Continuity of Medical Benefits Sample Clauses

Continuity of Medical Benefits. Peabody agrees that, to the extent you participate, the Peabody plans will be responsible for covered medical costs that you incur up to the Effective Date. Gemini is to establish its own medical plan, effective as of the Effective Date, which will, to the extent you participate, be responsible for covered medical costs that you incur on and after the Effective Date so you will not have any interruption in coverage. If the Gemini spin-off does not occur, the New Employment Agreement will not become effective and, unless otherwise agreed by you and Peabody, you will remain employed with Peabody, subject to the terms and conditions of your Existing Employment Agreement, in a position that is equivalent in level to the position you hold on the date of this Letter Agreement, including compensation, benefits and perquisites. Nothing herein shall prevent you from terminating your employment with Peabody and not executing the New Employment Agreement. If the spin-off occurs and you decide not to execute the New Employment Agreement, the terms and conditions of your Existing Employment Agreement with Peabody shall control. By signing this Letter Agreement, you agree to the following: • During the period beginning on the date of this Letter Agreement and ending on the earliest to occur of (i) the Effective Date, (ii) the date Peabody announces the spin-off will not occur, or (iii) December 31, 2007, you will not, on your own behalf or on behalf of any person, firm or company, directly or indirectly solicit, offer employment to or hire any person who is employed by Peabody or its subsidiaries unless otherwise agreed in writing by the CEO of Peabody and the CEO of Gemini. Beginning on the Effective Date, the non-solicitation provisions of your New Employment Agreement will govern. • During the period beginning on the date of this Letter Agreement and ending on the earliest to occur of (i) the Effective Date, (ii) the date Peabody announces the spin-off will not occur, or (iii) December 31, 2007, you will not, on your own behalf or on behalf of any person, firm or company, directly or indirectly hold or conduct any investigations, discussions or negotiations, or otherwise evaluate or indicate interest in, any other person or company in connection with the potential acquisition of all or any portion of the assets or equity of Gemini or Peabody unless otherwise agreed in writing by the CEO of Peabody. Xxxxxxx X. Xxxxxxx May 4, 2007 You will notice several references to ...
Sample 1
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Related to Continuity of Medical Benefits

  • Medical Benefits The Company shall reimburse the Employee for the cost of the Employee's group health, vision and dental plan coverage in effect until the end of the Termination Period. The Employee may use this payment, as well as any other payment made under this Section 6, for such continuation coverage or for any other purpose. To the extent the Employee pays the cost of such coverage, and the cost of such coverage is not deductible as a medical expense by the Employee, the Company shall "gross-up" the amount of such reimbursement for all taxes payable by the Employee on the amount of such reimbursement and the amount of such gross-up.

  • Retiree Medical Benefits If Executive is or would become fifty-five (55) or older and Executive's age and service equal sixty-five (65) and Executive has at least five (5) years of service with the Company within two (2) years of Change in Control, Executive is eligible for retiree medical benefits (as such are determined immediately prior to Change in Control). Executive is eligible to commence receiving such retiree medical benefits based on the terms and conditions of the applicable plans in effect immediately prior to the Change in Control.

  • Compensation and General Benefits As compensation for his services under this Agreement, the Executive shall be compensated as follows:

  • General Benefits During the Term of Employment, the Executive shall be entitled to participate in such employee pension and welfare benefit plans and programs of the Company as are made available to the Company's senior-level executives or to its employees generally, as such plans or programs may be in effect from time to time, including, without limitation, health, medical, dental, long-term disability, travel accident and life insurance plans.

  • SUPPLEMENTAL BENEFITS The Reinsurer will receive a proportionate share of any premiums for additional benefits as shown in Schedule I, as well as for any extra premiums the Ceding Company may collect for the coverage of special risks (traveling, climate, occupation, etc.). This share will be based on the ratio between the amount at risk and the total initial benefits insured and will remain constant throughout the entire period of premium payment.

  • Health Benefits Provided that Executive elects continued coverage under federal COBRA law, the Company shall pay the premiums of Executive's group health insurance coverage, including coverage for Executive's eligible dependents, for a maximum period of eighteen (18) months following a Covered Termination; provided, however, that the Company shall pay premiums for Executive's eligible dependents only for coverage for which those eligible dependents were enrolled immediately prior to the Covered Termination. No premium payments will be made following the effective date of Executive's coverage by a health insurance plan of a subsequent employer. For the balance of the period that Executive is entitled to coverage under federal COBRA law, Executive shall be entitled to maintain such coverage at Executive's own expense.

  • Vacation and Fringe Benefits During the Employment Period, the Executive shall be entitled to paid vacation and fringe benefits at a level that is commensurate with the paid vacation and fringe benefits available to the Executive immediately prior to the Effective Date, or, if more favorable to the Executive, at the level made available from time to time to the Executive or other similarly situated officers at any time thereafter.

  • Compensation and Fringe Benefits (a) The Company shall, during the Term of Employment, pay to the Executive as compensation for the performance of his duties and obligations a salary of $240,000 per annum. This compensation is subject to annual review and adjustment, as appropriate in the judgment of the Company. The compensation payable pursuant to this Section 5(a) shall be payable in equal semi-monthly installments on the last day of each such pay period.

  • Medical and Dental Benefits If Executive’s employment is subject to a Termination, then to the extent that Executive or any of Executive’s dependents may be covered under the terms of any medical or dental plans of the Company (or an Affiliate) for active employees immediately prior to the Termination Date, then, provided Executive is eligible for and elects coverage under the health care continuation rules of COBRA, the Company shall provide Executive and those dependents with coverage equivalent to the coverage in effect immediately prior to the Termination. For a period of twelve (12) months (18 months for a Termination during a Covered Period), Executive shall be required to pay the same amount as Executive would pay if Executive continued in employment with the Company during such period and thereafter Executive shall be responsible for the full cost of such continued coverage; provided, however, that such coverage shall be provided only to the extent that it does not result in any additional tax or other penalty being imposed on the Company (or an Affiliate) or violate any nondiscrimination requirements then applicable with respect to the applicable plans. The coverages under this Section 4(e) may be procured directly by the Company (or an Affiliate, if appropriate) apart from, and outside of the terms of the respective plans, provided that Executive and Executive’s dependents comply with all of the terms of the substitute medical or dental plans, and provided, further, that the cost to the Company and its Affiliates shall not exceed the cost for continued COBRA coverage under the Company’s (or an Affiliate’s) plans, as set forth in the immediately preceding sentence. In the event Executive or any of Executive’s dependents is or becomes eligible for coverage under the terms of any other medical and/or dental plan of a subsequent employer with plan benefits that are comparable to Company (or Affiliate) plan benefits, the Company’s and its Affiliates’ obligations under this Section 4(e) shall cease with respect to the eligible Executive and/or dependent. Executive and Executive’s dependents must notify the Company of any subsequent employment and provide information regarding medical and/or dental coverage available.

  • Standard Benefits During the Employment Period, Executive shall be entitled to participate in all employee benefit plans and programs, including paid vacations, generally available to other similarly situated Company executives, subject to the terms and conditions of the applicable plans.

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