) would violate the nondiscrimination rules applicable to non-grandfathered plans under the ACA, or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder), the parties agree to reform Sections 5(e) (i) and/or (ii) in a manner as is necessary to comply with the ACA.

Termination Because of a Change in Control. If the Executive exercises his right to terminate employment under Section 4(b)(vii), the Executive shall be entitled to receive the following, in addition to the Accrued Benefits described above, subject to the existence of an Effective Release of Claims: (i) continued participation by Executive and his spouse in the Company’s medical, dental and vision health plan, at the Company’s expense, until Executive dies or, if later, until his surviving spouse dies, to be effective immediately upon the effective date of the termination of Executive’s employment, and subject to any elections necessary by the Executive or Executive’s spouse to effect such continuation, (ii) immediate vesting of Executive’s existing unvested equity awards as of the effective date of the termination of Executive’s employment, and (iii) any accumulations and benefits to which Executive is entitled under the Nonqualified Supplemental Retirement Benefit Plan and the Nonqualified Deferred Compensation Plan, to be paid in accordance with the terms of such plans. If the Company's obligations under Section 5(e) (i) would violate the nondiscrimination rules applicable to non-grandfathered plans under the ACA, or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder), the parties agree to reform Section 5(e) (i) in a manner as is necessary to comply with the ACA.