Without Cause; For Good Reason. In the event Employer terminates Gist’s employment without Cause, or Gist terminates his employment for Good Reason, Employer shall: A. continue, for twelve (12) months following such termination, Gist’s Salary Compensation at the same rate as such Salary Compensation was set hereunder on the day prior to Gist’s termination, plus pay any accrued but unpaid Bonus as of the date of such termination; B. pay, for twelve (12) months, the premiums for Gist and his dependents to continue group health insurance under such group policy(ies), if any, on the same terms as Employer provides to Employer employees, provided such payments may cease earlier than twelve (12) months following termination if: (i) the applicable group policy does not permit continuation coverage beyond the maximum time periods established by applicable law for continuation coverage, in which case payments shall cease when the applicable maximum period is reached for each covered individual; or (ii) Gist and/or any covered dependent(s) advise Employer that Gist and/or any covered dependent(s) have obtained other satisfactory group health coverage in which case coverage shall cease only for such individuals who have obtained such other group coverage; and (iii) Employer ceases to provide any group health policy to any employees.
Appears in 4 contracts
Samples: Employment Agreement (Armstrong Coal Company, Inc.), Employment Agreement (Armstrong Energy, Inc.), Employment Agreement (Armstrong Energy, Inc.)
Without Cause; For Good Reason. In the event Employer terminates Gist’s Xxxxxx’x employment without Cause, or Gist Xxxxxx terminates his employment for Good Reason, Employer shall:
A. continue, for twelve (12) months following such termination, Gist’s Xxxxxx’x Salary Compensation at the same rate as such Salary Compensation was set hereunder on the day prior to Gist’s Xxxxxx’x termination, plus pay any accrued but unpaid Bonus as of the date of such termination;
B. pay, for twelve (12) months, the premiums for Gist Xxxxxx and his dependents to continue group health insurance under such group policy(ies), if any, on the same terms as Employer provides to Employer employees, provided such payments may cease earlier than twelve (12) months following termination if:
(i) the applicable group policy does not permit continuation coverage beyond the maximum time periods established by applicable law for continuation coverage, in which case payments shall cease when the applicable maximum period is reached for each covered individual; or
(ii) Gist Xxxxxx and/or any covered dependent(s) advise Employer that Gist Xxxxxx and/or any covered dependent(s) have obtained other satisfactory group health coverage in which case coverage shall cease only for such individuals who have obtained such other group coverage; and
(iii) Employer ceases to provide any group health policy to any employees.
Appears in 3 contracts
Samples: Employment Agreement (Armstrong Coal Company, Inc.), Employment Agreement (Armstrong Energy, Inc.), Employment Agreement (Armstrong Energy, Inc.)
