Post-termination Health Insurance. If the Employee's employment terminates with the Bank or the Company for any reason other than Just Cause, the Employee shall be entitled to purchase from the Bank, at the Employee's own expense which shall not exceed applicable COBRA rates, family medical insurance under any group health plan that the Bank or the Company maintains for its employees. This right shall be (i) in addition to, and not in lieu of, any other rights that the Employee has under this Agreement, and (ii) shall continue until the Employee first becomes eligible for participation in Medicare.
Post-termination Health Insurance. If Executive’s employment terminates with the Bank for any reason other than for cause, Executive shall be entitled to purchase from the Bank, at his own expense which shall not exceed applicable COBRA rates, family medical insurance under any group health plan that the Bank maintains for its employees. This right shall be (i) in addition to, and not in lieu of; any other rights that Executive has under this Agreement and (ii) shall continue until Executive first becomes eligible for participation in Medicare.
Post-termination Health Insurance. Except in the cases of (i) a termination of the Employee’s employment by the Company for Cause, (ii) a termination of the Employee’s employment by the Employee prior to the expiration of the Term for a reason other than Good Reason, and (iii) a termination of the Employee’s employment pursuant to Section 10 hereof, and provided in all cases that the Employee has complied in all respects, from the Effective Date through and including each Payment Date, with his obligations hereunder, for each month following the termination of the Employee’s employment with the Company that he remains eligible for continuation coverage under COBRA, the Company will waive any payments that it would otherwise charge to the Employee for COBRA family coverage; provided, however, that the Company shall have no obligations under this paragraph (g) if the Employee becomes employed by or an independent contractor to a party unrelated to the Company or its successor which makes health insurance available to the Employee (with or without charge). The Company shall have no obligation to pay, or reimburse the Employee for the payment of, any income or other tax liability owed by the Employee in connection with any payments made by the Company pursuant to this paragraph (g).
Post-termination Health Insurance. Upon the cessation of Executive’s employment hereunder for any reason other than termination by the Company for Cause or a voluntary termination by Executive (in each case under Section 7(c)), the Company shall pay on behalf of Executive and his eligible dependents the cost of continued coverage under the Company’s group health plan for eighteen (18) months following such cessation in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), subject to such persons making timely elections to continue such coverage pursuant to COBRA and satisfaction of COBRA’s eligibility requirements and other terms, conditions, restrictions and exclusions. Should COBRA coverage become unavailable due to the Company’s failure to maintain a group health plan, the Company shall reimburse Executive and his dependents for the premium cost of comparable coverage obtained directly by Executive and his dependents for the balance of the 18 month period. The Company’s obligation to pay such premium costs shall cease at the time Executive (or, in the case of Executive’s death, his eligible dependents) become eligible for comparable health benefits from another employer. For purposes of clarity, it is understood that the preceding two sentences shall apply if Executive’s employment ceases upon the natural expiration of the Employment Term as described in Section 2. In addition, if Executive elects COBRA coverage following the cessation of his employment for any reason whatsoever (whether paid by the Company or Executive), the Company will, at the request of Executive, facilitate and use commercially reasonable efforts to cause the conversion of his Company group health insurance coverage to an individual policy upon the expiration of Executive’s eligibility for COBRA coverage; provided that the foregoing is not intended to be a guarantee by the Company that such conversion will be available to Executive at that time.
Post-termination Health Insurance. Upon the termination of Executive’s employment, the Bank shall have no obligation to pay the premiums for medical insurance for Executive or his family after the date of termination. However, if Executive’s employment terminates with the Bank for any reason other than for cause, Executive shall be entitled to purchase from the Bank, at his own expense which shall not exceed applicable COBRA rates, family medical insurance under any group health plan that the Bank maintains for its employees. This right shall be (i) in addition to, and not in lieu of; any other rights that Executive has under this Agreement and (ii) shall continue until Executive first becomes eligible for participation in Medicare.
