Common use of Retiree Medical Benefits Clause in Contracts

Retiree Medical Benefits. As of the date the Executive terminates employment with any vested right to a SERP Benefit pursuant to the terms of the Plan and this Participation Agreement, whether or not the SERP Benefit commences on termination, the Executive shall be deemed to have satisfied the eligibility requirements to be a qualifying retiree for retiree medical and dental benefits. For this purpose, and regardless whether at such time the Company makes retiree medical and dental coverage available to employees generally, retiree medical and dental coverage shall be provided until the Executive’s death, shall extend to the Executive, his spouse (if any) as of the date of termination of employment, and his eligible dependents who were covered under the Company’s group health plan as of the date of termination of employment (“Eligible Dependents”), and shall be at least as favorable as the group medical and dental coverage offered to employees of the Company who serve in an executive capacity; provided, however, that coverage shall (i) be suspended during any period the Executive is eligible for and covered by other group medical coverage provided by another employer, (ii) at such time as the Executive or the Executive’s spouse, as applicable, becomes eligible for and covered by Medicare, be converted to Medicare Supplement coverage (providing coverage for deductibles and coinsurance in excess of coverage under Medicare Part A and B or any successor to such parts), and (iii) terminate with respect to Eligible Dependents, other than the Executive’s spouse, at such time as the Eligible Dependents are no longer eligible for coverage under the terms of the group medical plan maintained for active executives of the Company. The Executive shall be responsible for the payment of the applicable premiums for the cost of coverage at the same rate paid by active employees of the Company who serve in an executive capacity. This eligibility shall commence at the time of the Executive’s termination of employment or, if later, upon the expiration of continued health insurance coverage as provided under the Employment Agreement.

Retiree Medical Benefits. As of the date the Executive terminates employment with any vested right to a SERP Benefit pursuant to the terms of the Plan and this Amended Participation Agreement, whether or not the SERP Benefit commences on termination, the Executive shall be deemed to have satisfied the eligibility requirements to be a qualifying retiree for retiree medical and dental benefits. For this purpose, and regardless whether at such time the Company makes retiree medical and dental coverage available to employees generally, retiree medical and dental coverage shall be provided until the later of the Executive’s deathdeath or the death of Executive’s surviving spouse (if any), shall extend to the Executive, his spouse (if any) as of the date of termination of employment), and his eligible dependents dependent s who were covered under the Company’s group health plan as of the date of termination of employment (“Eligible Dependents”), and shall be at least as favorable as the group medical and dental coverage offered by the Company to employees of the Company who serve in an executive capacity; provided, however, that coverage shall (i) be suspended during any period the Executive is eligible for and covered by other group medical coverage provided by another employer, (ii) at such time as the Executive or the Executive’s spouse, as applicable, becomes eligible for and covered by Medicare, be converted to Medicare Supplement coverage (providing coverage for deductibles and coinsurance in excess of coverage under Medicare Part A and B or any successor to such parts), and (iii) terminate with respect to Eligible Dependents, other than the Executive’s spouse, at such time as the Eligible Dependents are no longer eligible for coverage under the terms of the group medical plan maintained for active executives of the Company. The Executive Executive, or if applicable, the Executive’s surviving spouse, shall be responsible for the payment of the applicable premiums for the cost of all coverage described in this paragraph at a rate not to exceed the same rate paid by cost to active employees of the Company who serve in an executive capacitycapacity of the most comprehensive group medical and dental coverage offered by the Company. This eligibility shall commence at the time of Any benefits to the Executive’s termination spouse or surviving spouse pursuant to this paragraph are available solely to the spouse to whom the Executive was married on the date of employment termination. If the Executive is eligible for retiree medical and dental benefit coverage pursuant to this paragraph 7, such benefit coverage shall commence on the Executive’s Normal Retirement Date or, if laterthe Executive has terminated after his Early Retirement Date, the Early Retirement Date; provided, however, if the Executive is receiving health insurance coverage on such date pursuant to the Employment Agreement, the retiree medical and dental benefit coverage shall commence upon the expiration of continued health insurance coverage as provided under the Employment Agreement. Notwithstanding the foregoing, the Executive shall pay the full cost of the benefits as determined under the then current practices of the Company on a monthly basis provided that the Company shall reimburse the Executive the excess of costs, if any, above the then active employee cost for such benefits. Any reimbursements by the Company to the Executive required under this paragraph shall be made on a regular, periodic basis within thirty (30) days after such reimbursable amounts are incurred by the Executive. Any reimbursements provided during one taxable year of the Executive shall not affect the expenses eligible for reimbursement in any other taxable year of the Executive (with the exception of applicable lifetime maximums applicable to medical expenses or medical benefits described in Section 105(b) of the Code) and the right to reimbursement under this paragraph shall not be subject to liquidation or exchange for another benefit or payment.

