Continuation of Employee Benefits a) For an employee on lay-off the Company will provide and pay the premiums that are due in the six (6) calendar month period following the month of layoff for all the Employee Benefits as outlined in Article 24 excluding Weekly Indemnity, Sick Pay, and Long Term Disability Benefits and Accidental Death and Dismemberment.
Continuation of Employee Benefits. If the employee is physically unable to do the same or similar work to that which he/she was doing prior to the disability, the Company will endeavour to transfer the individual to suitable work, providing such work is available and the employee accepts this work at the rate currently applicable thereto.
Continuation of Employee Benefits. For a period of 24 months from the date of termination of employment, the Bank also shall maintain in full force and effect, for the continued benefit of the Executive, all employee benefit plans and programs to which the Executive was entitled prior to the date of termination, if the Executive’s continued participation is possible under the general terms and provisions of such plans, and programs, except that if the Executive’s participation in any health, medical, life insurance, or disability plan or program is barred, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies or programs which provide to the Executive health, medical, life and disability insurance coverage which is substantially equivalent to the insurance coverage to which Executive was entitled prior to the date of termination.
Continuation of Employee Benefits. (a) On and after the Effective Time, directors, officers and employees of the Company and its Subsidiaries shall be provided employee benefits, plans and programs (including but not limited to incentive compensation, deferred compensation, pension, life insurance, medical (which eligibility shall not be subject to any exclusions for any pre-existing conditions if such individual has met the participation requirements of such benefits, plans or programs of the Company or its Subsidiaries), profit sharing (including 401(k)), severance salary continuation and fringe benefits) which are no less favorable in the aggregate than those generally available to similarly situated directors, officers and employees of Parent and its significant Subsidiaries. For purposes of eligibility to participate and vesting in all benefits provided to directors, officers and employees, the directors, officers and employees of the Company and its Subsidiaries will be credited with their years of service with the Company and its Subsidiaries and prior employers to the extent service with the Company and its Subsidiaries and prior employers is taken into account under plans of the Company and its Subsidiaries. Upon termination of any medical plan of the Company or any of its Subsidiaries, individuals who were directors, officers or employees of the Company or its Subsidiaries at the Effective Time shall become eligible to participate in the medical plan of Parent. Amounts paid before the Effective Time by directors, officers and employees of the Company and its Subsidiaries under any medical plans of the Company shall after the Effective Time be taken into account in applying deductible and out-of-pocket limits applicable under the medical plan of Parent provided as of the Effective Time to the same extent as if such amounts had been paid under such medical plan of Parent.
Continuation of Employee Benefits. (a) From and after the Effective Time, the Surviving Corporation and its Subsidiaries will honor in accordance with their terms all existing employment, severance, consulting and salary continuation agreements between the Company or any of its Subsidiaries and any current or former officer, director, employee or consultant of the Company or any of its Subsidiaries or group of such officers, directors, employees or consultants described on SCHEDULE 5.10.
Continuation of Employee Benefits. Notwithstanding anything to the contrary, in addition to any amounts payable in the event of a termination under Section 9(b), the Company, the Company shall fully subsidize the cost of all Consolidated Omnibus Budget Reconciliation Act (“COBRA”) premiums during the Salary Continuation Period and the Company shall continue to provide the Executive, during the Salary Continuation Period with any other benefits set forth under Section 5(c) as though the Executive’s employment had not terminated (to the extent such coverage may be continued under the terms of such plans and programs and exclusive of participation in any Section 401(k) Plan or any other plans for severance benefits). In accordance with the applicable provisions of COBRA, the Executive may continue COBRA coverage at the Executive’s sole cost for any remaining COBRA period after the Salary Continuation Period. Notwithstanding the foregoing and subject to Executive’s group health plan coverage continuation rights under COBRA, the Company’s obligation to provide the continuation of benefits under this Section shall be reduced to the extent the same types are received or made available to Executive under the plans, programs or arrangements of a subsequent employer or is otherwise received by Executive during such period. The Executive shall have the obligation to notify the Company, during the Salary Continuation Period, that he is eligible for, entitled to or receiving such benefits from a subsequent employer or is otherwise receiving such benefits.
