Common use of WELFARE BENEFIT PLAN EQUIVALENTS Clause in Contracts

WELFARE BENEFIT PLAN EQUIVALENTS. If the Executive is entitled to receive Termination Compensation under this Agreement the Company, at its sole expense, shall maintain in full force and effect for the continued benefit of Executive and his eligible dependents, for a period of twenty-four (24) months following the date of termination, each Welfare Benefit Plan in which the Executive was entitled to participate immediately prior to the date of termination, at the benefit levels then in effect; provided, however, in the event that the Executive's continued participation in any such plan is not permitted thereunder, then the Company, at its sole expense, shall provide the Executive and his eligible dependents a benefit substantially similar to and no less favorable than the benefit provided under such plan immediately prior to such termination of coverage; provided further, however, at the termination of any period of coverage provided above, the Executive shall have the option to have assigned to him, at no cost and no apportionment of prepaid premiums, any assignable insurance owned by the Company and relating specifically to the Executive. In lieu of being provided with the benefits as described in the preceding sentence, the Executive may, at the Executive's election and sole discretion, require the Company to include in the Executive's Termination Compensation a lump sum amount equal to the value of the benefits described in described in the preceding sentence. The term Welfare Benefit Plan as used in this Article 5 refers to any plan, fund or program as defined under Section 3 (1) of the Employee Retirement Income Security Act (ERISA), which has been established and is maintained by the Company for the purpose of providing its employees or their beneficiaries, through the purchase of insurance or otherwise, medical, surgical, hospital care or benefits, or benefits in the event of sickness, accident, disability or death.

WELFARE BENEFIT PLAN EQUIVALENTS. If the Executive is entitled to receive Termination Compensation under this Agreement the Company, at its sole expense, shall maintain in full force and effect for the continued benefit of Executive and his eligible dependents, for a period of twenty-four (24) months following the date of termination, each Welfare Benefit Plan in which the Executive was entitled to participate immediately prior to the date of termination, at the benefit levels then in effect; provided, however, in the event that the Executive's continued participation in any such plan is not permitted thereunder, then the Company, at its sole expense, shall provide the Executive and his eligible dependents a benefit substantially similar to and no less favorable than the benefit provided under such plan immediately prior to such termination of coverage; provided further, however, at the termination of any period of coverage provided above, the Executive shall have the option to have assigned to him, at no cost and no apportionment of prepaid premiums, any assignable insurance owned by the Company and relating specifically to the Executive. In lieu of being provided with the benefits as described in the preceding sentence, the Executive may, at the Executive's election and sole discretion, require the Company to include in the Executive's Termination Compensation a lump sum amount equal to the value of the benefits described in described in the preceding sentence. The term Welfare Benefit Plan as used in this Article 5 refers to any plan, fund or program as defined under Section 3 (1) of the Employee Retirement Income Security Act (ERISA), which has been established and is maintained by the Company for the purpose of providing its employees or their beneficiaries, through the purchase of insurance or otherwise, medical, surgical, hospital care or benefits, or benefits in the event of sickness, accident, disability or death.

WELFARE BENEFIT PLAN EQUIVALENTS. If the Executive is entitled to receive Termination Compensation under this Agreement the Company, at its sole expense, shall maintain in full force and effect for the continued benefit of Executive and his eligible dependents, for a period of twentythirty-four six (2436) months following the date of termination, each Welfare Benefit Plan in which the Executive was entitled to participate immediately prior to the date of termination, at the benefit levels then in effect; provided, however, in the event that the Executive's continued participation in any such plan is not permitted thereunder, then the Company, at its sole expense, shall provide the Executive and his eligible dependents a benefit substantially similar to and no less favorable than the benefit provided under such plan immediately prior to such termination of coverage; provided further, however, at the termination of any period of coverage provided above, the Executive shall have the option to have assigned to him, at no cost and no apportionment of prepaid premiums, any assignable insurance owned by the Company and relating specifically to the Executive. In lieu of being provided with the benefits as described in the preceding sentence, the Executive may, at the Executive's election and sole discretion, require the Company to include in the Executive's Termination Compensation a lump sum amount equal to the value of the benefits described in described in the preceding sentence. The term Welfare Benefit Plan as used in this Article 5 refers to any plan, fund or program as defined under Section 3 (1) of the Employee Retirement Income Security Act (ERISA), which has been established and is maintained by the Company for the purpose of providing its employees or their beneficiaries, through the purchase of insurance or otherwise, medical, surgical, hospital care or benefits, or benefits in the event of sickness, accident, disability or death.

WELFARE BENEFIT PLAN EQUIVALENTS. If the Executive is entitled to receive Termination Compensation under this Agreement the Company, at its sole expense, shall maintain in full force and effect for the continued benefit of Executive and his eligible dependents, for a period of twenty-four (24) months following the date of termination, each Welfare Benefit Plan in which the Executive was entitled to participate immediately prior to the date of termination, at the benefit levels then in effect; provided, however, in the event that the Executive's continued participation in any such plan is not permitted thereunder, then the Company, at its sole expense, shall provide the Executive and his eligible dependents a benefit substantially similar to and no less favorable than the benefit provided under such plan immediately prior to such termination of coverage; provided further, however, at the termination of any period of coverage provided above, the Executive shall have the option to have assigned to him, at no cost and no apportionment of prepaid premiums, any assignable insurance owned by the Company and relating specifically to the Executive. In lieu of being provided with the benefits as described in the preceding sentence, the Executive may, at the Executive's election and sole discretion, require the Company to include in the Executive's Termination Compensation a lump sum amount equal to the value of the benefits described in described in the preceding sentence. The term Welfare Benefit Plan as used in this Article 5 refers to any plan, fund or program as defined under Section 3 (13(1) of the Employee Retirement Income Security Act (ERISA), which has been established and is maintained by the Company for the purpose of providing its employees or their beneficiaries, through the purchase of insurance or otherwise, medical, surgical, hospital care or benefits, or benefits in the event of sickness, accident, disability or death.