Common use of Contingent Insurance Stipend Clause in Contracts

Contingent Insurance Stipend. In the event that the continued group medical, dental and/or vision coverage provided for in Sections 6(b)(v) (and by operation of such provisions, pursuant to Sections 6(c), 6(e), 6(f)) and Section 6(i) of this Agreement is not then available for any reason, the Bank shall have no obligation to provide such coverage, but shall pay Executive a Contingent Insurance Stipend if Executive timely elects COBRA continuation coverage and pays for the elected COBRA continuation coverage at the rate applicable to any other similarly situated COBRA beneficiary. The amount of the Contingent COBRA Stipend shall be (i) the amount of the bi-weekly employer contribution (if any) that the Bank was making toward the premium for any group insurance coverage (if any) that was in effect for Executive and Executive’s eligible family members under the Bank’s group insurance plan on the last day of Executive’s employment, multiplied by (ii) the number of bi-weekly periods that Executive would have been eligible for continued group insurance coverage pursuant to Section 6(b)(v) (and by operation of such provisions, pursuant to Sections 6(c), 6(e), 6(f) and Section 6(i) of this Agreement if continued group insurance coverage had been available. The Contingent COBRA Stipend shall be paid in a lump sum no later than the date on which the final payment of Executive’s Earned Salary is required to be paid.”