Continuation of Employee Benefits. Notwithstanding anything to the contrary, in addition to any amounts payable above, the Company shall, during the Salary Continuation Period, provide to the Executive and his beneficiaries continued participation in all medical, dental, vision, prescription drug, hospitalization by fully subsidizing the cost of all COBRA premiums, and life insurance coverages (to the extent such coverage may be continued under all policies), and in all other employee welfare and pension benefit plans, programs and arrangements in which the Executive was participating immediately prior to the Termination Date (exclusive of participation in any Section 401(k) Plan for severance benefits). The Executive may continue COBRA coverage at the Executive’s cost for the remaining COBRA period after the Salary Continuation Period. Notwithstanding the foregoing, the Company’s obligation to provide welfare benefits under this Section shall be reduced to the extent that equivalent coverages and benefits are made available under the plans, programs or arrangements of a subsequent employer.
Continuation of Employee Benefits. (a) Until at least the second anniversary of the Effective Time, (i) Parent will maintain or cause to be maintained employee benefits and programs for retirees (other than former members of the USWA (as defined in Exhibit A), officers and salaried employees of the Company and each of its Subsidiaries that are no less favorable in the aggregate than those existing on the date hereof and (ii) Parent will cause the Surviving Corporation to assume the obligations of the Company under the provisions of (x) the Change of Control Agreements, as set forth on Schedule 6.8 of the Company Disclosure Schedule (the "Change of Control Agreements"), with Parent, Sub and the Company agreeing that for purposes of such Change of Control Agreements, at not later than the consummation of the Offer, (i) a Change of Control shall have occurred, (ii) Good Reason, as such term is defined therein, shall have occurred for a period of six months following the consummation of the Offer and (iii) such Change of Control Agreements will be fully funded in accordance with the terms thereof, (y) the Severance Agreements, as set forth on Schedule 6.8 of the Company Disclosure Schedule (the "Severance Agreements"), and (z) the retention policies of the Company, as described on Schedule 6.8 of the Company Disclosure Schedule (the "Company Retention Policies"). For purposes of eligibility to participate in and vesting in all benefits provided to retirees, directors, officers and salaried employees, the retirees, directors, officers and salaried employees of the Company and its Subsidiaries will be credited with their years of service with prior employers to the extent service with prior employers is taken into account under plans of the Company.
Continuation of Employee Benefits. 51 6.15. TRUSTEES...............................................................................52 6.16.
Continuation of Employee Benefits. For a period of 36 months from the date of termination of employment, the Bank also shall maintain in full force and effect, for the continued benefit of the Executive, all employee benefit plans and programs to which the Executive was entitled prior to the date of termination, if the Executive’s continued participation is possible under the general terms and provisions of such plans, and programs, except that if the Executive’s participation in any health, medical, life insurance, or disability plan or program is barred, the Bank shall obtain and pay for, on the Executive’s behalf, individual insurance plans, policies or programs which provide to the Executive health, medical, life and disability insurance coverage which is substantially equivalent to the insurance coverage to which Executive was entitled prior to the date of termination; provided, however, if as of the date of termination of employment the Bank already is providing to the Executive health and medical (including, but not limited to health, dental and vision) insurance coverage for a five (5) consecutive year period pursuant to Section 4(f) of this Agreement, the Bank shall continue to provide such coverage until the later of the expiration of such five (5) consecutive year period or thirty-six (36) months from the date of termination of employment. Executive’s death during the period in which the health and medical (including, but not limited to health, dental and vision) insurance coverage benefit is to be provided pursuant to this Section shall not affect the Executive’s spouse’s right to the continuation of such benefit through the expiration of such period. Notwithstanding the foregoing, Executive (and/or Executive’s spouse, as applicable) shall be required to enroll with Medicare if at any time during such five (5) year or thirty-six (36) month period he or she shall attain age 65, in which case the costs for Part B, Part C and Part D shall be paid by the Executive (or spouse) and reimbursed by the Bank.
