Common use of Alternative Clause in Contracts

Alternative. If Executive is ineligible to continue to be covered under the terms of any such benefit plan or program, or in the event Executive is eligible but the benefits applicable to Executive under any such plan or program after termination of employment are not substantially equivalent to the benefits applicable to Executive immediately prior to termination, Kaydon shall provide such substantially equivalent benefits, or such additional benefits as may be necessary to make the benefits applicable to Executive substantially equivalent to those in effect before termination of Executive’s employment, through other sources, subject to all of the limitations and conditions provided above.

Appears in 15 contracts

Samples: Control Compensation Agreement (Kaydon Corp), Change in Control Compensation Agreement (Kaydon Corp), Change in Control Compensation Agreement (Kaydon Corp)

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Alternative. If Executive is ineligible to continue to be covered under the terms of any such benefit plan or program, or in the event Executive is eligible but the benefits applicable to Executive under any such plan or program after termination of employment are not substantially equivalent to the benefits applicable to Executive immediately prior to termination, Kaydon shall provide such substantially equivalent benefits, or such additional benefits as may be necessary to make the benefits applicable to Executive substantially equivalent to those in effect before termination of Executive’s 's employment, through other sources, subject to all of the limitations and conditions provided above.

Appears in 5 contracts

Samples: Compensation Agreement (Kaydon Corp), Control Compensation Agreement (Kaydon Corp), Control Compensation Agreement (Kaydon Corp)

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