Retiree Medical Benefits. As of the date If the Executive terminates employment with any vested right to a SERP Benefit pursuant to the terms of the Plan and this Participation Agreement, whether or not the SERP Benefit commences on termination, the Executive shall be deemed to have satisfied the eligibility requirements to be a qualifying retiree for retiree medical and dental benefits. For this purpose, and regardless whether at such time the Company makes retiree medical and dental coverage available to employees generally, retiree medical and dental coverage shall be provided until the Executive’s death, shall extend to the Executive, his spouse (if any) as of the date of termination of employmentemployment (if any), and his eligible dependents who were covered under the Company’s group health plan as of the date of termination of employment (“Eligible Dependents”), and shall be at least as favorable as the group medical and dental coverage offered to employees of the Company who serve in an executive capacity; provided, however, that coverage shall (i) be suspended during any period the Executive is eligible for and covered by other group medical coverage provided by another employer, (ii) at such time as the Executive or the Executive’s spouse, as applicable, becomes eligible for and covered by Medicare, be converted to Medicare Supplement coverage (providing coverage for deductibles and coinsurance in excess of coverage under Medicare Part A and B or any successor to such parts), and (iii) terminate with respect to Eligible Dependents, other than the Executive’s spouse, at such time as the Eligible Dependents are no longer eligible for coverage under the terms of the group medical plan maintained for active executives of the Company. The Executive shall be responsible for the payment of the applicable premiums for the cost of coverage at the same rate paid by active employees of the Company who serve in an executive capacity. This eligibility If the Executive is eligible for retiree medical and dental benefit coverage pursuant to this paragraph 6, such benefit coverage shall commence at the time of on the Executive’s termination of employment Normal Retirement Date or, if laterthe Executive has terminated after his Early Retirement Date, the Early Retirement Date; provided, however, if the Executive is receiving health insurance coverage on such date pursuant to the Employment Agreement, the retiree medical and dental benefit coverage shall commence upon the expiration of continued health insurance coverage as provided under the Employment Agreement.

