Lifetime Medical Benefits definition

Lifetime Medical Benefits shall include the requirement that, if any medical benefits provided to the Executive (or his spouse) are subject to federal and/or state income taxes, including the alternative minimum tax, the Company will pay to the Executive (or his spouse) the full amount of such taxes, plus such additional amount as may be necessary so that the net payment after taxes is sufficient to reimburse the Executive (or his spouse) for all taxes imposed on the provision of medical benefits.
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Lifetime Medical Benefits refers to the coverage for the Executive and/or his spouse for their lifetime under the Company's group medical plan, at no expense to the Executive, as if the Executive had continued as an employee, provided that such continued participation is possible under the terms and provisions of the group medical plan. Any future increases in benefits available to employees of the Company generally shall also be provided to Executive and his spouse. In the event that participation by the Executive as a former employee, or by his spouse, in the group medical plan is barred, or if the benefits to the Executive and his spouse (after taking into account Medicare benefits provided by Title XVIII of the Social Security Act) are reduced to a level below what they were on the date of his termination, or if the Executive or his spouse elects at any time by notice in writing to the Company, the Company shall arrange to provide both the Executive and his spouse with benefits substantially similar to those which they were receiving under such group medical plan immediately prior to the date of his termination, such benefits to be provided at the Company's expense by means of individual insurance policies, or if such policies cannot be obtained, from the Company's assets. These benefits shall continue after the death of the Executive to his spouse, if she survives him, for her lifetime. If at any time after termination of his employment, the Executive should accept employment with another employer and if either the Executive or his spouse, or both, should become covered under that employer's medical benefit plan, then effective on the date that such coverage commences, the obligation of the Company to provide any medical benefits to whoever of the Executive or his spouse, or both, is covered under the medical benefit plan of the other employer shall terminate. The medical benefits provided to the Executive and his spouse after the date of the Executive's termination of employment are intended by the parties to be in lieu of the rights of the Executive and his spouse to continuation coverage (commonly known as "COBRA") under Section 601 et seq. of the Employee Retirement Income Security Act of 1974 (ERISA), and Section 4908B of the Internal Revenue Code of 1986, as amended (the "Code"), as either of the foregoing statutes may be amended. In addition, "Lifetime Medical Benefits" shall include the requirement that, if any medical benefits provided to the Executive (or his spouse)...
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Lifetime Medical Benefits shall include the requirement that if any medical benefits provided to Consultant (or his spouse) are subject to federal and/or state income taxes, including the alternative minimum tax, the Company will pay to Consultant (or his spouse) the full amount of such taxes plus such additional amount as may be necessary so that the net payment after taxes is sufficient to reimburse Consultant (or his spouse) for all taxes imposed on the provision of medical benefits.
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Examples of Lifetime Medical Benefits in a sentence

  • The Company shall also provide the Executive and his spouse with Lifetime Medical Benefits.

  • If the Executive is survived by his spouse, the Company shall also provide the spouse with Lifetime Medical Benefits (as defined in Section 8.4).

  • For purposes of this Agreement, the term "Lifetime Medical Benefits" means coverage for Xxxxxxxxx and his present spouse for their respective lifetimes under the Company's group medical plan, at no expense to Xxxxxxxxx, as if Xxxxxxxxx had continued as an employee of the Company, provided that such continued participation is possible under the terms and provisions of the Company's group medical plan.

  • Immediately following the end of the available period for COBRA continuation coverage, the Company will provide Xxxxxxxxx and his present spouse with Lifetime Medical Benefits.

  • In addition, "Lifetime Medical Benefits" shall include the requirement that if any medical benefits provided to Consultant (or his spouse) are subject to federal and/or state income taxes, including the alternative minimum tax, the Company will pay to Consultant (or his spouse) the full amount of such taxes plus such additional amount as may be necessary so that the net payment after taxes is sufficient to reimburse Consultant (or his spouse) for all taxes imposed on the provision of medical benefits.

  • Xxxxxxxxx agrees to take all actions and to execute all documents that may be necessary, or reasonably requested by the Company, for the Company to fulfill its obligations to provide the Lifetime Medical Benefits as contemplated by this Section 4.


