Common use of Continued Insurance Coverage Clause in Contracts

Continued Insurance Coverage. In the event of a Protected Termination, unless prohibited by law or, with respect to any insured benefit, the terms of the applicable insurance contract, the Executive shall continue to participate in, and be covered under, the Company’s group life, disability, sickness, accident and health insurance programs on the same basis as other executives of the Company or, alternatively, in comparable programs of the acquiring or surviving entity following a Change in Control on the same basis as that entity’s executives, during the one (1) year period commencing on the Date of Termination (the “Termination Coverage Period”). If such continued participation is prohibited by law or the respective insurance contract, to the extent Executive and his or her dependents are eligible and elect under any such group health plan so-called COBRA continuation coverage or under any of the aforementioned insured plans, conversion to an individual insurance contract provided under such plan, the Company shall pay to Executive the amount of such premiums as are due for the Termination Coverage Period, less the then applicable employee contribution on the same basis as other executives of the Company, upon the Executive’s furnishing such documentation as to such eligibility or premium amounts as the Company reasonably requires. If the Executive and his or her dependents are not eligible to elect COBRA continuation coverage or if the Executive and his or her dependents are not eligible to convert to an individual health insurance contract under a Company plan, the Company shall pay to the Executive the amount of premiums as are due for the Termination Coverage Period under an individual health insurance contract issued to the Executive in an amount equal to the premiums for a converted individual insurance contract that would otherwise be provided under such Company plan. The Company shall make such payments within thirty (30) days of the Executive’s furnishing such documentation concerning coverage under such contract or premium amounts as the Company reasonably requires.

Continued Insurance Coverage. In the event of a Protected Termination, unless prohibited by law or, with respect to any insured benefit, the terms of the applicable insurance contract, the Executive shall continue to participate in, and be covered under, the Company’s group life, disability, sickness, accident and health insurance programs on the same basis as other executives of the Company or, alternatively, in comparable programs of the acquiring or surviving entity following a Change in Control on the same basis as that entity’s executives, during the one two (12) year period commencing on the Date of Termination (the “Termination Coverage Period”). If such continued participation is prohibited by law or the respective insurance contract, to the extent Executive and his or her dependents are eligible and elect under any such group health plan so-called COBRA continuation coverage or under any of the aforementioned insured plans, conversion to an individual insurance contract provided under such plan, the Company shall pay to Executive the amount of such premiums as are due for the Termination Coverage Period, less the then applicable employee contribution on the same basis as other executives of the Company, upon the Executive’s furnishing such documentation as to such eligibility or premium amounts as the Company reasonably requires. If the Executive and his or her dependents are not eligible to elect COBRA continuation coverage or if the Executive and his or her dependents are not eligible to convert to an individual health insurance contract under a Company plan, the Company shall pay to the Executive the amount of premiums as are due for the Termination Coverage Period under an individual health insurance contract issued to the Executive in an amount equal to the premiums for a converted individual insurance contract that would otherwise be provided under such Company plan. The Company shall make such payments within thirty (30) days of the Executive’s furnishing such documentation concerning coverage under such contract or premium amounts as the Company reasonably requires.