Welfare Benefit Plans. During the Employment Period, the Executive and/or the Executive’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and the Affiliated Entities (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company and the Affiliated Entities, but in no event shall such plans, practices, policies and programs provide the Executive with benefits that are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and the Affiliated Entities.
any material reduction in the aggregate value of the Officer’s employee benefits (including retirement, welfare and fringe benefits); or
With respect to Health and Welfare Benefits that are not eligible for continuation coverage under COBRA, in the event is unable to continue Employee’s participation under ’s then existing insurance policies for such Health and Welfare Benefits, Employee may elect to obtain coverage for such Health and Welfare Benefits either by # obtaining individual coverage for Employee (if Employee qualifies for individual coverage); or # electing coverage as an eligible dependent under another person’s group coverage (if Employee qualifies for such dependent coverage), or any combination of the foregoing alternatives. shall pay directly or reimburse to Employee the monthly premiums for the benefits or coverage selected by Employee, with such payment or reimbursement not to exceed the monthly premiums paid for such Health and Welfare Benefits at the time of termination of Employee’s employment with . ’s obligation to pay or reimburse for the Health and Welfare Benefits covered by this [Section 2(b)(ii)] shall terminate upon the earlier of # the end of the Severance Period; and # Employee’s employment by an employer that provides Employee with group coverage substantially similar to the Health and Welfare Benefits provided to Employee at the time of the termination of Employee’s employment with , provided that Employee is eligible for participation in such group coverage. Employee acknowledges and agrees that shall not be obligated to provide any Health and Welfare Benefits covered by this [Section 2(b)(ii)] for Employee if Employee does not qualify for coverage under ’s existing insurance policies for such Health and Welfare Benefits, for individual coverage, or for dependent coverage.
Reimbursements or other expense allowances, fringe benefits, moving expenses, deferred compensation, non-qualified unfunded deferred compensation and welfare benefits for all sources.
“Welfare Plan” means a “welfare plan” as defined in ERISA Section 3(1) and also means a cafeteria plan under Code Section 125 and any benefits offered thereunder, including pre-tax premium conversion benefits, a dependent care assistance program, contribution funding toward a health savings account and flex or cashable credits.
These benefits, along with additional health, welfare, and other Company-sponsored benefits, will be explained in detail to you at a time convenient for you.
This Executive Severance Plan (the “Plan”) is established to provide severance and other welfare benefits for eligible executives of Interpublic and its Subsidiaries in the event that their employment is terminated either # by Interpublic or a Subsidiary for a reason other than Cause or # by the executive for Good Reason. The Plan is an unfunded welfare plan maintained primarily for the purpose of providing severance and other welfare benefits to a select group of management and highly compensated employees.
all other welfare benefits (other than those deferred on a pre-tax basis under [Section 125]),
all claims for any damages or compensation, including but not limited to back wages, front pay, bonuses, awards, health and welfare benefits, fringe benefits, vacation pay, severance benefits, incentive compensation, long-term incentives, compensatory, emotional distress, pain and suffering, and/or punitive damages, or any other form of economic loss; and
that the Executive’s continued participation is possible under the general terms and provisions of such plans, programs and arrangements; and further provided that # if the Executive becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer-provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility, and # the medical and other welfare benefits described herein shall be subject to the application of any Medicare or other coordination of benefits provisions under the applicable medical or welfare benefit plan, program or arrangement. In the event that the Executive’s participation in any such plan, program or arrangement is barred due to the eligibility and participation requirements of such plan or program as then in effect, the Company shall arrange to provide benefits substantially similar to those to which the Executive was entitled to receive under such plans and programs of the Company prior to the Change of Control Date. In such event, appropriate adjustments shall be made so that the after-tax value thereof to the Executive is similar to the after-tax value of the benefit plans in which participation is barred.
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