Common use of Qualifying Termination - Benefits Clause in Contracts

Qualifying Termination - Benefits. If during the Termination Period the employment of Executive shall terminate pursuant to a Qualifying Termination, the Company shall provide, at its expense, for a period of three (3) years following Executive's Date of Termination, Executive (and Executive's dependents, if applicable) with the same level of medical, dental, accident, disability and life insurance benefits as existed immediately prior to Executive's Date of Termination (or, if more favorable to Executive, as existed immediately prior to the Change in Control); provided, that, if Executive cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted. Notwithstanding the foregoing, in the event Executive becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of Executive's eligibility, but only to the extent that the Company reimburses Executive for any increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder.

Appears in 2 contracts

Samples: Control Severance Agreement (Republic Bancorp Inc), Control Severance Agreement (Republic Bancorp Inc)

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Qualifying Termination - Benefits. If during the Termination Period the employment of Executive shall terminate pursuant to a Qualifying Termination, the Company shall provide, at its expense, for a period of three (3) two years following Executive's Date of Termination, Executive (and Executive's dependents, if applicable) with the same level of medical, dental, accident, disability and life insurance benefits as existed immediately prior to Executive's Date of Termination (or, if more favorable to Executive, as existed immediately prior to the Change in Control); provided, that, if Executive cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted. Notwithstanding the foregoing, in the event Executive becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of Executive's eligibility, but only to the extent that the Company reimburses Executive for any increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder.

Appears in 2 contracts

Samples: Control Severance Agreement (Republic Bancorp Inc), Control Severance Agreement (Republic Bancorp Inc)

Qualifying Termination - Benefits. If during the Termination Period the employment of Executive shall terminate pursuant to a Qualifying Termination, the Company shall continue to provide, at its expense, for a period of three two (32) years following Executive's Date of Termination, Executive (and Executive's dependents, if applicable) with the same level of medical, dental, accident, disability and life insurance benefits upon substantially the same terms and conditions (including contributions required by Executive for such benefits) as existed immediately prior to Executive's Date of Termination (or, if more favorable to Executive, as such benefits and terms and conditions existed immediately prior to the Change in Control); provided, that, if Executive cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted. Notwithstanding the foregoing, in the event Executive becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of Executive's eligibility, but only to the extent that the Company reimburses Executive for any increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder.

Appears in 2 contracts

Samples: Change in Control Severance Agreement (Pfsweb Inc), Control Severance Agreement (Daisytek International Corporation /De/)

Qualifying Termination - Benefits. If during the Termination Period If, on or prior to December 31, 2005, the employment of Executive Employee shall terminate pursuant to a Qualifying Termination, the Company shall continue to provide, at its expense, for a period of three (3) years eighteen months following ExecutiveEmployee's Date of Termination, Executive Employee (and ExecutiveEmployee's dependents, if applicable) with the same level of medical, dental, accident, disability medical and life insurance benefits upon substantially the same terms and conditions (including contributions required by Employee for such benefits) as existed immediately prior to ExecutiveEmployee's Date of Termination (orTermination; PROVIDED, that if more favorable to Executive, as existed immediately prior to the Change in Control); provided, that, if Executive Employee cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted. Notwithstanding the foregoing, in the event Executive Employee becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of ExecutiveEmployee's eligibility, but only to the extent that the Company reimburses Executive Employee for any increased cost and provides any additional benefits necessary to give Executive Employee the benefits provided hereunder.

Appears in 1 contract

Samples: Retention Agreement (BKF Capital Group Inc)

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Qualifying Termination - Benefits. If during the Termination Period the employment of Executive shall terminate pursuant to a Qualifying Termination, the Company shall continue to provide, at its expense, for a period of three two (32) years following Executive's ’s Date of Termination, Executive (and Executive's ’s dependents, if applicable) with the same level of medical, dental, accident, disability and life insurance benefits upon substantially the same terms and conditions (including contributions required by Executive for such benefits) as existed immediately prior to Executive's ’s Date of Termination (or, if more favorable to Executive, as such benefits and terms and conditions existed immediately prior to the Change in Control); provided, that, if Executive cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted. Notwithstanding the foregoing, in the event Executive becomes reemployed re-employed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of Executive's ’s eligibility, but only to the extent that the Company reimburses Executive for any increased cost and provides any additional benefits necessary to give Executive the benefits provided hereunder.

Appears in 1 contract

Samples: Change in Control Severance Agreement (Group 1 Software Inc)

Qualifying Termination - Benefits. If during the Termination Period If, on or prior to December 31, 2006, the employment of Executive Employee shall terminate pursuant to a Qualifying Termination, the Company shall continue to provide, at its expense, for a period of three (3) years eighteen months following ExecutiveEmployee's Date of Termination, Executive Employee (and ExecutiveEmployee's dependents, if applicable) with the same level of medical, dental, accident, disability medical and life insurance benefits upon substantially the same terms and conditions (including contributions required by Employee for such benefits) as existed immediately prior to ExecutiveEmployee's Date of Termination (orTermination; PROVIDED, that if more favorable to Executive, as existed immediately prior to the Change in Control); provided, that, if Executive Employee cannot continue to participate in the Company plans providing such benefits, the Company shall otherwise provide such benefits on the same after-tax basis as if continued participation had been permitted. Notwithstanding the foregoing, in the event Executive Employee becomes reemployed with another employer and becomes eligible to receive welfare benefits from such employer, the welfare benefits described herein shall be secondary to such benefits during the period of ExecutiveEmployee's eligibility, but only to the extent that the Company reimburses Executive Employee for any increased cost and provides any additional benefits necessary to give Executive Employee the benefits provided hereunder.

Appears in 1 contract

Samples: Retention Agreement (BKF Capital Group Inc)

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