Post-termination Health Insurance. Following the Executive’s termination of employment for any reason, and subject to (A) the Executive’s timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and (B) the Executive’s timely payment of the applicable COBRA premiums, and (C) the Executive’s continued compliance with the obligations in Sections 6, 7 and 8 of the Employment Agreement, iGTI shall reimburse the Executive for the Executive’s cost of continued participation in iGTI’s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers the Executive, his spouse and the Executive’s eligible dependents (if any) who have not attained the age of twenty six (26), for a period of eighteen (18) months following such termination (the “COBRA Period”), provided that the Executive is eligible and remains eligible for COBRA coverage. Following the COBRA Period, iGTI shall pay the Executive an amount equal to $6,000 a month (reduced by any applicable withholdings), paid on a monthly basis until the later of (i) the date the Executive reaches age 65, (ii) the date the Executive’s spouse reaches age 65 (with Executive’s spouse being a third party iGTI Technologies Inc., Principal Executive Office: 0000 Xxxxxx Xxxxx. Fremont. CA 94555 USA T:+0 000 000 0000 F:+ I 000 000 0000 beneficiary hereunder subsequent to Executive’s death) or (iii) the date that Executive and his spouse become eligible for health coverage under a government-sponsored program, such as Medicare. Each year such monthly payment amount shall be adjusted for changes in the Consumer Price Index for Medical Care, as reasonably determined by iGTI after consultation with its health care providers. Notwithstanding anything to the contrary herein, iGTI’s obligations under this Item 7 shall not impose on iGTI or any of its affiliates any material penalty or excise taxes under the Patient Protection and Affordable Care Act, the Internal Revenue Code of 1986, as amended (the “Code”), the Employee Retirement Income Security Act of 1974, as amended or any other applicable law, and to the extent of any such actual or potential penalty or tax, the obligations hereunder may be modified or restructured (without reducing the amounts payable to the Executive if possible) as determined by iGTI to avoid such penalty or tax.
Post-termination Health Insurance. If the Employee's employment terminates with the Bank or the Company for any reason other than Just Cause, the Employee shall be entitled to purchase from the Company or Bank, at the Employee's own expense which shall not exceed applicable COBRA rates, family medical insurance under any group health plan that the Bank or the Company maintains for its employees. This right shall be (i) in addition to, and not in lieu of, any other rights that the Employee has under this Agreement, and (ii) shall continue until the Employee first becomes eligible for participation in Medicare or a period of 36 months, whichever event shall first occur.
Post-termination Health Insurance. If the Employee's employment terminates with the Bank for any reason other than Just Cause, the Employee shall be entitled to receive, solely at the Bank's expense, family medical and dental insurance under any group plan chosen by the Employee from the plans the Bank maintains for its officers or employees. Notwithstanding the foregoing, in the event that coverage under the group health plan chosen by the Employee pursuant to this Section 5(c) is not permitted under the terms of such plan, then the Bank shall remit to the Employee, not less frequently than monthly, the actual cost to the Employee of equivalent insurance. Rights under this Section 5(c) shall be in addition to, and not in lieu of, any other rights that the Employee has under this Agreement, and shall continue until the Employee first becomes eligible for participation in Medicare.
Post-termination Health Insurance. Except in the cases of (i) a termination of the Employee’s employment by the Bank for Cause, (ii) a termination of the Employee’s employment by the Employee prior to the expiration of the Term for a reason other than Good Reason, and (iii) and a termination of the Employee’s employment pursuant to Section 10 hereof, and provided in all cases that the Employee has complied in all respects, from the Effective Date through and including each Payment Date, with his obligations hereunder, for each month following the termination of the Employee’s employment with the Bank that he remains eligible for continuation coverage under COBRA, the Bank will waive any payments that it would otherwise charge to the Employee for COBRA family coverage; provided, however, that the Bank shall have no obligations under this
Post-termination Health Insurance. Subject to the conditions described in this paragraph 5, the Employee shall be entitled to continue to participate through October 31, 2006 in the Sxxxxxx Enterprises, Inc. group health insurance program on the same terms as are applicable to the Company’s executive officers. The Employee shall be offered COBRA continuation coverage with the COBRA continuation coverage period beginning November 1, 2006. The Company’s obligation to provide continued health insurance coverage described herein is subject to approval by the applicable re-insurance provider. The Company agrees to use its best efforts to obtain such consent. In the event the Company is unable to obtain such consent, the Company shall self-insure or shall fund the cost of comparable insurance issued directly to the Employee.