Retiree Medical Benefits. As of the date the Executive terminates employment with any vested right to a SERP Benefit pursuant to the terms of the Plan and this Amended Participation Agreement, whether or not the SERP Benefit commences on termination, the Executive shall be deemed to have satisfied the eligibility requirements to be a qualifying retiree for retiree medical and dental benefits. For this purpose, and regardless whether at such time the Company makes retiree medical and dental coverage available to employees generally, retiree medical and dental coverage shall be provided until the later of the Executive’s deathdeath or the death of Executive’s surviving spouse (if any), shall extend to the Executive, his spouse (if any) as of the date of termination of employment), and his eligible dependents dependent s who were covered under the Company’s group health plan as of the date of termination of employment (“Eligible Dependents”), and shall be at least as favorable as the group medical and dental coverage offered by the Company to employees of the Company who serve in an executive capacity; provided, however, that coverage shall (i) be suspended during any period the Executive is eligible for and covered by other group medical coverage provided by another employer, (ii) at such time as the Executive or the Executive’s spouse, as applicable, becomes eligible for and covered by Medicare, be converted to Medicare Supplement coverage (providing coverage for deductibles and coinsurance in excess of coverage under Medicare Part A and B or any successor to such parts), and (iii) terminate with respect to Eligible Dependents, other than the Executive’s spouse, at such time as the Eligible Dependents are no longer eligible for coverage under the terms of the group medical plan maintained for active executives of the Company. The Executive Executive, or if applicable, the Executive’s surviving spouse, shall be responsible for the payment of the applicable premiums for the cost of all coverage described in this paragraph at a rate not to exceed the same rate paid by cost to active employees of the Company who serve in an executive capacitycapacity of the most comprehensive group medical and dental coverage offered by the Company. Any benefits to the Executive’s spouse or surviving spouse pursuant to this paragraph are available solely to the spouse to whom the Executive was married on the date of termination. This eligibility shall commence at the time of the Executive’s termination of employment or, if later, upon the expiration of continued health insurance coverage as provided under the Employment Agreement. Notwithstanding the foregoing, the Executive shall pay the full cost of the benefits as determined under the then current practices of the Company on a monthly basis provided that the Company shall reimburse the Executive the excess of costs, if any, above the then active employee cost for such benefits. Any reimbursements by the Company to the Executive required under this paragraph shall be made on a regular, periodic basis within thirty (30) days after such reimbursable amounts are incurred by the Executive. Any reimbursements provided during one taxable year of the Executive shall not affect the expenses eligible for reimbursement in any other taxable year of the Executive (with the exception of applicable lifetime maximums applicable to medical expenses or medical benefits described in Section 105(b) of the Code) and the right to reimbursement under this paragraph shall not be subject to liquidation or exchange for another benefit or payment.

Retiree Medical Benefits. As of the date the Executive terminates employment with any vested right to a SERP Benefit pursuant to the terms of the Plan and this Amended Participation Agreement, whether or not the SERP Benefit commences on termination, the Executive shall be deemed to have satisfied the eligibility requirements to be a qualifying retiree for retiree medical and dental benefits. For this purpose, and regardless whether at such time the Company makes retiree medical and dental coverage available to employees generally, retiree medical and dental coverage shall be provided until the later of the Executive’s deathdeath or the death of Executive’s surviving spouse (if any), shall extend to the Executive, his spouse (if any) as of the date of termination of employment), and his eligible dependents who were covered under the Company’s group health plan as of the date of termination of employment (“Eligible Dependents”), and shall be at least as favorable as the group medical and dental coverage offered by the Company to employees of the Company who serve in an executive capacity; provided, however, that coverage shall (i) be suspended during any period the Executive is eligible for and covered by other group medical coverage provided by another employer, (ii) at such time as the Executive or the Executive’s spouse, as applicable, becomes eligible for and covered by Medicare, be converted to Medicare Supplement coverage (providing coverage for deductibles and coinsurance in excess of coverage under Medicare Part A and B or any successor to such parts), and (iii) terminate with respect to Eligible Dependents, other than the Executive’s spouse, at such time as the Eligible Dependents are no longer eligible for coverage under the terms of the group medical plan maintained for active executives of the Company. The Executive Executive, or if applicable, the Executive’s surviving spouse, shall be responsible for the payment of the applicable premiums for the cost of all coverage described in this paragraph at a rate not to exceed the same rate paid by cost to active employees of the Company who serve in an executive capacitycapacity of the most comprehensive group medical and dental coverage offered by the Company. This eligibility shall commence at the time of Any benefits to the Executive’s termination spouse or surviving spouse pursuant to this paragraph are available solely to the spouse to whom the Executive was married on the date of employment termination. If the Executive is eligible for retiree medical and dental benefit coverage pursuant to this paragraph 7, such benefit coverage shall commence on the Executive’s Normal Retirement Date or, if laterthe Executive has terminated after his Early Retirement Date, the Early Retirement Date; provided, however, if the Executive is receiving health insurance coverage on such date pursuant to the Employment Agreement, the retiree medical and dental benefit coverage shall commence upon the expiration of continued health insurance coverage as provided under the Employment Agreement. Notwithstanding the foregoing, the Executive shall pay the full cost of the benefits as determined under the then current practices of the Company on a monthly basis provided that the Company shall reimburse the Executive the excess of costs, if any, above the then active employee cost for such benefits. Any reimbursements by the Company to the Executive required under this paragraph shall be made on a regular, periodic basis within thirty (30) days after such reimbursable amounts are incurred by the Executive. Any reimbursements provided during one taxable year of the Executive shall not affect the expenses eligible for reimbursement in any other taxable year of the Executive (with the exception of applicable lifetime maximums applicable to medical expenses or medical benefits described in Section 105(b) of the Code) and the right to reimbursement under this paragraph shall not be subject to liquidation or exchange for another benefit or payment.

