Common use of 2Comparable Coverage Clause in Contracts

2Comparable Coverage. The Employer may provide the benefits hereunder through the Policy owned at the commencement of this Agreement, or it may provide comparable insurance coverage to the Executive through whatever means the Employer deems appropriate. As stated in Section 2.1 the Employer may terminate the Policy without the Executive’s consent. Notwithstanding the forgoing, if a Vesting Event occurs prior to Separation from Service, the Employer shall maintain one or more Policies to provide the benefit described herein. The Executive shall cooperate with the Employer to obtain coverage should the Employer desire to switch the coverage, provided the imputed income charges to the Executive are comparable or less than the current charges. If the Executive waives his right to the insurance benefit, the Employer may choose to cancel the Policy on the Executive’s life, or the Employer may continue such coverage and become the direct beneficiary of the entire death proceeds.