Common use of Executive Plans Clause in Contracts

Executive Plans. If the Executive's employment hereunder is terminated at any time for any reason (including by reason of a failure to renew or extend this Agreement prior to the expiration of the Initial Term), then the Executive (if he be alive) and his spouse and minor children shall continue, for the period of time from and after the effective date of such termination until the date specified hereinbelow, to be covered, at the Company's or an Affiliated Company's expense, by any and all of the Company's (or appropriate Affiliated Company's) Insurance Plans made available to senior executives of the Company in the United States generally. Such period of time shall end: (i) in the case of a termination on or after the expiration of the Initial Term, on the earlier to occur of (x) the first anniversary of such termination and (y) the date that the Executive shall have obtained other employment with Insurance Plan benefits equivalent to (or in excess of) those provided for under this Agreement; and (ii) in the case of a termination prior to the expiration of the Initial Term, on the earlier to occur of (x) the June 30, 2006 and (y) the date that the Executive shall have obtained other employment with Insurance Plan benefits equivalent to (or in excess of) those provided for under this Agreement.