Common use of HEALTH AND WELFARE BENEFIT Clause in Contracts

HEALTH AND WELFARE BENEFIT. The Executive will be considered to have attained the greater of his actual age or age 55 for purposes of qualifying for retiree benefits provided by the Company. In lieu of any benefit described under Section 2(j)(ii), until the later of the end of the Continuation Period or the date the Executive attains age 55 (at which time the Executive shall be eligible for retiree benefits), the Executive and his family will remain eligible for medical, life insurance and dental benefits under the applicable plans of the Company, on the same terms and conditions (including without limitation any provisions concerning payment of premiums, deductibles and co-payments) that apply to employees of the Company; provided, however, that such coverage shall be secondary to any benefits the Executive or his family becomes eligible to receive under a comparable program of a subsequent employer. For the Continuation Period, the Executive shall be eligible to participate (or continue to participate) in the Company's other insurance and welfare programs which are generally available to senior executives of the Company. If any of the coverage described in this subsection (c) is ordinarily provided on a self-insured basis but would be taxable to the Executive on that basis, such coverage shall be provided on an insured basis at the Company's expense.