Common use of Retiree Health Care Coverage Clause in Contracts

Retiree Health Care Coverage. The Executive shall be entitled to retiree health care coverage for himself and his spouse for 15 years after termination of the Executive's employment, as follows: (1) until the Executive attains age 65, the retiree health care coverage shall be substantially identical to the coverage maintained on the date of termination of the Executive's employment, and (2) after attaining age 65, PremierWest will pay or reimburse the Executive for the costs of Medicare Part B medical insurance coverage. Anything herein to the contrary notwithstanding however, the Executive shall not be entitled to retiree health care coverage if the Executive's employment terminated with Cause or if the Executive terminated employment without Good Reason before attaining age 65 (except as provided in Section 7.1(b)). If the Executive dies before age 65 or within 15 years after termination of employment, the Executive's spouse shall continue to receive retiree health care coverage on the same terms and conditions that the Executive would have; provided, however, such spousal coverage will expire no later than 15 years after termination of the Executive's employment.