Common use of CERTAIN INSURANCE BENEFITS Clause in Contracts

CERTAIN INSURANCE BENEFITS. (i) In the event of the termination of the Executive’s employment under this Agreement due to “retirement” (as hereinafter defined), the Employer shall continue to provide the following benefits to the Executive, at the expense of the Employer, until the Executive’s death: (A) continuing coverage for the Executive and the Executive’s Spouse under the Employer’s health, medical, hospitalization and life insurance programs (including dental, vision and prescription drug coverage, if provided immediately prior to the termination); and (B) long term care insurance in accordance with paragraph (f) (LONG TERM CARE INSURANCE) of Section 3 above including making all required payments relating to such insurance coverage. The term “retirement” for purposes of this paragraph (g) shall mean the Executive: (a) terminates employment at or after the attainment of age 62; and (b) does not engage in any form of gainful employment on or after his termination of employment. The continued coverage under this subparagraph (g)(i) shall be for benefits at a level equivalent to the Executive’s benefits at the time of the Executive’s termination of employment. The continued coverage under this subparagraph (g)(i) shall terminate upon the Executive’s engaging in any gainful employment on or after his termination of employment.

CERTAIN INSURANCE BENEFITS. (i) In the event of the termination of the Executive’s employment under this Agreement due to “retirement” (as hereinafter defined), the Employer shall continue to provide the following benefits to the Executive, at the expense of the Employer, until the Executive’s death: (A) continuing coverage for the Executive and the Executive’s Spouse under the Employer’s health, medical, hospitalization and life insurance programs (including dental, vision and prescription drug coverage, if provided immediately prior to the termination); and (B) long term care insurance in accordance with paragraph (fe) (LONG TERM CARE INSURANCE) of Section 3 above including making all required payments relating to such insurance coverage. The term “retirement” for purposes of this paragraph (g) shall mean the Executive: (a) terminates employment at or after the attainment of age 62; and (b) does not engage in any form of gainful employment on or after his termination of employment. The continued coverage under this subparagraph (g)(i) shall be for benefits at a level equivalent to the Executive’s benefits at the time of the Executive’s termination of employment. The continued coverage under this subparagraph (g)(i) shall terminate upon the Executive’s engaging in any gainful employment on or after his termination of employment.