Benefit Equivalent Payment

Benefit Equivalent Payment. Means, with respect to any Benefit (other than health benefits such as medical, prescription drug, dental, or vision coverages) that, after a Separation from Service, cannot continue to be (or is in fact no longer, without regard to whether it can or cannot continue to be) provided by the Company, an amount equal to the value of such Benefit, grossed up to the extent necessary to offset any additional income tax cost that Executive incurs because such Benefit is no longer provided directly by... the Company (the amount of which gross-up payment shall be determined using the highest marginal federal and state income tax rates from time to time applicable to Executive) and the income tax cost of the gross-up payment itself. Any Benefit Equivalent Payments will, if practicable, be paid quarterly, and in any event not less frequently than annually, for the period specified in Section 7. View More