Retiree Medical Benefits. As of the date the Executive terminates employment with any vested right to a SERP Benefit pursuant to the terms of the Plan and this Amended Participation Agreement, whether or not the SERP Benefit commences on termination, the Executive shall be deemed to have satisfied the eligibility requirements to be a qualifying retiree for retiree medical and dental benefits. For this purpose, and regardless whether at such time the Company makes retiree medical and dental coverage available to employees generally, retiree medical and dental coverage shall be provided until the later of the Executive’s deathdeath or the death of Executive’s surviving spouse (if any), shall extend to the Executive, his spouse (if any) as of the date of termination of employment), and his eligible dependents who were covered under the Company’s group health plan as of the date of termination of employment (“Eligible Dependents”), and shall be at least as favorable as the group medical and dental coverage offered by the Company to employees of the Company who serve in an executive capacity; provided, however, that coverage shall (i) be suspended during any period the Executive is eligible for and covered by other group medical coverage provided by another employer, (ii) at such time as the Executive or the Executive’s spouse, as applicable, becomes eligible for and covered by Medicare, be converted to Medicare Supplement coverage (providing coverage for deductibles and coinsurance in excess of coverage under Medicare Part A and B or any successor to such parts), and (iii) terminate with respect to Eligible Dependents, other than the Executive’s spouse, at such time as the Eligible Dependents are no longer eligible for coverage under the terms of the group medical plan maintained for active executives of the Company. The Executive Executive, or if applicable, the Executive’s surviving spouse, shall be responsible for the payment of the applicable premiums for the cost of all coverage described in this paragraph at a rate not to exceed the same rate paid by cost to active employees of the Company who serve in an executive capacitycapacity of the most comprehensive group medical and dental coverage offered by the Company. Any benefits to the Executive’s spouse or surviving spouse pursuant to this paragraph are available solely to the spouse to whom the Executive was married on the date of termination. This eligibility shall commence at the time of the Executive’s termination of employment or, if later, upon the expiration of continued health insurance coverage as provided under the Employment Agreement. Notwithstanding the foregoing, the Executive shall pay the full cost of the benefits as determined under the then current practices of the Company on a monthly basis provided that the Company shall reimburse the Executive the excess of costs, if any, above the then active employee cost for such benefits. Any reimbursements by the Company to the Executive required under this paragraph shall be made on a regular, periodic basis within thirty (30) days after such reimbursable amounts are incurred by the Executive. Any reimbursements provided during one taxable year of the Executive shall not affect the expenses eligible for reimbursement in any other taxable year of the Executive (with the exception of applicable lifetime maximums applicable to medical expenses or medical benefits described in Section 105(b) of the Code) and the right to reimbursement under this paragraph shall not be subject to liquidation or exchange for another benefit or payment.