More Definitions of Lifetime Medical Benefits

Lifetime Medical Benefits means coverage for Xxxxxxxxx and his present spouse for their respective lifetimes under the Company's group medical plan, at no expense to Xxxxxxxxx, as if Xxxxxxxxx had continued as an employee of the Company, provided that such continued participation is possible under the terms and provisions of the Company's group medical plan. Any future increases in medical plan benefits available to employees of the Company generally shall also be provided to Xxxxxxxxx and his present spouse. In the event that participation by Xxxxxxxxx as a former employee, or by his present spouse, in the group medical plan is barred, or if the benefits to Xxxxxxxxx and his present spouse (after taking into account Medicare benefits provided by Title XVIII of the Social Security Act) are reduced to a level below what they were immediately prior to the Separation Date, or if the Company elects, in its sole discretion at any time, to provide alternative coverage, the Company shall arrange to provide both Xxxxxxxxx and his present spouse with benefits substantially similar to those which they were receiving under the Company's group medical plan immediately prior to the Separation Date, such benefits to be provided at the Company's expense by means of insurance policies or programs, including without limitation, individual insurance policies, or if such policies or programs cannot be obtained, from the Company's assets. The foregoing benefits shall continue after the death of Xxxxxxxxx to his present spouse, if she survives him, for her lifetime. If, at any time after the Separation Date, Xxxxxxxxx should accept employment with another employer and if either Xxxxxxxxx or his present spouse, or both, should become covered under that employer's medical benefit plan, then, effective on the date that such coverage commences, the obligation of the Company to provide any medical benefits to whoever of Xxxxxxxxx or his present spouse, or both, is covered under the medical benefit plan of the other employer shall terminate. Xxxxxxxxx agrees to promptly notify the Company, in writing, in the event he should accept employment with another employer as described in the immediately preceding sentence. In addition, if the Company's payment of COBRA premiums or any medical benefits provided by the Company to Xxxxxxxxx (or his present spouse) are subject to federal and/or state income taxes, including the alternative minimum tax, the Company will pay to Xxxxxxxxx (or his present spouse) the full am...
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Related to Lifetime Medical Benefits

  • Medical Benefits means the monthly fair market value of benefits provided to the Employee and the Employee’s dependents under the major medical, dental and vision benefit plans sponsored and maintained by the Company, at the level of coverage in effect for such persons immediately prior to the Employee’s termination of employment date. The “monthly fair market value” of such benefits shall be equal to the monthly cost as if such persons elected COBRA continuation coverage at such time at their own expense.

  • Covered benefits or “benefits” means those health care services to which a covered person is entitled under the terms of a health benefit plan.

  • Health Benefits means health maintenance organization, insured or self-funded medical, dental, vision, prescription drug and behavioral health benefits.

  • Vested Benefits means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by Executive of further services or the resolution of a contingency.

  • Retiree means any person who has begun accruing a retirement

  • Retirement Benefits means benefits paid by reference to reaching, or the expectation of reaching, retirement or, where they are supplementary to those benefits and provided on an ancillary basis, in the form of payments on death, disability, or cessation of employment or in the form of support payments or services in case of sickness, indigence or death. In order to facilitate financial security in retirement, these benefits may take the form of payments for life, payments made for a temporary period, a lump sum, or any combination thereof;

  • Employment benefits means all benefits provided or made

  • Retiree Health Plan means an "employee welfare benefit plan" within the meaning of Section 3(1) of ERISA that provides benefits to individuals after termination of their employment, other than as required by Section 601 of ERISA.

  • Separation Benefits has the meaning accorded such term in Section 3.04.

  • Compensation and Benefits Programs means all compensation and benefit plans, policies, and programs of the Debtors, and all amendments and modifications thereto, applicable to the Debtors’ employees, former employees, retirees, and non-employee directors and the employees, former employees and retirees of their subsidiaries, including all savings plans, retirement plans, health care plans, disability plans, and incentive plans, deferred compensation plans, and life, accidental death, and dismemberment insurance plans.

  • Extended benefits means benefits, including benefits payable to federal civilian employees and to ex-servicemen under 5 U.S.C. Chapter 85, payable to an individual under the provisions of this section for weeks of unemployment in his eligibility period.

  • Accrued Benefits shall include the following amounts, payable as described herein: (i) all base salary for the time period ending with the Termination Date; (ii) reimbursement for any and all monies advanced in connection with the Executive's employment for reasonable and necessary expenses incurred by the Executive on behalf of the Company and its Affiliates for the time period ending with the Termination Date; (iii) any and all other cash earned through the Termination Date and deferred at the election of the Executive or pursuant to any deferred compensation plan then in effect; (iv) notwithstanding any provision of any bonus or incentive compensation plan applicable to the Executive, a lump sum amount, in cash, equal to the sum of (A) any bonus or incentive compensation that has been allocated or awarded to the Executive for a fiscal year or other measuring period under the plan that ends prior to the Termination Date but has not yet been paid (pursuant to Section 5(f) or otherwise) and (B) a pro rata portion to the Termination Date of the aggregate value of all contingent bonus or incentive compensation awards to the Executive for all uncompleted periods under the plan calculated as to each such award as if the Goals with respect to such bonus or incentive compensation award had been attained; and (v) all other payments and benefits to which the Executive (or in the event of the Executive's death, the Executive's surviving spouse or other beneficiary) may be entitled as compensatory fringe benefits or under the terms of any benefit plan of the Employer, including severance payments under the Employer's severance policies and practices in the form most favorable to the Executive that were in effect at any time during the 180-day period prior to the Effective Date. Payment of Accrued Benefits shall be made promptly in accordance with the Employer's prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii), (iv) and (v), pursuant to the terms of the benefit plan or practice establishing such benefits.

  • Welfare Benefits means the types of benefits described in Section 3(1) of ERISA (whether or not covered by ERISA).

  • Executive Severance Plan means the Company’s Senior Executive Employee Severance Pay Plan, as in effect from time to time.

  • Plan Benefit means the benefit payable to a Participant as calculated in Article V.